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SUMMARY:Competition in the Venture Capital Market and the Success of Start
 up Companies: Theory and Evidence - Konstantinos Serfes
DTSTART:20190508T113000Z
DTEND:20190508T130000Z
UID:TALK122698@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We examine the effect of a competitive supply of venture capit
 al (VC) on the exits (IPO or M&A) of startups. We develop a matching model
  with double-sided moral hazard and identify a novel differential effect o
 f VC competition on the success of startups. Using VC data\, we find evide
 nce for this differential effect. For example\, when the VC market becomes
  more competitive (HHI decreases by 10% from its mean of 0.08)\, the absol
 ute likelihood of success increases by 3% for startups backed by less expe
 rienced VC firms\, but it decreases by 4.5% for startups backed by the mos
 t experienced VC firms.
LOCATION:W2.01\, Cambridge Judge Business School
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