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101187 |
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|a dc
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|a Bernstein, Shai
|e author
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|a Sloan School of Management
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|a Giroud, Xavier
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|a Giroud, Xavier
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|a Giroud, Xavier
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|a Townsend, Richard R.
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|a The Impact of Venture Capital Monitoring
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|b American Finance Association/Wiley,
|c 2016-02-16T14:13:48Z.
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|z Get fulltext
|u http://hdl.handle.net/1721.1/101187
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|a We show that venture capitalists' (VCs) on-site involvement with their portfolio companies leads to an increase in both innovation and the likelihood of a successful exit. We rule out selection effects by exploiting an exogenous source of variation in VC involvement: the introduction of new airline routes that reduce VCs' travel times to their existing portfolio companies. We confirm the importance of this channel by conducting a large-scale survey of VCs, of whom almost 90% indicate that direct flights increase their interaction with their portfolio companies and management, and help them better understand companies' activities.
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|a en_US
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|a Article
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|t The Journal of Finance
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