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    Performance ConsistencyRemove Performance Consistency →

    Page 1 of 2 Results
    • 10 Feb 2017
    • Working Paper Summaries

    The Persistent Effect of Initial Success: Evidence from Venture Capital

    by Ramana Nanda, Sampsa Samila, and Olav Sorenson

    To understand better what channels might account for persistence in the fund-level performance of private equity firms, the authors examine the individual investments underlying fund-level returns.

    • 03 Dec 2008
    • Working Paper Summaries

    Performance Persistence in Entrepreneurship

    by Paul A. Gompers, Anna Kovner, Josh Lerner & David S. Scharfstein

    All else equal, a venture-capital-backed entrepreneur who starts a company that goes public has a 30 percent chance of succeeding in his or her next venture. First-time entrepreneurs, on the other hand, have only an 18 percent chance of succeeding, and entrepreneurs who previously failed have a 20 percent chance of succeeding. But why do these contrasts exist? Such performance persistence, as in the first example, is usually taken as evidence of skill. However, in the context of entrepreneurship, the belief that successful entrepreneurs are more skilled than unsuccessful ones can induce real performance persistence. In this way, success breeds success even if successful entrepreneurs were just lucky. Success breeds even more success if entrepreneurs have some skill. Key concepts include: There is evidence for the role of skill as well as the perception of skill in inducing performance persistence. Closed for comment; 0 Comments.

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