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Events

Home Events
Irreplaceable Venture Capitalists
Irreplaceable Venture Capitalists
Irreplaceable Venture Capitalists
Irreplaceable Venture Capitalists
6Dec
Finance

Irreplaceable Venture Capitalists

6 December 2023 | 2:30p.m.-4:00p.m
KK 1119, K. K. Leung Building, HKU
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Speaker:

Prof. Michael Ewens
Professor of Finance
Columbia Business School

Abstract:

We provide causal evidence on how individual venture capitalists (VCs) add value to startups, using exogenous deaths of VC directors on startup boards. Losing a VC director increases the probability of startup failure, delays a successful exit, and reduces the IPO likelihood. Affected startups that raise capital after a director loss obtain a narrower investor base. These effects persist after the replacement of deceased VCs, indicating the importance of the original deal experts for startup survival, financing, and going public. In contrast, losing a VC director does not affect recruitment, product development, and CEO replacement, suggesting that these skills are replicable. Overall, a VC’s network and reputation are key irreplaceable assets.

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Irreplaceable Venture Capitalists
About Speaker
Prof. Michael Ewens

Professor of Finance | Columbia Business School

Irreplaceable Venture Capitalists
6 December 20232:30p.m.-4:00p.m
KK 1119, K. K. Leung Building, HKU
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