FRIC/Finance Seminar with Ilya Strebulaev, Stanford Graduate School of Business
The Department of Finance is proud to announce the upcoming virtual seminar with Ilya Strebulaev, Stanford Graduate School of Business.
Ilya Strebulaev will present:
The Economic Impact of Venture Capital: Evidence from Public Companies
ABSTRACT: Venture capital-backed companies account for 41% of total US market capitalization and 62% of US public companies’ R&D spending. Among public companies founded within the last fifty years, VC-backed companies account for half in number, three quarters by value, and more than 92% of R&D spending and patent value. The US did not spawn top public companies at a higher rate than other large, developed countries prior to 1970s ERISA reforms, but produced twice as many after it. Using those reforms as a natural experiment suggests that the US VC industry is causally responsible for the rise of one-fifth of the current largest 300 US public companies and that three-quarters of the largest US VC-backed companies would not have existed or achieved their current scale without an active VC industry.
Zoom (virtual seminar)
More information will follow.