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Mutual Funds As Venture Capitalists? Evidence from Unicorns
NBER WORKING PAPER SERIES MUTUAL FUNDS AS VENTURE CAPITALISTS? EVIDENCE FROM UNICORNS Sergey Chernenko Josh Lerner Yao Zeng Working Paper 23981 http://www.nber.org/papers/w23981 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2017 We thank Slava Fos (discussant), Jesse Fried, Jarrad Harford, William Mann, Ramana Nanda, Morten Sorensen, Xiaoyun Yu (discussant), and conference participants at the Southern California Private Equity Conference, London Business School Private Equity Symposium, and the FRA Meeting for helpful comments. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. Lerner periodically receives compensation for advising institutional investors, private equity firms, corporate venturing groups, and government agencies on topics related to entrepreneurship, innovation, and private capital. Lerner acknowledges support from the Division of Research of Harvard Business School. Zeng acknowledges support from the Foster School of Business Research Fund. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Sergey Chernenko, Josh Lerner, and Yao Zeng. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. -
Summer 2019 Magazine
Maurer School of Law: Indiana University Digital Repository @ Maurer Law Ergo Law School Publications Summer 2019 Summer 2019 Magazine Follow this and additional works at: https://www.repository.law.indiana.edu/ergo Part of the Legal Education Commons, and the Legal Profession Commons Recommended Citation "Summer 2019 Magazine" (2019). Ergo. 58. https://www.repository.law.indiana.edu/ergo/58 This Magazine is brought to you for free and open access by the Law School Publications at Digital Repository @ Maurer Law. It has been accepted for inclusion in Ergo by an authorized administrator of Digital Repository @ Maurer Law. For more information, please contact [email protected]. RURAL JUSTICE INITIATIVE: SUPPORTING THE ERGO / SUMMER 2019 SMALL-TOWN JUDICIARY ACADEMY OF LAW ALUMNI FELLOWS INDUCTS FOUR IU MAURER SCHOOL OF LAW ALUMNI NEWS — SUMMER 2019 FIVE-YEAR STRATEGIC PLAN DOCUMENTS HISTORIC ACHIEVEMENT AT INDIANA LAW CONTENTS From the dean 2 Five-year review 4 A new look for new beginnings 10 Stewart Fellows program expanded 12 New book recounts law school history 14 Supporting the small-town judiciary 15 Academy inducts four alumni 16 Alumni summit planned for fall 2019 19 New board of visitors members elected 20 Austen L. Parrish Stout professorship first of its kind 22 Dean and James H. Rudy Professor of Law Donna M. Nagy Buxbaum elected to Hague Academy governing council 25 Executive Associate Dean and C. Ben Dutton Professor of Law Faculty chairs endowed 26 Andrea C. Havill Assistant Dean for External Affairs and Programs, colloquium honor Professor Bradley 27 Alumni Relations A fresh start 28 Kenneth L. -
ABSTRACT the Emphasis of the Symposium Was the Internet, Or Information Superhighway, and the Provision of Information Services to End Users
DOCUMENT RESUME ED 381 176 IR 055 472 AUTHOR Helal, Ahmed H., Ed.; Weiss, Joachim W., Ed. TITLE Information Superhighway: The Role of Librarians, Information Scientists, and Intermediaries. Proceedings of the International Essen Symposium (17th, Essen, Germany, October 24-27, 1994). INSTITUTION Essen Univ. (Germany). Library. REPORT NO ISBN-3-922602-19-3; ISSN-0931-7503 PUB DATE 95 NOTE 488p.; Festschrift in honor of Frederick Wilfrid Lancaster. PUB TYPE Collected Works Conference Proceedings (021) EDRS PRICE MF02/PC20 Plus Postage. DESCRIPTORS Academic Libraries: *Access to Information; *Computer Networks: Cooperation; Developing Nations; Electronic Publishing; Foreign Countries; Higher Education; 'Information Networks; Information Technology; 'Librarians; *Library Role; Library Services, Professional Training; Quality Control; Users (information) IDENTIFIERS 'Information Superhighway; *Internet; Virtual Libraries ABSTRACT The emphasis of the symposium was the Internet, or information superhighway, and the provision of information services to end users. Many internationally recognized librarians shared their experiences and expressed their ideas on new developments and possibilities related to the information superhighway. The 34 papers presented at the symposium addressed the following issues:(1) definition, applications, cost, security, privacy, access, delivery, and ease of use;(2) strategies and tactics for accessing information . on the superhighway, as well as concern for unauthorized use; (3) tremendous amounts of irrelevant information, -
