Waiting for the Payday? The Market for Startups and the Timing of Entrepreneurial Exit
---- Acknowledgments ----
We thank seminar participants at Fuqua School of Business, Copenhagen Business School, Carlos III University, Danish Technical University, University of Tübingen, University of Mannheim, University of Southern California, KAIST, and the 6th HEC Paris Workshop on Entrepreneurship, for comments and suggestions. An earlier draft was circulated with the title “Investment in absorptive capacity and the decision between going early and waiting in the market for technology”. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.