Local bias in venture capital investments

被引：239

作者：

Cumming, Douglas ^{[2
]}

Dai, Na ^{[1
]}

机构：

[1] SUNY Albany, Ctr Inst Investment Management, Sch Business, Albany, NY 12222 USA

[2] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada

来源：

JOURNAL OF EMPIRICAL FINANCE | 2010年 / 17卷 / 03期

关键词：

Home bias; Venture capital; PRIVATE EQUITY; HOME BIAS; FIRMS; PORTFOLIO; SYNDICATION; STRATEGIES; COMPANIES; NETWORKS; ENTREPRENEURSHIP; DIVERSIFICATION;

D O I：

10.1016/j.jempfin.2009.11.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines local bias in the context of venture capital (VC) investments. Based on a sample of U.S. VC investments between 1980 and June 2009, we find more reputable VCs (older, larger, more experienced, and with stronger IPO track record) and VCs with broader networks exhibit less local bias. Staging and specialization in technology industries increase VCs' local bias. We also find that the VC exhibits stronger local bias when it acts as the lead VC and when it is investing alone. Finally, we show that distance matters for the eventual performance of VC investments. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：362 / 380

页数：19

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