Venture Capital Contracts

We are grateful to Ilona Babenko (discussant), Tania Babina (discussant), Vincent Glode (discussant), Will Gornall (discussant), Igor Makarov (discussant), Joshua Mollner (discussant), Pavel Zryumov (discussant), Steven Kaplan, Tim McQuade, Christian Opp, Gordon Phillips, and seminar participants at Berkeley University (Haas), Boston College, Brigham Young University, California Institute of Technology, Chinese University of Hong Kong, Erasmus University, Hong Kong University of Science and Technology, Imperial College London, Maastricht University, Northwestern University (Kellogg), Stockholm School of Economics, Tilburg University, Tulane University, University College London, University of Illinois Urbana-Champaign, University of Maryland, University of North Carolina, Univestity of Southern California and University of Texas Austin, and participants at the 2019 American Finance Association meetings, the 2019 Midwest Finance Association meetings, the 2019 Financial Intermediation Research Society meetings, the 2018 NBER Entrepreneurship Summer Institute, the 2018 London Private Equity

Symposium, the 2018 Financial Research Association conference, the 2018 Stanford Financing of Innovation Summit, and the 2019 UBC Summer Finance Conference. Jun Chen provided valuable research assistance. We thank the Linde Institute of Economic and Management Sciences for funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• data appendix

• July 23, 2019