BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Seminar by Prof. Sampsa Samila\, IESE Business School
DTSTART:20180928T120000
DTEND:20180928T133000
DTSTAMP:20260430T192650Z
UID:a31fe78e607c3d16747b1610eda5fcfd3d51b8358333951521a37546
CATEGORIES:Conferences - Seminars
DESCRIPTION:Prof. Sampsa Samila\, IESE Business School\n"The Persistent Ef
 fect of Initial Success: Evidence from Venture Capital"\n\nAbstract\n\nWe 
 use investment-level data to study performance persistence in venture capi
 tal (VC). Consistent with prior studies\, we find that each additional IPO
  among a VC firm's first ten investments predicts as much as an 8% higher 
 IPO rate on its subsequent investments\, though this effect erodes with ti
 me. In exploring its sources\, we document several additional facts: succe
 ssful outcomes stem in large part from investing in the right places at th
 e right times\; VC firms do not persist in their ability to choose the rig
 ht places and times to invest\; but early success does lead to investing i
 n later rounds and in larger syndicates. This pattern of results seems mos
 t consistent with the idea that initial success improves access to deal fl
 ow. That preferential access raises the quality of subsequent investments\
 , perpetuating performance differences in initial investments.
LOCATION:ODY 4 03 https://plan.epfl.ch/?room==ODY%204%2003
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR