Innovation and the Financial Guillotine
---- Acknowledgments ----
We thank Gustavo Manso, Josh Lerner, Thomas Hellmann, Michael Ewens, Bill Kerr, Serguey Braguinsky, Antoinette Schoar, Bob Gibbons and Marcus Opp as well as seminar participants at CMU and MIT for fruitful discussion and comments. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.