The occurrence of speculative economic bubbles which has been noted from as early as the 17th century, has a devastating impact on investor wealth and the global economy. One such notable example is the Dot-com bubble which occurred during the end of the 1990s in the United Stat…
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A Businessman's Risk: The Construction of Venture Capital at the Center of U.S. High Technology is a micro-history of a key, but forgotten, moment in the development of the high technology/finance nexus in the United States. In this dissertation I argue that the Small Business A…
从上世纪四十年代开始出现以来，风险投资对社会经济发展产生重要作用。风险投资是市场经济快速发展和科技变革过程中的产物，主要用于促进具有发展前景企业快速发展。风险投资已经有超过七十年的发展历史，很多发达国家在理论研究和实际应有方面都取得重大进展。相比之下，我国风险投资是从上世纪改革开放之处开始出现，只有三十多年的发展历史。我国市场经济已经逐步完善，资本市场开始进入快速发展时期，在时代发展中结合实际需求进一步的完善以及新经济领域的优秀创业企业不断涌现，我国风险投资市场也快速发展。
There are two ways for a venture capital (VC) firm to enter a new market: initiate a new deal or form a syndicate with an incumbent. Both types of entry events are extensively observed in the data. This dissertation examines (i) the causes of syndication between entrant and incu…
As entrepreneurial funding supports the growth of entrepreneurial firms, it can be viewed as the fuel that enhances the creation, development, and growth of new technologies, industries, and markets. However, investing in entrepreneurial firms is highly risky. For example, Ventu…
This dissertation contains three essays. In the first essay, I document that disclosure of financially immaterial environmental and social (E&S) information has material effects on firms’ investment and financing decisions using the staggered introduction of 87 country-level…
Equity seed capital for high technology entrepreneurial start-ups originates from multiple sources that include personal finance, private investors or angels, venture capital, government, and corporations. This research examines how the sources of seed capital and the structures…
A healthy and vibrant economy depends on a safe payment system and the efficiency of the financial institutions in channeling funds from savers to those who need capital to invest. Many scholars have criticized the founding of Western financial institutions in Muslim countries b…
Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and…