WEFI

Submit your papers for the Spring 2024 series

WEFI

Ye Zhang (SSE)

Paper Title: Does ESG Investing Help VC Funds to Attract Startups? Experimental Evidence This paper studies how venture capitalists’ (VCs) ESG investments affect startups’ fundraising decisions, using complementary experiments with actual US startup founders. Results reveal the divergent effects of E and S. Founders are reluctant to collaborate with environmental VCs due to concerns about …

Yuheng Ding (World Bank)

Paper Title: Mega Firms and Recent Trends in the U.S. Innovation: Empirical Evidence from the U.S. Patent Data We use the U.S. patent data merged with firm-level datasets to establish new facts about the role of mega firms in generating “novel patents”—innovations that introduce new combinations of technology components for the first time. While the …

Wei Yang Tham (Harvard)

Paper Title: Money, Time, and Grant Design The design of research grants might be a useful tool for incentivizing more socially valuable science. To better understand the value of grant design as a policy instrument, we conduct two sets of thought experiments in a nationally representative survey of academic researchers. First, we test whether grants …

Ayako Yasuda (UC Davis)

September 25, 2023 Paper: Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds (pdf) We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% per share than …

Viola Salvestrini (Queen Mary University of London)

Title: “Early exposure to entrepreneurship and the creation of female entrepreneurs” Using registry data from Denmark, we track the educational and professional choices of one million individuals from adolescence to adulthood and investigate the effects of early exposure to entrepreneurs on the gender gap and the allocation of talent in entrepreneurship. We exploit within-school, across-cohort …

Julia Fonseca (University of Illinois Urbana-Champaign)

Title: “How Much Do Small Businesses Rely on Personal Credit?” This paper estimates the degree of substitution between personal and small business credit for U.S. entrepreneurs between 2009 and 2018 using a novel, individual-level dataset. We identify the effect of business credit supply shocks by exploiting geographic variation in the market share of large banks, …