{"id":"https://openalex.org/W2288206136","doi":null,"title":"The Quantitative Economics of Venture Capital","display_name":"The Quantitative Economics of Venture Capital","publication_year":2007,"publication_date":"2007-01-01","ids":{"openalex":"https://openalex.org/W2288206136","mag":"2288206136"},"language":"en","primary_location":{"id":"mag:2288206136","doi":null,"is_oa":false,"landing_page_url":"https://web.stanford.edu/~rehall/QEVC012707.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5086784344","display_name":"Robert Ernest Hall","orcid":"https://orcid.org/0000-0001-6117-6729","observed_orcids":["https://orcid.org/0000-0001-6117-6729"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Robert E. Hall","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-6117-6729","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5005783046","display_name":"Susan E. Woodward","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Susan E. Woodward","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.5414,"has_fulltext":false,"cited_by_count":4,"citation_normalized_percentile":{"value":0.83039369,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":93,"max":95},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.968999981880188},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.7379999756813049},{"id":"https://openalex.org/keywords/risk-adjusted-returns","display_name":"risk-adjusted returns","score":0.6769999861717224},{"id":"https://openalex.org/keywords/idiosyncratic-risk","display_name":"idiosyncratic risk","score":0.9020000100135803},{"id":"https://openalex.org/keywords/capital-asset-pricing-model","display_name":"capital asset pricing model","score":0.8539999723434448},{"id":"https://openalex.org/keywords/venture-backed-companies","display_name":"venture-backed companies","score":0.765999972820282},{"id":"https://openalex.org/keywords/startup-financing","display_name":"startup financing","score":0.30399999022483826}],"concepts":[{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.7268097400665283},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.627474308013916},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5002977848052979},{"id":"https://openalex.org/C30755413","wikidata":"https://www.wikidata.org/wiki/Q1245402","display_name":"Risk\u2013return spectrum","level":3,"score":0.4878511428833008},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4794546365737915},{"id":"https://openalex.org/C134827381","wikidata":"https://www.wikidata.org/wiki/Q261851","display_name":"Social venture capital","level":3,"score":0.4708772599697113},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.46244269609451294},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4494591951370239},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4303341507911682},{"id":"https://openalex.org/C86637286","wikidata":"https://www.wikidata.org/wiki/Q7317264","display_name":"Rate of return","level":2,"score":0.42642003297805786},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.08432149887084961},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2288206136","doi":null,"is_oa":false,"landing_page_url":"https://web.stanford.edu/~rehall/QEVC012707.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":10,"referenced_works":["https://openalex.org/W1489715817","https://openalex.org/W1955493443","https://openalex.org/W1983104153","https://openalex.org/W1989860952","https://openalex.org/W2099073136","https://openalex.org/W2889570252","https://openalex.org/W2889627911","https://openalex.org/W3123324422","https://openalex.org/W3125429822","https://openalex.org/W3125660378"],"related_works":["https://openalex.org/W7095813469","https://openalex.org/W2154032841","https://openalex.org/W2912920072","https://openalex.org/W4233198770","https://openalex.org/W7098226780","https://openalex.org/W3122533878","https://openalex.org/W3124892581","https://openalex.org/W2173055794","https://openalex.org/W4318614894","https://openalex.org/W4238874315"],"abstract_inverted_index":{"Over":[0],"the":[1,23,28,32,35,67,70,76,90,128,136,146,153,169],"period":[2],"from":[3,47,107,118],"1987":[4],"through":[5],"2003,":[6],"outside":[7],"investors":[8],"in":[9,52,61,105],"venture":[10,54,165],"capital":[11],"received":[12,99],"a":[13,119,143,173],"financial":[14],"return":[15,30],"around":[16],"7":[17],"percent":[18],"per":[19],"year":[20],"higher":[21],"than":[22,93,168],"risk-adjusted":[24,137],"benchmark.":[25],"We":[26,73,112,162],"measure":[27,113,135],"excess":[29,139,156],"as":[31],"alpha":[33],"of":[34,44,69,102,115,122,131,145,155,175],"Capital":[36,147],"Asset":[37,148],"Pricing":[38,149],"Model.":[39],"Founders":[40],"earned":[41],"an":[42,100],"average":[43,101],"$21":[45],"million":[46,88,104],"each":[48,108],"company":[49,109],"that":[50,75,95,151,164],"succeeded":[51],"attracting":[53],"funding.":[55],"But":[56],"founders":[57,77],"are":[58],"generally":[59],"specialized":[60],"their":[62,83],"own":[63],"companies":[64],"and":[65],"bear":[66],"burden":[68],"idiosyncratic":[71],"risk.":[72,96],"show":[74,163],"might":[78],"be":[79],"willing":[80],"to":[81],"sell":[82],"interests":[84],"for":[85],"only":[86],"$1":[87],"at":[89],"outset":[91],"rather":[92],"face":[94],"Venture":[97],"capitalists":[98],"$8":[103],"revenue":[106],"they":[110],"backed.":[111],"all":[114],"these":[116],"figures":[117],"comprehensive":[120],"body":[121],"data":[123],"on":[124],"venture-backed":[125],"companies,":[126],"covering":[127],"entire":[129],"universe":[130],"such":[132],"companies.":[133],"To":[134],"pure":[138],"return,":[140],"we":[141],"develop":[142],"version":[144],"Model":[150],"handles":[152],"correlation":[154],"returns":[157],"with":[158,172],"general":[159],"stock-market":[160],"returns.":[161],"is":[166],"riskier":[167],"stock":[170],"market,":[171],"beta":[174],"1.3.":[176]},"counts_by_year":[{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}