PhD Thesis of Jan-Frederik Arnold
PhD Thesis
The perfect match — the role of categorical fit between venture capitalists and their startup investments.
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This dissertation sheds light on how the categorical fit between venture capitalists and startups affects the matching process before a funding round. The study uses market categories to measure new ventures’ distinctiveness and the cultural distance between venture capitalists and new ventures. The empirical analysis of 11 years of venture capital investment data in the USA confirms that experienced and high-status investors prefer more distinctive new ventures and that the negative effect of cultural distance on investment probability is mitigated by venture capitalists’ portfolio diversification and status.
Examiners: Prof. Dr. Christoph Ihl and Prof. Dr. Sebastian Spaeth
Day of Oral Doctoral Examination: 16.03.2018