Research
Research
* indicates presentation by co-author
Breaking Network Barriers in the Era of Data-Driven Venture Capitalists
(Job Market Paper)
Best Paper Award, 6th RCF-ECGI Corporate Finance and Governance Conference (2025)
Abstract: Information frictions make it difficult for venture capitalists (VCs) to identify promising startups outside established networks. I examine whether the use of data platforms and artificial intelligence tools lowers these frictions and reshapes VC investment decisions. Following adoption, VCs increase out-of-network investments by approximately 20%, focusing on startups outside their geographic and industry specialization. Using plausibly exogenous variation in VCs' ability to hire data-related employees, I show that these effects are causal. These out-of-network investments exhibit similar or stronger interim performance, receiving greater follow-on funding, and are more likely to achieve high-quality exits once they reach late-stage financing, consistent with stronger selection. Finally, I examine which observable characteristics attract investment from data-driven VCs relative to traditional out-of-network investors. I find that these investments are disproportionately directed toward areas with lower observable entrepreneurial activity, suggesting that data technologies expand the set of identifiable opportunities by uncovering startups outside established ecosystems rather than reinforcing existing centers of entrepreneurial activity.
Featured in ECGI Blog 2026
Presentations: Rising Scholars Conference MIT (2023), Drexel University Brownbag (2024), WEFI Fellows (2024), Federal Reserve Bank of Philadelphia (2024), FMA Dallas Main Session, Special PhD Paper Presentation, and Doctoral Student Consortium (2024), University of Delaware (2024), Southern Finance Association (2024), American Finance Association Poster Session (2025), FMARC (2025), Edinburgh Corporate Finance Conference (2025), Global Finance Conference (2025), RCF-ECGI Corporate Finance and Governance Conference (2025), Abilene Christian University (2025), California State University - Northridge, Miami University (2025), Quinnipiac University (2025), San Diego State University (2025), University of Dayton (2025), University of Arkansas (2025), West Virginia University (2025)
Escaping Non-Compete Agreements: The Role of Social Connections
(with Jason (Pang-Li) Chen and Torin McFarland)
R&R: Journal of Corporate Finance
Abstract: This paper shows that social ties propagate the effects of stricter non-compete agreement (NCA) enforcement across geographic boundaries. Inventors respond to tighter NCA policies by relocating to distant counties where they have stronger social connections. Destination regions with high social proximity to strengthening states experience a 7% increase in inventor population and innovation output. These gains concentrate in young firms, where information asymmetry is high. Relocated inventors help young firms secure initial patents and spur new firm formation, while large public firms see no comparable spillovers. Overall, social connections redistribute talent and foster cross-regional innovation under local labor mobility restrictions.
Presentations: FMA Chicago (2023)*, WEFI Fellows (2023), Drexel University Brownbag (2023)*, IFMB Conference (2024), Columbia Private Equity Conference PhD Workshop (2024), Eastern Finance Association (2024)*, ALEA Roundtable (2024), Southern Finance Association (2024)
Learning from the Little Guy: Innovation Spillovers from Private to Public Firms
(with Tanja Kirmse)
Abstract: Although research commonly focuses on either public or private firms, little is known about interactions between the two. One natural interaction is in the innovation space, since R&D investment creates knowledge spillovers from firms. We construct a novel measure of knowledge spillovers for public firms from young, private firms. Public firms benefit from private firms through increased innovation quantity and novelty. We identify the causal effect of spillovers using changes in the enforceability of non-compete agreements as a shock to the availability of inventors for private firms. Public firms respond to these spillovers by acquiring more venture capital-backed firms and hiring inventors with prior experience at such firms.
Featured in ECGI Blog 2025
Presentations: FMA New Ideas Session (2023), WEFI Conference (2024), The Friends of Women in Finance (2024)*, Delaware ECGI Corporate Governance Symposium New Ideas Session (2025), Miami University (2025)*, Eastern Finance Association (2025), FMARC (2025)*, Financial Management Association (2025), European Financial Management Association (2025)*, Southern Finance Association (2025)*