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- September 2022
- Article
House Prices, Home Equity and Entrepreneurship: Evidence from U.S. Census Micro Data
By: Sari Pekkala Kerr, William R. Kerr and Ramana Nanda
During 1992-2007, house price growth is strongly correlated with local entrepreneurship. We show with Census Bureau data that most of this entry is related to construction and real estate; these entrants tend to be small and short-lived. Using a 1998 Texas reform that...
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Keywords:
House Prices;
Collateral Channel;
Entry;
Entrepreneurship;
Housing;
Real Estate Industry;
Construction Industry
Kerr, Sari Pekkala, William R. Kerr, and Ramana Nanda. "House Prices, Home Equity and Entrepreneurship: Evidence from U.S. Census Micro Data." Journal of Monetary Economics 130 (September 2022): 103–119.
- 2023
- Working Paper
Scoring and Funding Breakthrough Ideas: Evidence from a Global Pharmaceutical Company
By: Joshua Krieger, Ramana Nanda, Ian Hunt, Aimee Reynolds and Peter Tarsa
We study resource allocation to early-stage ideas at an internal startup program of
one the largest pharmaceutical firms in the world. Our research design enables us to
elicit every evaluator’s scores across five different attributes, before seeing how they
would...
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Keywords:
Project Selection;
Pharmaceuticals;
Financing Innovation;
Resource Allocation;
Innovation and Invention;
Research and Development
Krieger, Joshua, Ramana Nanda, Ian Hunt, Aimee Reynolds, and Peter Tarsa. "Scoring and Funding Breakthrough Ideas: Evidence from a Global Pharmaceutical Company." Harvard Business School Working Paper, No. 23-014, August 2022. (Revised November 2023.)
- Article
Financing Constraints, Home Equity and Selection into Entrepreneurship
By: Thais Laerkholm Jensen, Søren Leth-Petersen and Ramana Nanda
We exploit a mortgage reform that differentially unlocked home equity across the Danish population and study how this impacted selection into entrepreneurship. We find that increased entry was concentrated among entrepreneurs whose firms were founded in industries...
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Keywords:
Mortgage Reform;
Home Equity;
Financing Constraints;
Entrepreneurs;
Entrepreneurship;
Mortgages;
Denmark
Jensen, Thais Laerkholm, Søren Leth-Petersen, and Ramana Nanda. "Financing Constraints, Home Equity and Selection into Entrepreneurship." Journal of Financial Economics 145, no. 2A (August 2022): 318–337.
- 2021
- Article
Venture Capital Booms and Startup Financing
By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related...
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Janeway, William, Ramana Nanda, and Matthew Rhodes-Kropf. "Venture Capital Booms and Startup Financing." Annual Review of Financial Economics 13 (2021): 111–127.
- 2023
- Working Paper
Catching Outliers: Committee Voting and the Limits of Consensus When Financing Innovation
By: Andrey Malenko, Ramana Nanda, Matthew Rhodes-Kropf and Savitar Sundaresan
We document that investment committees of major VCs use a voting rule where one partner `championing' an early-stage investment is sufficient to invest. Their stated reason for this rule is to `catch outliers'. The same VCs use a more conventional `majority' rule for...
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Keywords:
Optimal Voting Rules;
Innovation and Invention;
Venture Capital;
Investment;
Decision Making;
Voting
Malenko, Andrey, Ramana Nanda, Matthew Rhodes-Kropf, and Savitar Sundaresan. "Catching Outliers: Committee Voting and the Limits of Consensus When Financing Innovation." Harvard Business School Working Paper, No. 21-131, June 2021. (Revise and Resubmit at Journal of Finance. Revised November 2023.)
- February 2021 (Revised May 2021)
- Case
SafeGraph: Selling Data as a Service
By: Ramana Nanda, Abhishek Nagaraj and Allison Ciechanover
Set in January 2021, the CEO of SafeGraph, a four-year-old startup that sold Data as a Service, looked to the future. His aim was to become the most trusted source for data about a physical place. The company provided points of interest (POI) and foot traffic data on...