Mutual Funds As Venture Capitalists? Evidence from Unicorns1
Mutual Funds as Venture Capitalists? Evidence from Unicorns1 Sergey Chernenko Josh Lerner Yao Zeng Purdue University Harvard University University of Washington and NBER December 2018 Abstract Using novel contract-level data, we study open-end mutual funds investing in unicorns—highly valued, privately held start-ups—and their association with corporate governance provisions. Larger funds and those with more stable funding are more likely to invest in unicorns. Both mutual fund participation and the mutual fund share of the financing round are strongly correlated with the round’s contractual provisions. Compared to venture capital groups, mutual funds are underrepresented on boards of directors, suggesting less direct monitoring. However, rounds with mutual fund participation have stronger redemption and IPO-related rights, consistent with mutual funds’ liquidity needs and vulnerability to down-valuation IPOs. 1 We thank Francesca Cornelli, Slava Fos, Jesse Fried, Will Gornall, Jarrad Harford, Michelle Lowry, William Mann, John Morley, Ramana Nanda, Clemens Sialm, Morten Sorensen, Ilya Strebulaev, Xiaoyun Yu, and conference and seminar participants at the 2017 LBS Private Equity Symposium, the 2018 NYU/Penn Conference on Law and Finance, the 2017 Southern California Private Equity Conference, the 2018 Stanford Financing of Innovation Summit, the 2018 UNC Private Capital Spring Research Symposium, and the 2018 Western Finance Association meetings. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for constantly helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Kathleen Ryan, Michael Sibbett, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. -
Longhorn Startup
LONGHORN STARTUP UT Austin Spring 2021 Syllabus as of 1/12/2021 by Joshua Baer & Mellie Price. ------------------------------------------------------------------------------------------ Longhorn Startup Lab (LSL): Interdisciplinary Entrepreneurship Practicum ------------------------------------------------------------------------------------------ Longhorn Startup Lab (LSL) is an intensive project-based course in the Spring semester that identifies student entrepreneurs who are building scalable technology companies and gets them real course credit for working on their startups while still in school. These students receive weekly one-on-one mentoring sessions with successful entrepreneurs. The semester culminates in a Demo Day where the students present their companies to the Austin community. Any student from any college can register but final team selection is by approval of the instructor. Each team that is selected will also receive other benefits. This list is subject to change. ● Personalized mentoring from Austin entrepreneurs ● Pitch onstage to 1,000 people at Demo Day at the end of the semester ● $1,000 cash grant for each team ● $5,000 Amazon Web Services free hosting credits ● Free coworking memberships at Capital Factory from January-August 2021 ● Free table at the Austin Startup Crawl during SXSW ● Chance to pitch onstage at SXSW ● Demo Day winners interested in continuing to work on their company after completion of Longhorn Startup Lab will have the opportunity to accept a guaranteed spot in the Capital Factory Accelerator -
The Marvel Universe: Origin Stories, a Novel on His Website, the Author Places It in the Public Domain
