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数字金融workshop：Learning by Investing: Entrepreneurial Spillovers from Venture Capital
发布日期：2023-12-26 12:00 来源：
第十四讲 Learning by Investing: Entrepreneurial Spillovers from Venture Capital
时间：2023年12月26日周二 下午 2:00-3:30
Time: Tuesday, 26 December 2023, 2-3:30 p.m. Beijing time
地点/Venue：
线下：北京大学国家发展研究院承泽园校区131教室
线上: ZOOM会议（会议号：868 7941 4705 密码：2023）
主讲人/Speaker: 刘通 Tong Liu
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities
and VC fundraising and investments in China, we first document that individual LPs, on average, contribute about 50% of the capital of each fund in which they participate, and over 50% of them are entrepreneurs. We then exploit an identification strategy by comparing the entrepreneurial outcomes of individual LPs in funds that eventually launched with those in funds that failed to launch. The fraction of committed capital from corporate LPs in industries that subsequently encounter poor returns is used as an instrument for funds’ launch failures. We find that after investing in a successfully
launched VC fund, individual LPs create significantly more ventures than do LPs in funds which failed to launch. These new ventures tend to be high-tech firms and file more patents than do the LPs’ prior ventures. We find evidence consistent with venture investments being a channel through which individual LPs learn.
主讲人介绍/Biography:
Tong Liu is an Assistant Professor of Finance and the Judy C. Lewent (1972) and Mark Shapiro Career Development Professor at the MIT Sloan School of Management. He received his PhD in finance from the Wharton School, University of Pennsylvania. His research focuses on corporate finance, entrepreneurial finance, healthcare finance, and innovation.
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数字金融workshop：Learning by Investing: Entrepreneurial Spillovers from Venture Capital
发布日期：2023-12-26 12:00 来源：
第十四讲 Learning by Investing: Entrepreneurial Spillovers from Venture Capital
时间：2023年12月26日周二 下午 2:00-3:30
Time: Tuesday, 26 December 2023, 2-3:30 p.m. Beijing time
地点/Venue：
线下：北京大学国家发展研究院承泽园校区131教室
线上: ZOOM会议（会议号：868 7941 4705 密码：2023）
主讲人/Speaker: 刘通 Tong Liu
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities
and VC fundraising and investments in China, we first document that individual LPs, on average, contribute about 50% of the capital of each fund in which they participate, and over 50% of them are entrepreneurs. We then exploit an identification strategy by comparing the entrepreneurial outcomes of individual LPs in funds that eventually launched with those in funds that failed to launch. The fraction of committed capital from corporate LPs in industries that subsequently encounter poor returns is used as an instrument for funds’ launch failures. We find that after investing in a successfully
launched VC fund, individual LPs create significantly more ventures than do LPs in funds which failed to launch. These new ventures tend to be high-tech firms and file more patents than do the LPs’ prior ventures. We find evidence consistent with venture investments being a channel through which individual LPs learn.
主讲人介绍/Biography:
Tong Liu is an Assistant Professor of Finance and the Judy C. Lewent (1972) and Mark Shapiro Career Development Professor at the MIT Sloan School of Management. He received his PhD in finance from the Wharton School, University of Pennsylvania. His research focuses on corporate finance, entrepreneurial finance, healthcare finance, and innovation.
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