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Keywords:
Data As A Service;
Monetization;
Pricing;
Business Startups;
Analytics and Data Science;
Consumer Behavior;
Analysis;
Business Model;
Health Pandemics;
Information Industry;
United States
Nanda, Ramana, Abhishek Nagaraj, and Allison Ciechanover. "SafeGraph: Selling Data as a Service." Harvard Business School Case 821-082, February 2021. (Revised May 2021.)
- December 2020
- Article
The Employment Effects of Faster Payment: Evidence from the Federal Quickpay Reform
By: Jean-Noel Barrot and Ramana Nanda
We study the impact of Quickpay, a federal reform that indefinitely accelerated payments to small business contractors of the U.S. government. We find a strong direct effect of the reform on employment growth at the firm level. Importantly, however, we also...
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Keywords:
Small Business;
Employment;
Business and Government Relations;
Governing Rules, Regulations, and Reforms
Barrot, Jean-Noel, and Ramana Nanda. "The Employment Effects of Faster Payment: Evidence from the Federal Quickpay Reform." Journal of Finance 75, no. 6 (December 2020): 3139–3173.
- September 2020 (Revised December 2020)
- Technical Note
Impact Investment, Catalytic Capital and Blended Finance
Khanna, Tarun, Ramana Nanda, Benjamin N. Roth, and Brian Trelstad. "Impact Investment, Catalytic Capital and Blended Finance." Harvard Business School Technical Note 321-078, September 2020. (Revised December 2020.)
- 2020
- Chapter
Financing 'Tough Tech' Innovation
By: Ramana Nanda
Nanda, Ramana. "Financing 'Tough Tech' Innovation." Chap. 5 in Global Innovation Index 2020: Who Will Finance Innovation? 13th edition, edited by Soumitra Dutta, Bruno Lanvin, and Sacha Wunsch-Vincent, 113–119. Cornell University, 2020. Electronic.
- July 2020
- Article
The Persistent Effect of Initial Success: Evidence from Venture Capital
By: Ramana Nanda, Sampsa Samila and Olav Sorenson
We use investment-level data to study performance persistence in venture capital (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,...
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Keywords:
Performance;
Monitoring;
Selection;
Status;
Venture Capital;
Performance Consistency;
Investment
Nanda, Ramana, Sampsa Samila, and Olav Sorenson. "The Persistent Effect of Initial Success: Evidence from Venture Capital." Journal of Financial Economics 137, no. 1 (July 2020): 231–248.
- Summer 2020
- Article
Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn
By: Josh Lerner and Ramana Nanda
Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its...
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Lerner, Josh, and Ramana Nanda. "Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn." Journal of Economic Perspectives 34, no. 3 (Summer 2020): 237–261.
- 2023
- Working Paper
Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship
By: Michael Ewens, Ramana Nanda and Christopher Stanton
We show theoretically that a critical determinant of the attractiveness of VC-backed entrepreneurship for high-earning potential founders is the expected time to develop a startup’s initial product. This is because founder-CEOs’ cash compensation increases...
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Ewens, Michael, Ramana Nanda, and Christopher Stanton. "Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship." Harvard Business School Working Paper, No. 20-119, May 2020. (Revised September 2023. Forthcoming at Journal of Finance.)
- 2023
- Working Paper
How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting
By: Sabrina T. Howell, Josh Lerner, Ramana Nanda and Richard Townsend
Despite theoretical predictions to the contrary, corporate innovation is strongly pro-cyclical. In this paper, we compare innovation in the economy as a whole to that of firms backed by venture capital (VC), a source of capital associated with the most impactful young...
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Keywords:
Recessions;
Venture Capital;
Innovation and Invention;
Patents;
Business Cycles;
Economic Slowdown and Stagnation
Howell, Sabrina T., Josh Lerner, Ramana Nanda, and Richard Townsend. "How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting." Harvard Business School Working Paper, No. 20-115, May 2020. (Revised July 2023.)
