As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance...As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.展开更多
Background:Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects,charity projects,and new ventures.It is very important to understand how crowds in the crowdfunding market a...Background:Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects,charity projects,and new ventures.It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities.This study documents and compares two crowd designs for crowdfunding,namely pure crowds,where all crowd members participate as equals,and hybrid crowds,where crowd members are led by an expert investor.The hybrid design is rarely studied in the crowdfunding literature despite its large presence in equity crowdfunding.Methods:We examine industry practices from various countries in terms of crowd designs,review relevant literature on this topic,and develop a conceptual framework for choosing between pure and hybrid crowds.Results:We identify several inefficiencies of pure crowds in crowdfunding platforms and discuss the advantages of hybrid crowds.We then develop a conceptual framework that illustrates the factors for choosing between pure and hybrid crowds.Finally,we discuss the issue of how to manage and regulate lead investors in hybrid crowds.Conclusions:Pure crowds have several shortcomings that could be mitigated by a hybrid crowd design,especially when the proposed project suffers from greater risks,a high degree of information asymmetry,concerns about information leakage,and a high cost of managing the crowds.But for the hybrid crowd to work well,one must carefully design mechanisms for lead investor selection,compensation,and discipline.Our study contributes to the crowdfunding literature and to crowdfunding practice in multiple ways.展开更多
Aiming at the incentive problems of venture capital syndication at the second and later stages, an game model is set up by principal agent and incentive theory, given that the lead venture capitalist has already some ...Aiming at the incentive problems of venture capital syndication at the second and later stages, an game model is set up by principal agent and incentive theory, given that the lead venture capitalist has already some knowledge of the project quality from his initial funding of the project. Under symmetric and asymmetric information, the model analyzes how the optimal syndication contracts induce venture capitalists to truthfully reveal their information to each other, and vary with the level of venture capitalists＇ expertise and information in evaluating projects.展开更多
This study explores whether manager mobility can influence syndications between private equity(PE)firms by constructing coupling network models.Using data from China’s private equity market from 1993 to 2017,we found...This study explores whether manager mobility can influence syndications between private equity(PE)firms by constructing coupling network models.Using data from China’s private equity market from 1993 to 2017,we found that driving forces,resistant forces,and network structure play significant roles in determining resource flows between PE firms.Specifically,driving forces indicate that managers moving from domestic and foreign PE firms to state-owned PE firms are more likely to induce syndications.Furthermore,if the manager is promoted when changing jobs,mobility is likely to enhance the flow of resources.Resistant forces indicate that increased geographical distance reduces syndications.As for the influence of structure,if managers leave PE firms with higher status,they are more likely to induce syndications.This study contributes to the coupling network literature by providing a clarified three-factor framework.By exploring the characteristic of managers in state-owned private equity firms,we specified the syndication theory in China.This study can help private equity firms hire valuable managers and expand syndication networks in practice.展开更多
Content syndication has become a popular way for timely delivery of frequently updated information on the Web. Today, web syndication technologies such as RSS or Atom are used in a wide variety of applications spreadi...Content syndication has become a popular way for timely delivery of frequently updated information on the Web. Today, web syndication technologies such as RSS or Atom are used in a wide variety of applications spreading from large-scale news broadcasting to medium-scale information sharing in scientific and professional communities. However, they exhibit serious limitations for dealing with information overload in Web 2.0. There is a vital need for efficient real- time filtering methods across feeds, to allow users to effectively follow personally interesting information. We investigate in this paper three indexing techniques for users＇ subscriptions based on inverted lists or on an ordered trie for exact and partial matching. We present analytical models for memory requirements and matching time and we conduct a thorough experimental evaluation to exhibit the impact of critical parameters of realistic web syndication workloads.展开更多
Do cross-country differences in climate policy influence bank lending?This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of homecountry climate policies incre...Do cross-country differences in climate policy influence bank lending?This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of homecountry climate policies increases cross-border bank lending.Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics.I find evidence that a strict home-country climate policy is associated with an increase in banks’cross-border loan shares.This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.展开更多
Both the entry and withdrawal of partners have received considerable attention in the venture capital(VC)literature.However,they have been viewed as more or less isolated dynamic choices.This study filled this researc...Both the entry and withdrawal of partners have received considerable attention in the venture capital(VC)literature.However,they have been viewed as more or less isolated dynamic choices.This study filled this research gap by analyzing the relationship between new partner addition and incumbent partner withdrawal in VC syndicates.Although the literature on VC partner selection suggests that adding partners can improve the performance of VC syndicates by emphasizing the expected contribution of VCs,the expected development will not occur or may even be reversed if the VC syndicate also experiences the withdrawal of the incumbent partner.We proposed that the VC withdrawal decision is a risk-benefit trade-off.The syndicate’s portfolio similarity with new partners promotes competition between them.This risk of knowledge leakage through the relationship with the new partner jeopardizes the incumbent partner’s competitive advantage.In the meantime,the syndicate’s portfolio similarity with new partners measures the extent to which the knowledge contributed by the new partner matches the needs of the syndicate and can be absorbed by the syndicate,which will enhance the common benefits.Thus,there is a U-shaped relationship between the syndicate’s portfolio similarity with new partners and its incumbent partners’withdrawal possibility.Furthermore,we considered the negative moderating role of partner network characteristics,namely,the relational and structural chasm.Our research not only suggested the dependence of network dynamics to complete the theory of network evolution but also provided advice on partner selection and syndicate governance.We tested our hypotheses using the dataset of VC investment in the United States between 1985 and 2016,based on Thomson Reuter’s Venture Xpert Database and ORBIS Database.展开更多
基金Exploration and Practice of Training Model Based on the Whole Career Cycle of Enterprise Employees(Grant no.2023520500240155)。
文摘As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.
