File Download
Links for fulltext
(May Require Subscription)
- Publisher Website: 10.1017/S0022109020000691
- Scopus: eid_2-s2.0-85090582602
- WOS: WOS:000840423700003
- Find via
Supplementary
- Citations:
- Appears in Collections:
Article: How Does Human Capital Matter? Evidence from Venture Capital
Title | How Does Human Capital Matter? Evidence from Venture Capital |
---|---|
Authors | |
Issue Date | 2020 |
Publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq |
Citation | Journal of Financial and Quantitative Analysis, 2020, Epub 2020-08-28 How to Cite? |
Abstract | We examine the effect of labor mobility on venture capital (VC) investment. Following the staggered adoption of the inevitable disclosure doctrine that restricts labor mobility, VCs are less likely to invest in affected states. This effect is more pronounced when human capital is more important to startups, when VC investment is more uncertain, and when VCs’ monitoring costs are higher. The reduced innovation productivity of employees is a plausible underlying mechanism. To mitigate this adverse effect, VCs stage finance startups more and syndicate more with other VCs. Our paper sheds new light on the real effects of labor market frictions. |
Persistent Identifier | http://hdl.handle.net/10722/290028 |
ISSN | 2023 Impact Factor: 3.7 2023 SCImago Journal Rankings: 3.980 |
ISI Accession Number ID |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Gu, L | - |
dc.contributor.author | Huang, R | - |
dc.contributor.author | Mao, Y | - |
dc.contributor.author | Tian, X | - |
dc.date.accessioned | 2020-10-22T08:20:58Z | - |
dc.date.available | 2020-10-22T08:20:58Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Journal of Financial and Quantitative Analysis, 2020, Epub 2020-08-28 | - |
dc.identifier.issn | 0022-1090 | - |
dc.identifier.uri | http://hdl.handle.net/10722/290028 | - |
dc.description.abstract | We examine the effect of labor mobility on venture capital (VC) investment. Following the staggered adoption of the inevitable disclosure doctrine that restricts labor mobility, VCs are less likely to invest in affected states. This effect is more pronounced when human capital is more important to startups, when VC investment is more uncertain, and when VCs’ monitoring costs are higher. The reduced innovation productivity of employees is a plausible underlying mechanism. To mitigate this adverse effect, VCs stage finance startups more and syndicate more with other VCs. Our paper sheds new light on the real effects of labor market frictions. | - |
dc.language | eng | - |
dc.publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq | - |
dc.relation.ispartof | Journal of Financial and Quantitative Analysis | - |
dc.rights | Journal of Financial and Quantitative Analysis. Copyright © Cambridge University Press. | - |
dc.rights | This article has been published in a revised form in [Journal of Financial and Quantitative Analysis] [http://doi.org/10.1017/S0022109020000691]. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © copyright holder. | - |
dc.title | How Does Human Capital Matter? Evidence from Venture Capital | - |
dc.type | Article | - |
dc.identifier.email | Gu, L: oliviagu@hku.hk | - |
dc.identifier.authority | Gu, L=rp01802 | - |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1017/S0022109020000691 | - |
dc.identifier.scopus | eid_2-s2.0-85090582602 | - |
dc.identifier.hkuros | 317229 | - |
dc.identifier.volume | Epub 2020-08-28 | - |
dc.identifier.isi | WOS:000840423700003 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 0022-1090 | - |