- February 2020 (Revised March 2020)
- Case
Prime Coalition: Catalytic Capital for Climate Innovation
By: Ramana Nanda, Benjamin N. Roth and Olivia Hull
With long development timelines and high risk, new energy technologies were often left to languish in the “valley of death,” unable to raise enough funds to bring a product to market. In 2014, Sarah Kearney founded the nonprofit Prime Coalition to solve this problem....
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Keywords:
Energy Conservation;
Renewable Energy;
Social Entrepreneurship;
Venture Capital;
Investment;
Innovation and Invention;
Technological Innovation;
Mission and Purpose;
Science-Based Business;
Nonprofit Organizations;
Social Enterprise;
Energy Industry;
Technology Industry;
Green Technology Industry;
United States
Nanda, Ramana, Benjamin N. Roth, and Olivia Hull. "Prime Coalition: Catalytic Capital for Climate Innovation." Harvard Business School Case 820-007, February 2020. (Revised March 2020.)
- October 2019 (Revised January 2020)
- Case
NewView Capital and Venture Capital Secondaries
By: Shai Bernstein, Ramana Nanda and Allison Ciechanover
While still a general partner at Silicon Valley–based New Enterprise Associates (NEA), Ravi Viswanathan considered the challenges presented by evolving market dynamics in the venture capital space. Startups were staying private longer, which led to limited partners...
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Bernstein, Shai, Ramana Nanda, and Allison Ciechanover. "NewView Capital and Venture Capital Secondaries." Harvard Business School Case 820-038, October 2019. (Revised January 2020.)
- 2019
- Chapter
Coordination Frictions in Venture Capital Syndicates
By: Ramana Nanda and Matthew Rhodes-Kropf
An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has...
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Nanda, Ramana, and Matthew Rhodes-Kropf. "Coordination Frictions in Venture Capital Syndicates." In The Oxford Handbook of Entrepreneurship and Collaboration, edited by Jeffrey J. Reuer, Sharon Matusik, and Jessica F. Jones. New York: Oxford University Press, 2019.
- June 2019
- Article
Financial Development and Technology Diffusion
By: Diego Comin and Ramana Nanda
We examine the extent to which financial market development impacts the diffusion of 16 major technologies, looking across 17 countries, from 1870 to 2000. We find that greater depth in financial markets leads to faster technology diffusion for more capital-intensive...
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Comin, Diego, and Ramana Nanda. "Financial Development and Technology Diffusion." IMF Economic Review 67, no. 2 (June 2019): 395–419.
- April 2019
- Technical Note
A Note on Boards in VC-Backed Ventures
What is the value of a Board, and why does a company need one? The note documents the formal role of a Board of Directors as going beyond simply acting as legal representation of corporate ownership. Moreover, this role changes as the company moves through different...
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Keywords:
Founders;
Business Startup;
Board;
Board Of Directors;
Business Startups;
Governing and Advisory Boards;
Venture Capital;
Entrepreneurship
Ghosh, Shikhar, Ramana Nanda, Suraj Srinivasan, and Terrence Shu. "A Note on Boards in VC-Backed Ventures." Harvard Business School Technical Note 819-128, April 2019.
- April 2019
- Teaching Note
Chai Point: Disrupting Chai
By: Shikhar Ghosh, Ramana Nanda, Rachna Tahilyani and Shweta Bagai
Teaching Note for HBS No. 818-020.
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- November 2018 (Revised December 2020)
- Technical Note
Initial Coin Offerings in 2018
In 2018, Initial Coin Offerings (ICOs) were an emerging fundraising method for blockchain-based projects. As the ecosystem grew, there were many open questions on regulation, pricing, and even which projects were a good fit for blockchain. However, there was already...
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Keywords:
Blockchain;
Initial Coin Offerings;
ICO;
Decentralization;
Networks;
Protocols;
Entrepreneurship;
Project Finance
Bussgang, Jeffrey J., Ramana Nanda, Robert F. White, and Nathaniel Schwalb. "Initial Coin Offerings in 2018." Harvard Business School Technical Note 819-057, November 2018. (Revised December 2020.)