THE MARVEL UNIVERSE origin stories a NOVEL by BRUCE WAGNER Press Send Press 1 By releasing The Marvel Universe: Origin Stories, A Novel on his website, the author places it in the public domain. All or part of the work may be excerpted without the author’s permission. The same applies to any iteration or adaption of the novel in all media. It is the author’s wish that the original text remains unaltered. In any event, The Marvel Universe: Origin Stories, A Novel will live in its intended, unexpurgated form at brucewagner.la – those seeking veracity can find it there. 2 for Jamie Rose 3 Nothing exists; even if something does exist, nothing can be known about it; and even if something can be known about it, knowledge of it can't be communicated to others. —Gorgias 4 And you, you ridiculous people, you expect me to help you. —Denis Johnson 5 Book One The New Mutants be careless what you wish for 6 “Now must we sing and sing the best we can, But first you must be told our character: Convicted cowards all, by kindred slain “Or driven from home and left to die in fear.” They sang, but had nor human tunes nor words, Though all was done in common as before; They had changed their throats and had the throats of birds. —WB Yeats 7 some years ago 8 Metamorphosis 9 A L I N E L L Oh, Diary! My Insta followers jumped 23,000 the morning I posted an Avedon-inspired black-and-white selfie/mugshot with the caption: Okay, lovebugs, here’s the thing—I have ALS, but it doesn’t have me (not just yet). -
Solutions 2020 Call to Action Plan ) ) ) Public
Before The FEDERAL COMMUNICATIONS COMMISSION Washington, D.C. 20554 In re: ) ) Public Notice #342689 #Solutions 2020 Call to Action Plan ) COMMENTS ON DRAFT #SOLUTIONS2020 ACTION PLAN The Wright Petitioners,1 Prison Policy Initiative, New Jersey Advocates for Immigrant Detainees, and United Church of Christ, OC Inc. (collectively, the "ICS Advocates"), hereby respond to the above-referenced Public Notice and submit these Comments on the Draft #Solutions2020 Action Plan released on December 19, 2016 (the "Action Plan"). While the Public Notice sought comment on a number of issues discussed in the Action Plan, these comments are limited to those raised therein regarding the Comprehensive Reform of Inmate Calling Services ("ICS"). In particular, the ICS Advocates have long-supported the Action Plan's call for the development of "real competition" and "reasonable rates in ICS and video visitation services," as well as the abolishment of "kickbacks to correctional facilities."2 Moreover, the ICS Advocates applaud the Action Plan's recognition that any rule changes adopted with regard to contraband cell phones should be mindful of the imposition of additional costs on inmates and their families. 1 The Wright Petitioners are: Dorothy Wade, Annette Wade, Ethel Peoples, Laurie Nelson, Winston Bliss, Sheila Taylor, Katharine Goray, Ulandis Forte, Charles Wade, Earl Peoples, Darrell Nelson, Melvin Taylor, Jackie Lucas, Peter Bliss, David Hernandez, Lisa Hernandez, Vendella F. Oura, along with The D.C. Prisoners’ Legal Services Project, and Citizens United for Rehabilitation of Errants. Martha Wright, the grandmother of Ulandis Forte, passed away on January 18, 2015. 2 See Action Plan, pg. 2. 1 87383168.1 As set forth below, the ICS Advocates are supplying information regarding the current state of the ICS industry with respect to the rates charged by ICS providers. -
AGC-Restaurant-Tech-Nov-2019
