ADVANCE Fellows Award: Studies in Financial Institutions and Markets

该ADVANCE Fellows奖的主要重点是与风险投资（VC）机构的发展和影响力相关的新研究和教育活动。 风险投资研究将回顾过去50年，以确定风险投资家的功能，解释专业风险投资公司的出现，并确定风险投资行业出现之前的风险资本的机构来源。 通过国际比较，本研究将考察法律的、政治和经济竞争对制度设计的影响。 本研究还将探讨关于资本市场与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的体制结构，因此将进一步提出不同形式的风险资本提供的相对效率问题。 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。 根本的问题是，与风险投资行业出现之前相比，现在是否有更多的创新或高科技增长，如果是的话，这种快速增长是否真的源于风险投资金融的蓬勃发展。 这一研究领域的关键是建立严格的方法来衡量创新和高科技增长，以及风险投资对创新和高科技增长的影响。 该项目将采取比过去的研究更长远的眼光，并将美国与其他一系列国家进行比较，包括一些很少或根本没有发展专业风险投资公司的国家。 除了大规模的统计分析外，风险投资项目还将包括对特定国家、行业和企业的案例研究，以阐述计量经济学工作所揭示的一般现象。PI还将完成两本与银行业历史相关的书籍手稿。 PI将从事一系列教育活动，包括为研究生和本科生教授课程，并为学生提供咨询。 学生还将协助研究项目。 该奖项由NSF ADVANCE计划提供支持。高级方案的总体使命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劳动力中的参与。

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.