with Timothy E. Trombley Journal of Corporate Finance 65, full paper available here. Abstract: In this paper, we show how a venture capital firm’s fundraising is affected by its investment choices. We investigate three leading indicators that are calculated from the types of investments the venture capital firms make: style drift investments, follow-on investments, and …
The impact of business accelerators and incubators in the UK
BEIS Research Paper Number 2019/009 with Jonathan Bone, Juanita Gonzalez-Uribe and Christopher Haley The fast-developing ecosystem of accelerators and incubators has positive effects on startups and the wider economy. Most startups (over 60%) consider the contribution of the incubator or accelerator they attended to have been significant or even vital to their success. Of startups …
The Pecking Order of Innovation Finance
with Andrea Mina; available at SSRN. Abstract: This paper examines the relationship between firms’ innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing decisions. Our focus on mainly unlisted companies allows us to …
Early Indicators of Fundraising Success by Venture Capital Firms
with Timothy E. Trombley This working paper is available at SSRN. Abstract: We show how a venture capital firm’s fundraising is affected by its investment choices. We investigate three leading indicators that are calculated from the type of investments the venture capital firms make: style drift investments, follow-on investments, and investments in which the venture …
Inflating away your pension
13 March 2018
As a result of their negotitations on the future of UK university pensions, which I have written about previously, the University and College Union (UCU) and employers represented by Universities UK (UUK) announced an agreement on 12 March 2018. The main points of the agreement are: Change the accrual rate from 1/75 to 1/85 per …
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