Mikko Jääskeläinen and Markku Maula . 2009 . Do networks
نویسندگان
چکیده
Contributing to the literature on local bias, we examine how the direct and indirect network ties of financial intermediaries mitigate two types of information problems, the identification of investment opportunities and the evaluation of their quality. In our analysis of the non-domestic IPOs and trade sales exits of European venture capitalbacked companies, we find that direct and indirect network ties differ in their capability to alleviate the two information problems: indirect ties to partners’ partners, with their broad reach, help alleviate the identification problem but direct ties, with their stronger certification effects, are needed to resolve the quality evaluation problem. JEL classification: G14, G15, G24, M13
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