The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies
Open accessAbstract
We study how firm characteristics evolve from early business plan to initial public offering (IPO) to public company for 50 venture capital (VC)‐financed companies. Firm business lines remain remarkably stable while management turnover is substantial. Management turnover is positively related to alienable asset formation. We obtain similar results using all 2004 IPOs, suggesting that our main results are not specific to VC‐backed firms or the time period. The results suggest that, at the margin, investors in start‐ups should place more weight on the business (“the horse”) than on the management team (“the jockey”). The results also inform theories of the firm.
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Cites
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Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence
Hellmann, T., & Puri, M. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00419 · Cited by 2,425
Back to the Beginning: Persistence and the Cross‐Section of Corporate Capital Structure
LEMMON, M. L., ROBERTS, M. R., & ZENDER, J. F. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01369.x · Cited by 1,844
The Origin and Evolution of New Businesses
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Cited by
Entrepreneurship as Experimentation
Kerr, W. R., Nanda, R., & Rhodes-Kropf, M. (2014) · Journal of Economic Perspectives · doi:10.1257/jep.28.3.25 · Cited by 704
Huang, L., & Pearce, J. L. (2015) · Administrative Science Quarterly · doi:10.1177/0001839215597270 · Cited by 465
Does success bring success? The post-offering lives of equity-crowdfunded firms
Signori, A., & Vismara, S. (2018) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2017.10.018 · Cited by 308
Metadata
- Authors
- KAPLAN, S. N., SENSOY, B. A., & STRÖMBERG, P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2009-01-23
- Volume
- 64
- Issue
- 1
- Pages
- 75-115
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125783293
- Cited by
- 499
- References
- 38
- FWCI
- 101.70
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