Type & Color November, 2019 INSIGHTS The Future of Restaurant Technology How Technology is Transforming the Restaurant Industry Greg Roth, Partner Ben Howe, CEO Jon Guido, Partner & COO Sean Tucker, PartnerAGC Partners ExecutiveType & Color Summary Massive $900B market experiencing rapid digital adoption and software growth . An extended economic recovery, low unemployment rate, and continued rise of millennials as the largest demographic in the workplace are factors driving strong restaurant spending . Third party delivery market is exploding; eating in is the new dining out US Digital Restaurant Sales . Cloud based POS systems are replacing incumbent providers at an accelerating pace and ($ Billions) achieving higher ACV with additional features and functionality $328 . Front of house applications including Online Ordering, CRM and Loyalty programs are other areas of accelerating spend in order to capture more valuable repeat diners 27% CAGR . Razor thin profit margins and unique challenges restaurants face require purpose built solutions to cut costs, gain efficiencies, and increase visibility . Hiring, training and retaining workers in a complex and changing regulatory environment is one $117 of the largest challenges restaurants face $48 . Unlocking of data silos enabling business analytics across the value chain . Automation and AI beginning to impact restaurant operations and economics, freeing up scarce employee resources to focus on customers 2017 2020 2025 . Ghost Kitchens and Online Catering are two emerging growth areas taking advantage of online Note: based on estimated percentage of sales derived from digital channels and total industry sales forecasts delivery trends and attractive unit economics . Restaurant Management Software spend tilted towards front of house (~60%) technologies vs. -
Tilman Tells It Like It Is Coworking with the Cowboys Catching up with Mark Cuban
Q1 2020 THE BUSINESS OF TEXAS SPORTS TILMAN TELLS IT LIKE IT IS No-Nonsense Business Lessons from the “Billion Dollar Buyer” COWORKING WITH THE COWBOYS A Chat with Jerry Jones Jr. CATCHING UP WITH THE MARK CUBAN RELAUNCH 7 Questions for the Legend ISSUE Warren is cleaning up Texas– and KEEPING IT SAFE. Warren Paynes | Lead Residential Driver | Texas Disposal Systems, Inc. Warren Paynes doesn’t just make Texas a cleaner place — he makes it a safer place. As a driver for Texas Disposal Systems, he knows that driving safe protects him, his route partner and everyone around them. He stays focused, performs inspections on his vehicle and puts his cell phone away. Warren takes his driver safety training seriously, and that’s why Texas Mutual is proud to support him and all the Texans who make the road their workplace. Texas Mutual is changing the way workers’ comp works for you. See Warren ON THE JOB at WorkSafeTexas.com/OnTheJob. © 2019 Texas Mutual Insurance Company Warren is cleaning up Texas– Letter from the KEEPING IT SAFE. OWNER and Great CEOs create great jobs. And meaningful work is something almost everyone craves. That’s why I have always felt that building a business is a noble cause. By creating and running great businesses, we satisfy our need to help others even as we provide for our own needs. This dynamic is, in large part, why we are excited to relaunch Texas CEO Magazine with the mission of helping CEOs across Texas grow their businesses and master their role as head of the organization. -
WBENC August 2015 President's Report
REPORT AUGUST 2015 MICHAEL ROBINSON AWARDED ALCORN AWARD A LEADER OF #Hes4Shes CALENDAR OF EVENTS THIS CALENDAR INCLUDES EVENTS HOSTED BY WBENC’S REGIONAL PARTNER ORGANIZATIONS AND STRATEGIC PARTNERS. VISIT WBENC’S ONLINE CALENDAR FOR MORE EVENTS. AUGUST 2015 GWBC Power of Partnering DIR Luncheon Featuring WPEO-NY Program with PepsiCo 6th Annual LBA Minority 18-19 Marketplace & Golf 19 Keynote Speaker, the 25 Click here for details. 26 Women’s Business Conference Scholarship Tournament Honorable Eric H. Holder, Jr. Burbank, Calif. Atlanta, Ga. Detroit, Mich. BMW-PROCON Business Click here for details. 26 Click here for details. Click here for details. Matchmaking & Procurement Conference Garden Grove, Calif. Click here for details. SEPTEMBER 2015 WBDC Annual Entrepreneurial SoCalGas Mastering Go for the Greens 2015: A National Women’s Business 2 Woman’s Conference 11 Business Growth 2015 17-19 World of Opportunity 27-29 Conference Hosted by Chicago, Ill. (Thru November 13) Lake Buena Vista, Fla. NAWBO Click here for details. Redlands, Calif. Click here for details. San Antonio, Tex. Click here for details. Click here for details. 3 The Power Conference 18 WPEO-NY Brown Bag Lunch Co-hosted by WPEO WBEC-West Strategic with The Hartford WBEA Annual Golf Classic & North Bethesda, Md. 15-17 Procurement Opportunity New York, N.Y. 28 Silent Auction Click here for details. Conference Click here for details. Sugarland, Tex. Santa Barbara, Calif. Click here for details. WPEO-DC WBE to WBE – Click here for details. WBEC-PA-DE-sNJ Annual 8 15th Anniversary Celebration 18 Awards Luncheon 2015 USBLN 18th Annual 28-1 Washington, D.C. -
