The First Deal: The Division of Founder Equity in New Ventures
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We would like to thank David Hsu, Bill Kerr, Josh Lerner and seminar participants at the Arizona State University, NBER, University of Arizona, University of British Columbia, University of Toronto, and University of Cape Town for their helpful comments. We thank Xiang Ao, Andrew Hobbs, Bill Holodnak, Aaron Lapat, Furqan Nazeeri, and Mike DiPierro for their valuable research support. Financial support from the Harvard Business School and SSHRC is gratefully acknowledged. Author names are in alphabetic order; both authors contributed equally to this paper. Updated versions are available at http://strategy.sauder.ubc.ca/hellmann/. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.