ADVANCE Fellows Award: Studies in Financial Institutions and Markets

这一高级研究员奖的主要重点是与风险投资(VC)机构的发展和影响有关的新研究和教育活动。风险投资研究将回顾过去50年，以明确风险投资家的职能，解释专业风险投资公司的出现，并在风险投资行业出现之前确定风险资本的制度来源。通过国际比较，这项研究将考察法律、政治和经济竞争对制度设计的影响。这项研究还将探索关于资本市场和风险资本提供之间联系的进一步假设。国际比较无疑将揭示一系列体制结构，因此将提出不同形式的风险投资规定的相对效率的进一步问题。风险投资研究项目的第二部分建立在第一部分的基础上，探讨风险投资对经济的影响。根本问题是，与风投行业出现之前相比，现在的创新或高科技增长是否更多，如果是的话，如此快速的增长是否真的源于风投金融的蓬勃发展。对这一研究来说，关键是建立严格的方法来衡量创新和高科技增长，以及风险投资融资对此的影响。这个项目将比以往的研究着眼更长远，并将美国与一系列其他国家进行比较，包括一些发展很少或根本没有专业风投公司的国家。除了大规模的统计分析外，风险投资项目还将包括特定国家、行业和公司的案例研究，以阐述计量经济学工作发现的一般现象。风险投资项目还将完成两本与银行业历史有关的书稿。该小组将参与一系列教育活动，包括为研究生和本科生教授课程，以及为学生提供建议。学生们还将协助研究项目。该奖项由美国国家科学基金会先行计划提供支持。高级方案的总体任务是通过增加妇女在学术、科学和工程职业中的代表性和地位，增加妇女在科学和工程工作中的参与度。

The primary focus of this ADVANCE Fellows award is on new research and educational activities related to the development and influence of venture capital (VC) institutions. The VC research will look back over the past fifty years to pinpoint the functions of venture capitalists, explain the appearance of specialized VC firms, and identify institutional sources of risk capital before the advent of the VC industry. Using international comparisons, the research will examine the influence of legal, political, and economic contests on institutional design. The study will also explore further hypotheses about the link between capital markets and venture capital provision. International comparison will undoubtedly uncover a range of institutional structures and will therefore raise the further question of the relative efficiency of different forms of VC provision. The second component of the VC research project builds on the first, and explore the impact of venture capital on the economy. The fundamental question is whether there is more innovation or high-tech growth now than there was before the advent of the VC industry, and if so, whether such rapid growth truly stems from the burgeoning of VC finance. Critical to this line of research is establishing rigorous ways to measure innovation and high-tech growth as well as the impact of VC financing thereon. This project will take a longer-run view than past studies and will compare the US with a range of other countries, including some that have developed few or no specialized VC firms. In addition to large-scale statistical analysis, the VC projects will include case studies of specific countries, industries, and firms in order to elaborate on the general phenomena uncovered by the econometric work.The PI will also work on completing two book manuscripts related to banking history. The PI will be engaged in a range of educational activities, including teaching courses to graduates and undergraduates and advising students. Students will also assist with the research projects. This award is supported through the NSF ADVANCE Program. The overall mission of the ADVANCE Program is to increase the participation of women in the scientific and engineering workforce through the increased representation and advancement of women in academic science and engineering careers.