Relationship financing of innovative projects, as is common in bank lending and venture capital, features incumbent financiers' observing interim information... Read More
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Persistent fund performance in venture capital is often interpreted as evidence of differential abilities among managers. We present a dynamic... Read More
In a model of endogenous hierarchies with adverse selection. We show that spot contracting is not efficient since lemons cannot... Read More
Published: Review of Economic Studies, 2015, 82(2), 632-658