Entrepreneurial Finance, Strategies for Commercializing Technological Innovation, Industrial Organization
Competition in the Venture Capital Market and the Success of Start-up Companies (with Konstantinos Serfes and Veikko Thiele) Journal of Economics and Management Strategy, 29(Winter 2020), 741-791. Link to the paper
Dynamic Pricing of Credit Cards and the Effects of Regulation (with Robert M. Hunt and Konstantinos Serfes) Download from SSRN
Cited in the Consumer Credit Card Market Report published by the Consumer Financial Protections Bureau (CFPB) in August 2019
Abstract: We construct a two-period model of revolving credit with asymmetric information and adverse selection. In the second period, lenders exploit an informational advantage with respect to their own customers. Those rents stimulate competition for customers in the first period. The informational advantage the current lender enjoys relative to its competitors determines interest rates, credit supply, and switching behavior. We evaluate the consequences of limiting the repricing of existing balances as implemented by recent legislation. Such restrictions increase deadweight losses and reduce ex-ante consumer surplus. The model suggests novel approaches to identify empirically the effects of this law. We find the pattern of changes to interest rates and balance transfer activity before and after the CARD Act are consistent with the testable implications of the model.
Heterogeneous Venture Capitalists and Syndicate Switching (with Pierre Mella-Barral) Download from SSRN
Abstract: In early round investments by venture capital syndicates, the venture capitalists (VCs) which compose the syndicate often have very different levels of experience. In later round VC syndicates, often no VC from the earlier round syndicate is present. We show that a theory of informational hold-up by the incumbent syndicate can relate and explain these two observations. Consistent with the theory, we find empirically that the heterogeneity in experience of VC syndicate partners is (i) negatively related to the extent to which outside VCs trust in the entrepreneur and (ii) positively related to the likelihood of syndicate switching in a later round.
Going Global to Stay Local: The Effect of International Syndication Experience on the Performance of Domestic Venture Capital Investments (with Massimiliano Guerini) Manuscript Available Upon Request
Graph Neural Network Based VC Investment Success Prediction