The Persistent Effect of Initial Success: Evidence from Venture Capital
---- Acknowledgments ----
We thank Shai Bernstein, Michael Ewens, Joan Farre-Mensa, Will Goetzmann, Arthur Korteweg, Christos Makridis, Aksel Mjos, David Robinson, Antoinette Schoar, Chris Stanton, Joel Waldfogel, Ayako Yasuda, and seminar participants at Aalto University, Boston University, the Chinese University of Hong Kong, Copenhagen Business School, ESMT, ESSEC, IE, IESE, London Business School, the National University of Singapore, the NBER Summer Institute, the University of Luxembourg, the University of Minnesota, and the VATT Institute for Economic Research for helpful comments on earlier versions of this paper. We gratefully acknowledge financial support from the Division of Research and Faculty Development at HBS, the Centre for Law and Business at the National University of Singapore, and the Yale School of Management. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Ramana Nanda ----
Nanda is an advisor to venture capital firm Xfund. Xfund has no involvement in this research, financial or otherwise.