Tuck Forum on Private Equity, Venture Capital, and Entrepreneurship

Is Private Equity Good for Consumers?

Private equity firms are becoming increasingly entrenched in the day-to-day lives of consumers, acquiring many of our favorite products found on store shelves.  Should consumers care?  What happens to brands under private equity ownership?  These deals often elicit negative reactions.  A common view is that...

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Synthetic Peer Benchmarking for Diversified Private Equity Programs

At BlackRock Private Equity Partners we believe that continued innovation of our tools and analytics is imperative in achieving superior risk-adjusted returns and delivering a distinguished and more transparent experience to our investors.     

As a private equity solution provider, most of our investors...

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Venture Capital Investments and Merger and Acquisition Activity around the World

In this paper, we investigate what happens to venture capital investments when M&A activity is regulated.  The paper studies the interaction between venture capital (VC) activity and M&A activity in 40 different countries around the world.     The initial idea for this paper...

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Measuring Institutional Investors’ Skill at Making Private Equity Investments

Institutional investors have become the most important investors in the U.S. economy, controlling more than 70% of the publicly traded equity, much of the debt, and virtually all of the private equity. Their investment decisions have far reaching consequences for their beneficiaries:  universities’ spending decisions, pension plan...

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Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing

Young firms are considered to be the engines of growth and dynamism in an economy and the United States has long been considered to be a nation of entrepreneurs with the best institutions for young firms to flourish. Recently however, there has been mounting anecdotal evidence and academic research...

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The Remaking of Wall Street

Since the financial crisis of 2007-09, Wall Street has transformed dramatically. Constrained by post crisis regulatory limits, those investment banks surviving as bank holding companies (BHCs) have curtailed their investment banking and other activities. At the same time, private equity firms - among them, Blackstone, KKR, Apollo and Carlyle...

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Cost of Experimentation and the Evolution of Venture Capital

The emergence of the "cloud" has had a major impact on the founding and growth of entrepreneurial firms.  This new technology began with the introduction of Amazon's Web Services in 2006.  It allowed software and internet companies to rent rather than buy powerful computing resources, thus lowering...

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Team Stability and Performance: Evidence from Private Equity

In the paper “Team Stability and Performance: Evidence from Private Equity”, we empirically study the effect of team stability on performance in a team production environment. The effect of team stability on organizations is ambiguous. Stability (or lower turnover) can induce individuals to invest in relationship specific ...

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Financing and New Product Decisions of Private and Publicly Traded Firms

Public Firms Are Increasingly Seeking Out Private Capital.

In our paper “Financing and New Product Decisions of Private and Publicly Traded Firms,” forthcoming in the Review of Financial Studies, we investigate how the financing decisions of firms respond to investment opportunities presented by Medicare NCDs....

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Fostering Entrepreneurship: Promoting Founding or Funding?

Everybody loves Silicon Valley. Imitations can be found worldwide: Silicon Forest (Oregon), Swamp (Florida), Gorge (UK), Glen (Scotland), Fjord (Norway), Wadi (Israel), Savannah (Kenya), and many more. Policy makers, in particular, are eager to foster entrepreneurial ecosystems by promoting entrepreneurship, with the hope to foster economic growth, employment, and...

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Does Economic Insecurity Affect Employee Innovation?

How does employee productivity respond to large shocks to household wealth? Over the past several decades, the annual proportion of households in the U.S. experiencing a severe economic loss has been steadily increasing, peaking with the recent financial crisis. The impact of household wealth shocks on consumption, savings,...

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Venturing Beyond the IPO: Financing of Newly Public Firms by Pre-IPO Investors

A wide body of literature emphasizes that venture capitalists (VCs) focus on young private companies, generally in high-tech industries.  However, we find that these investors fund companies after the IPO as well.  In a sample of private firms going public for the first time, 15% of the firms...

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Should Mutual Funds Invest in Startups?

A Case Study of Fidelity Magellan Fund’s Investments in Unicorns (and other Startups) and the Regulatory Implications 

Contrary to longstanding practice and to their reputation for investing in public companies, mutual funds, including some of the most prominent, are allocating portions of their portfolios...

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The Persistent Effect of Early Success: Evidence from Venture Capital

Unlike other assets classes, private equity -- especially venture capital -- has been found to exhibit performance persistence. Money managers that perform well in one period have a higher likelihood of being above-average in their performance in the future. To understand better what might account for this persistence, we...

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The Life Cycle of Corporate Venture Capital

Recent decades have witnessed non-financial firms’ forays into venture capital by creating Corporate Venture Capital (CVC) divisions. That is, these firms create internal CVC divisions to make systematic minority equity investments in innovative startups. As an illustration, consider GM Ventures, the CVC unit initiated by General Motors in 2010....

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Center for Private Equity and Entrepreneurship
Tuck School of Business at Dartmouth
100 Tuck Hall
Hanover, NH 03755