文摘Background:Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects,charity projects,and new ventures.It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities.This study documents and compares two crowd designs for crowdfunding,namely pure crowds,where all crowd members participate as equals,and hybrid crowds,where crowd members are led by an expert investor.The hybrid design is rarely studied in the crowdfunding literature despite its large presence in equity crowdfunding.Methods:We examine industry practices from various countries in terms of crowd designs,review relevant literature on this topic,and develop a conceptual framework for choosing between pure and hybrid crowds.Results:We identify several inefficiencies of pure crowds in crowdfunding platforms and discuss the advantages of hybrid crowds.We then develop a conceptual framework that illustrates the factors for choosing between pure and hybrid crowds.Finally,we discuss the issue of how to manage and regulate lead investors in hybrid crowds.Conclusions:Pure crowds have several shortcomings that could be mitigated by a hybrid crowd design,especially when the proposed project suffers from greater risks,a high degree of information asymmetry,concerns about information leakage,and a high cost of managing the crowds.But for the hybrid crowd to work well,one must carefully design mechanisms for lead investor selection,compensation,and discipline.Our study contributes to the crowdfunding literature and to crowdfunding practice in multiple ways.
文摘Aiming at the incentive problems of venture capital syndication at the second and later stages, an game model is set up by principal agent and incentive theory, given that the lead venture capitalist has already some knowledge of the project quality from his initial funding of the project. Under symmetric and asymmetric information, the model analyzes how the optimal syndication contracts induce venture capitalists to truthfully reveal their information to each other, and vary with the level of venture capitalists＇ expertise and information in evaluating projects.
基金supported by the Fundamental Research Funds for the Central Universities(No.FRF-TP-22-063A1)the General Program of the National Natural Science Foundation of China(No.71874099).
文摘This study explores whether manager mobility can influence syndications between private equity(PE)firms by constructing coupling network models.Using data from China’s private equity market from 1993 to 2017,we found that driving forces,resistant forces,and network structure play significant roles in determining resource flows between PE firms.Specifically,driving forces indicate that managers moving from domestic and foreign PE firms to state-owned PE firms are more likely to induce syndications.Furthermore,if the manager is promoted when changing jobs,mobility is likely to enhance the flow of resources.Resistant forces indicate that increased geographical distance reduces syndications.As for the influence of structure,if managers leave PE firms with higher status,they are more likely to induce syndications.This study contributes to the coupling network literature by providing a clarified three-factor framework.By exploring the characteristic of managers in state-owned private equity firms,we specified the syndication theory in China.This study can help private equity firms hire valuable managers and expand syndication networks in practice.
文摘Content syndication has become a popular way for timely delivery of frequently updated information on the Web. Today, web syndication technologies such as RSS or Atom are used in a wide variety of applications spreading from large-scale news broadcasting to medium-scale information sharing in scientific and professional communities. However, they exhibit serious limitations for dealing with information overload in Web 2.0. There is a vital need for efficient real- time filtering methods across feeds, to allow users to effectively follow personally interesting information. We investigate in this paper three indexing techniques for users＇ subscriptions based on inverted lists or on an ordered trie for exact and partial matching. We present analytical models for memory requirements and matching time and we conduct a thorough experimental evaluation to exhibit the impact of critical parameters of realistic web syndication workloads.
文摘Do cross-country differences in climate policy influence bank lending?This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of homecountry climate policies increases cross-border bank lending.Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics.I find evidence that a strict home-country climate policy is associated with an increase in banks’cross-border loan shares.This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.
基金supported by National Natural Science Foundation of China(Grant 71904191)
文摘Both the entry and withdrawal of partners have received considerable attention in the venture capital(VC)literature.However,they have been viewed as more or less isolated dynamic choices.This study filled this research gap by analyzing the relationship between new partner addition and incumbent partner withdrawal in VC syndicates.Although the literature on VC partner selection suggests that adding partners can improve the performance of VC syndicates by emphasizing the expected contribution of VCs,the expected development will not occur or may even be reversed if the VC syndicate also experiences the withdrawal of the incumbent partner.We proposed that the VC withdrawal decision is a risk-benefit trade-off.The syndicate’s portfolio similarity with new partners promotes competition between them.This risk of knowledge leakage through the relationship with the new partner jeopardizes the incumbent partner’s competitive advantage.In the meantime,the syndicate’s portfolio similarity with new partners measures the extent to which the knowledge contributed by the new partner matches the needs of the syndicate and can be absorbed by the syndicate,which will enhance the common benefits.Thus,there is a U-shaped relationship between the syndicate’s portfolio similarity with new partners and its incumbent partners’withdrawal possibility.Furthermore,we considered the negative moderating role of partner network characteristics,namely,the relational and structural chasm.Our research not only suggested the dependence of network dynamics to complete the theory of network evolution but also provided advice on partner selection and syndicate governance.We tested our hypotheses using the dataset of VC investment in the United States between 1985 and 2016,based on Thomson Reuter’s Venture Xpert Database and ORBIS Database.
