200911In with the “In” CrowdHochbergYael November 2009 |
In with the “In” Crowd200911HochbergYael In with the “In” Crowd
Like the cool kids in high school who discourage those who “don’t belong” from encroaching on their turf, Yael Hochberg notes that venture capitalists in tightly networked geographic markets deter new entrants using some of the same behaviors exhibited in high school hallways. |
HochbergYael200911In with the “In” Crowd Yael Hochberg
Alexander Ljungqvist Yang Lu |
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200705Whom You Know MattersHochbergYael May 2007 |
Whom You Know Matters200705HochbergYael Whom You Know Matters
Venture capitalists often acknowledge the critical role of network relationships in the success of individual VC firms, particularly in sourcing investment opportunities, management talent, and information necessary for consistent industry success. One prominent VC, Kleiner Perkins Caufield and Byers, even goes so far as to refer to itself as a “Venture Keiretsu.” Research by Yael Hochberg (Finance Department, Kellogg School of Management) and her colleagues Alexander Ljungqvist and Yang Lu (Stern School of Business, NYU) suggests that VC networks—in particular, relationships with other VC firms—can have a significant positive impact on fund performance.
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HochbergYael200705Whom You Know Matters Yael Hochberg
Alexander Ljungqvist Yang Lu |
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