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  • 2021
  • Working Paper

Venture Capital's 'Me Too' Moment

By: Sophie Calder-Wang, Paul A. Gompers and Patrick Sweeney
  • Format:Print
  • | Language:English
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Abstract

In this paper, we document the historically low rate of hiring of women in the venture capital sector. We find that the high-profile Ellen Pao v. Kleiner Perkins gender discrimination trial had dramatic treatment effects. In difference-in-differences regressions, we find that the rate of hiring of female venture capitalists increased substantially after the trial and that the hiring was more pronounced in states that were more receptive to the exposure. We use the state-level mandated maternity benefits as an instrument for the receptivity to the treatment effects of the Pao Trial. We also show that the fraction of founders who are female increases after the Pao Trial, but that the increase is driven entirely by the hiring of female venture capitalists. There is no increase in the propensity of male venture capitalists to invest in female founders in the post-Pao Trial period.

Keywords

Gender Discrimination; Founders; Venture Capital; Selection and Staffing; Gender; Lawsuits and Litigation

Citation

Calder-Wang, Sophie, Paul A. Gompers, and Patrick Sweeney. "Venture Capital's 'Me Too' Moment." NBER Working Paper Series, No. 28679, April 2021.
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About The Author

Paul A. Gompers

Finance
→More Publications

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  • Private Equity and COVID-19 By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
  • Transferable Skills? Founders as Venture Capitalists By: Paul A. Gompers and Vladimir Mukharlyamov
  • Pakistan Rising: Bazaar's Growth Story (B) By: Paul A. Gompers and Gamze Yucaoglu
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