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HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE
- Issue Date
- Sep-2011
- Publisher
- John Wiley and Sons Inc.
- Keywords
- venture capital; diversifi cation; specialization; VC post-investment effort; knowledge spillover
- Citation
- Strategic Entrepreneurship Journal, v.5, no.3, pp 227 - 246
- Pages
- 20
- Indexed
- SSCI
SCOPUS
- Journal Title
- Strategic Entrepreneurship Journal
- Volume
- 5
- Number
- 3
- Start Page
- 227
- End Page
- 246
- ISSN
- 1932-4391
1932-443X
- Abstract
- Research concerning diversification and specialization of venture capital funds typically does not consider how a VC's effort might influence performance of different portfolios. We develop a model that analyzes VC effort when there is the potential for cross-sectional and/or serial knowledge spillover among projects. The model generates two implications concerning VC effort and performance. First, VC post-investment effort is a nonmonotonic function of performance shocks, especially for diversified VCs. Second, greater cross-sectional and serial knowledge spillovers improve the performance of specialization relative to diversification, and shape how the number of decision stages in a project affects portfolio choice.
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Related Researcher
- Kang, Hyoung Goo
- SCHOOL OF BUSINESS (DEPARTMENT OF FINANCE)