报告题目：Once Bitten, Twice Shy: Evidence From Venture Capital and Scam Startups

主讲人：吕彦莹 博士生（荷兰蒂尔堡大学）

时间：2023年8月7日19：00-20：30

主持人：叶志强 博士

邀请部门：金融学系

腾讯会议号：423-484-347

 

报告摘要:

Scam startups happen constantly in recent years. However, little is known about the impact of those startups on venture capitals’ (VC) investment activities. In this paper, I first construct a novel dataset of scam startups using the release of news from the Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ). I then investigate how venture capitalists react after they are cheated by scam startups using a difference-in-differences framework. The main finding is that VCs update their beliefs on new startups after the scams outbreak because the bad signals have been released. VCs reduce investments in new startups and the number of deals compared to a control group of VCs that have not been cheated. The effect is mainly driven by a decline in investment in the industries of scam startups. VCs strengthen screening and monitoring process afterwards. I also find that limited partners (LPs) provide less capital to VCs after they financed a scam startup.

 

报告人简介：

吕彦莹，现为荷兰蒂尔堡大学(Tilburg University) 经济管理公司金融系博士。她研究兴趣主要集中在实证公司金融。特别关注公司创新，IPO，金融分析师行为研究以及PE/VC投资。其文章多次在European Financial Management Association (EFMA) , Southern Finance Association（SFA）以及Financial Management Association International (FMA) 等国际会议上讨论。