Steve Jobs Non Abita Più Qui
Michele Masneri Steve Jobs non abita più qui Adelphi eBook Quest’opera è protetta dalla legge sul diritto d’autore È vietata ogni duplicazione, anche parziale, non autorizzata In copertina: Los Angeles e dintorni (2008-2015) Fotografia di Gregory Halpern tratta dal progetto «ZZYZX» © GREGORY HALPERN/MAGNUM PHOTOS/CONTRASTO Prima edizione digitale 2020 Published by arrangement with The Italian Literary Agency © 2020 ADELPHI EDIZIONI S.P.A. MILANO www.adelphi.it ISBN 978-88-459-8225-5 STEVE JOBS NON ABITA PIÙ QUI È strano. Tutti quelli che si perdono prima o poi si ritrovano a San Francisco. Dev’essere una città deliziosa, e possedere tutte le attrattive del Nuovo Mondo. OSCAR WILDE DAY AFTER «Prenda qualcosa di caldo, caro» dice una signora con capello candido, al Whole Foods di California Avenue, mentre mi servo un po’ di mashed potatoes il giorno dopo l’elezione di Trump del 2016. A casa, lo psicodramma. Avevo fatto questo esperimento sociologico, per un mese: vivere in un co-living, moderna declinazione della comune, ma qui di ragazzotti col sogno della startup, arrivati da tutto il mondo per giocarsela a San Francisco; dunque camerette minuscole a rischio agibilità vicino al Civic Center, due bagni per dieci persone, uno studentato fuori tempo massimo. Nella Casa del Grande Fratello Startupparo oltre a me ci sono A., ventenne argentina molto simpatica, che studia diritto internazionale e sta tutto il tempo a parlare con la fidanzata che fa la dentista a Mar del Plata, e S., ventenne ingegnere di Stoccarda con una passione soprattutto turistica per la Silicon Valley: va a vedere tutti i quartier generali, di Facebook, di LinkedIn, di Twitter, non si perde un garage, di Steve Jobs, di Google, di HP, e fa le sue stories, soddisfattissimo (si capisce subito che uno dei business più fruttuosi qui non è la startup, ma il turismo della startup). -
Who's Watching You?
GEORGETOWN LAW Res Ipsa Loquitur Spring/Summer 2015 WHO’S WATCHING YOU? Our New Center on Privacy and Technology Has Some Surprising Answers Letter from the Dean echnology is transforming the legal landscape, and here Tat Georgetown we are making an unprecedented push to prepare students for this new world. We offer courses on information privacy law and the law of cyberspace. We offer practicum students the chance to design legal apps for real- world partners, thus providing more legal services to people in need. And we have just established the Mark Claster Mamo- len Professorship in Law and Technology, to which Professor Julie Cohen was formally installed on April 1. GEORGETOWN LAW I’m especially proud of our new Center on Privacy and Technology (see page Spring/Summer 2015 20). In less than a year it has become a thought leader on matters of utmost impor- ANNE CASSIDY tance, such as protecting the privacy rights of vulnerable populations. The Center Editor has hosted conferences, produced white papers and is offering a first-of-its-kind ANN W. PARKS partnership class in which professors and students from Georgetown join profes- Senior Writer sors and students from MIT to examine the privacy implications of everything from BRENT FUTRELL Director of Design Fitbits to smart TVs. We’re excited to be creating, in the words of the Center’s INES HILDE executive director Alvaro Bedoya, “lawyers who can speak engineer.” Senior Designer This is a pivotal time for privacy issues, and Washington, D.C., is the perfect EMILY ELLER place to be studying them.