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Article: How Does Human Capital Matter? Evidence from Venture Capital

TitleHow Does Human Capital Matter? Evidence from Venture Capital
Authors
Issue Date2020
PublisherCambridge 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?
AbstractWe 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 Identifierhttp://hdl.handle.net/10722/290028
ISSN
2020 Impact Factor: 3.745
2020 SCImago Journal Rankings: 4.657

 

DC FieldValueLanguage
dc.contributor.authorGu, L-
dc.contributor.authorHuang, R-
dc.contributor.authorMao, Y-
dc.contributor.authorTian, X-
dc.date.accessioned2020-10-22T08:20:58Z-
dc.date.available2020-10-22T08:20:58Z-
dc.date.issued2020-
dc.identifier.citationJournal of Financial and Quantitative Analysis, 2020, Epub 2020-08-28-
dc.identifier.issn0022-1090-
dc.identifier.urihttp://hdl.handle.net/10722/290028-
dc.description.abstractWe 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.languageeng-
dc.publisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq-
dc.relation.ispartofJournal of Financial and Quantitative Analysis-
dc.rightsJournal of Financial and Quantitative Analysis. Copyright © Cambridge University Press.-
dc.rightsThis 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.titleHow Does Human Capital Matter? Evidence from Venture Capital-
dc.typeArticle-
dc.identifier.emailGu, L: oliviagu@hku.hk-
dc.identifier.authorityGu, L=rp01802-
dc.description.naturepostprint-
dc.identifier.doi10.1017/S0022109020000691-
dc.identifier.scopuseid_2-s2.0-85090582602-
dc.identifier.hkuros317229-
dc.identifier.volumeEpub 2020-08-28-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl0022-1090-

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