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Thomas F. Hellmann
University of Oxford
FinanceSocial venture capitalBusinessEconomicsVenture capital
89Publications
28H-index
6,949Citations
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Publications 86
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#1Qianqian DuH-Index: 6
#2Thomas F. HellmannH-Index: 28
Does doing more deals together always strengthen investor relationships? Based on the relationships of the top 50 US venture capital firms, this paper focuses on the strengths of relationships and their dynamic evolution. Empirical estimates indicate that having a deeper relationship leads to fewer, not more future coinvestments. Moreover, deeper relationships lead to lower exit performance, even after controlling for endogeneity. Interestingly, deeper relationships first lead to lower performan...
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#1Thomas F. HellmannH-Index: 28
Last. Nir VulkanH-Index: 13
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We use equity crowdfunding data to ask how fundraising amounts can be explained by what entrepreneurs ask for, versus what investors want to invest. The analysis exploits unique features of crowdfunding where entrepreneurs not only set investment goals, but also chose when to close their campaigns. More experienced and more educated founder teams ask for more. Their campaigns succeed more often, and they raise more money. Female teams ask for less, are equally successful, yet raise significantly...
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#1Thomas F. Hellmann (University of Oxford)H-Index: 28
#2Paul Schure (UVic: University of Victoria)H-Index: 7
Last. Dan H. Vo (California Lutheran University)H-Index: 1
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This paper examines how founders within start-up teams dynamically re-adjust their relative ownership stakes. It leverages a unique dataset from British Columbia, Canada, which contains detailed information on founder ownership over time. Two trade-offs between efficiency and fairness are identified, one at the time of founding, the other as the venture develops. Teams with a preference for fairness at the start, as witnessed by an equal division of founder shares, also exhibit a dynamic prefere...
1 CitationsSource
#2Gilles DurufléH-Index: 2
Last. Karen E. WilsonH-Index: 6
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(1) Background: Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor country. On the one hand, start-ups welcome the foreign capital, expertise, and networks that accompany cross-border investments. On the other hand, policymakers are concerned that cross-border investments predominantly benefit foreign economies and fail t...
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#1Thomas F. HellmannH-Index: 28
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Do foreign venture capitalists help the domestic economy, or hamper it by slowing down growth, potentially moving economic activity away? This paper addresses this long-standing policy question by examining the differential effects of US venture capital investments on the growth of Swedish start-up companies. It finds that US venture capital results in more employment, not less. These findings continue to hold after controlling for endogenous selection effects. US investments are also accompanie...
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#1Thomas F. Hellmann (University of Oxford)H-Index: 28
#2Veikko Thiele (Queen's University)H-Index: 7
Governments across the globe are eager to foster entrepreneurial ecosystems, yet there is no consensus on what policies to use. We develop a theory about the equilibrium consequences of two canonical types of entrepreneurship policies: policies that encourage entrepreneurs to found new ventures, and policies that encourage investors to fund new ventures. We distinguish between a short-term impact on current market activity, versus a long-term impact on future activity. Investing in entrepreneuri...
2 CitationsSource
#1Thomas F. HellmannH-Index: 28
#2Paul SchureH-Index: 7
Last. Dan VoH-Index: 2
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Understanding an entrepreneurial finance ecosystem requires an appreciation of how different investors interact with each other. Angels and venture capitalists constitute two of the most important equity investors for start-ups. In this paper we develop and empirically test some hypotheses about the interactions between these two investor types. The focus is on the dynamics of the funding path of start-up companies. We distinguish complements and substitutes relationships between investor types,...
7 Citations
This paper examines the effect of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces valuations can be reversed in later rounds. Once they become insiders, powerful investors may use their market power to increase, not decrease valuations. Even though powerful investors initially lower valuations, companies prefer to bring them inside to leverage their power in later financing rounds. The paper also makes predictions about investor retu...
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#1Gilles DurufléH-Index: 2
#2Thomas F. Hellmann (University of Oxford)H-Index: 28
Last. Karen E. Wilson (OECD: Organisation for Economic Co-operation and Development)H-Index: 6
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In recent years universities have been taken by a new wave of entrepreneurial activities. Originally universities engaged with entrepreneurship mostly in terms of commercializing innovations based on research in the sciences. The new initiatives are instead focused on students and recent alumni, and encompass a much wider set of entrepreneurial initiatives, including student work spaces, accelerators programs or industry partnerships. This paper examines these emergent entrepreneurial activities...
2 CitationsSource
#1Gilles DurufléH-Index: 2
#2Thomas F. HellmannH-Index: 28
Last. Karen E. WilsonH-Index: 6
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