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- catalog abstract "Existing research has documented that network positions of economic actors influence the structure of interaction between them. However, it is still unresolved whether advantage in future transactions arises from occupation of a network position per se or from underlying, but unobserved, firm characteristics which network positions proxy for. Understanding the answer to this question has important consequences for network entry, dynamics as well as normative implications. To answer these questions, we study the network of venture capitalists in the U.S. over the period 1984-1998. The syndicated nature of VC investments, the panel nature of the dataset, and the ability to construct measures of both a venture capitalist₂s network attributes as well as its resource endowments allow us to examine these issues in detail. We find that network characteristics--including past ties, common alters, and venture capitalist centrality--are important determinants of the likelihood of affiliation between any pair of venture capitalists, and confirm the role of network positions as solutions to information and incentive problems that might otherwise plague syndicates. However, the importance of the network variables declines--but does not disappear--once we include measures of the monetary endowments of the partners, implying that these characteristics do proxy for unobserved attributes. Interestingly, we find that the intangible assets of VCs (eg., its network position) are on average as important as their tangible assets (eg., available funds) in determining their likelihood of a".
- catalog contributor b11742802.
- catalog contributor b11742803.
- catalog contributor b11742804.
- catalog created "c2000.".
- catalog date "2000".
- catalog date "c2000.".
- catalog dateCopyrighted "c2000.".
- catalog description "Existing research has documented that network positions of economic actors influence the structure of interaction between them. However, it is still unresolved whether advantage in future transactions arises from occupation of a network position per se or from underlying, but unobserved, firm characteristics which network positions proxy for. Understanding the answer to this question has important consequences for network entry, dynamics as well as normative implications. To answer these questions, we study the network of venture capitalists in the U.S. over the period 1984-1998. The syndicated nature of VC investments, the panel nature of the dataset, and the ability to construct measures of both a venture capitalist₂s network attributes as well as its resource endowments allow us to examine these issues in detail. We find that network characteristics--including past ties, common alters, and venture capitalist centrality--are important determinants of the likelihood of affiliation between any pair of venture capitalists, and confirm the role of network positions as solutions to information and incentive problems that might otherwise plague syndicates. However, the importance of the network variables declines--but does not disappear--once we include measures of the monetary endowments of the partners, implying that these characteristics do proxy for unobserved attributes. Interestingly, we find that the intangible assets of VCs (eg., its network position) are on average as important as their tangible assets (eg., available funds) in determining their likelihood of a".
- catalog description "Includes bibliographical references (p. 28-30).".
- catalog extent "30 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 00-070.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 00-070".
- catalog issued "2000".
- catalog issued "c2000.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "(Why) are networks important? / Bharat N. Anand, Mikolaj Jan Piskorski.".
- catalog type "text".