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1、ARTICLEINPRESSJournalofFinancialEconomics93(2009)276–291ContentslistsavailableatScienceDirectJournalofFinancialEconomicsjournalhomepage:www.elsevier.com/locate/jfec$Early-stagefinancingandfirmgrowthinnewindustriesa,c,db,c,d,e,RomanInderst,HolgerM.MuelleraGoethe
2、UniversityFrankfurt,60323FrankfurtamMain,GermanybSternSchoolofBusiness,NewYorkUniversity,NewYork,NY10012,USAcCentreforEconomicPolicyResearch(CEPR),LondonEC1V0DG,UKdEuropeanCorporateGovernanceInstitute(ECGI),1180Brussels,BelgiumeNationalBureauofEconomicResearch
3、(NBER),Cambridge,MA02138,USAarticleinfoabstractArticlehistory:Thispapershowsthatactiveinvestors,suchasventurecapitalists,canaffectthespeedReceived5July2007atwhichnewventuresgrow.Intheabsenceofproductmarketcompetition,newReceivedinrevisedformventuresfinancedbyac
4、tiveinvestorsgrowfasterinitially,thoughinthelongrunthose3July2008financedbypassiveinvestorsareabletocatchup.Bycontrast,inacompetitiveproductAccepted30July2008market,newventuresfinancedbyactiveinvestorsmaypreyonrivalsthatarefinancedAvailableonline5April2009bypassi
5、veinvestorsby‘‘strategicallyoverinvesting’’earlyon,resultinginlong-runJELclassification:differencesininvestment,profits,andfirmgrowth.ThevalueofactiveinvestorsisG24greaterinhighlycompetitiveindustriesaswellasinindustrieswithlearningcurves,G32economiesofscope,andn
6、etworkeffects,asistypicalformany‘‘neweconomy’’industries.Forsuchindustries,ourmodelpredictsthatstart-upswithaccesstoventureKeywords:capitalmaydominatetheirindustrypeersinthelongrun.Venturecapital&2009ElsevierB.V.Allrightsreserved.DynamicinvestmentProductmarket
7、competition1.Introductionleadstoalong-runcompetitiveadvantagevis-a`-visrivalswhoarefinancedbypassiveinvestors.AgencyproblemsbetweenentrepreneursandinvestorsActiveinvestors,whothroughtheircloseinvolvementcanimpairthefinancialviabilityofnewriskyventures.canbetterb
8、ridgetheinformationalgapvis-a`-visentre-Activelyinvolved,hands-oninvestors,suchasventurepreneurs,canrespondquickertonewinformationthancapitalists(VCs),canmitigatetheseinefficiencies
