Working Papers

*  indicates presentation by co-author 

Breaking Network Barriers in the Era of Data-Driven Venture Capitalists  

(Job Market Paper)

Abstract: Information frictions make it difficult for venture capitalists (VCs) to identify promising startups outside established networks. I examine whether using data platforms and artificial intelligence tools that track and evaluate startups lowers these frictions and changes how VCs make investment decisions. After adoption, VCs increase investments outside their traditional networks by 13-35%, as proxied by startups located outside their geographic and industry focus. Plausibly exogenous variation in VCs' ability to hire data-related employees suggests these effects are causal. Conditional on surviving early funding rounds, these out-of-network investments are more likely to achieve major exits. At the regional level, entry by data-driven VCs into areas with historically low VC activity raises subsequent VC investment by 10-30%. These findings indicate that data technologies expand the reach of VCs while improving access to capital for founders beyond established networks.

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)

Scheduled: RCF-ECGI Corporate Finance and Governance Conference (2025)

Escaping Non-Compete Agreements: The Role of Social Connections 

(with Jason (Pang-Li) Chen and Torin McFarland) 

Abstract: This paper shows that social ties propagate the effects of stricter non-compete agreement (NCA) enforcement across geographic boundaries. We find that 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 spillover gains are concentrated in young firms, which are less visible to job seekers and thus benefit more from social ties. Relocated inventors play a pivotal role in helping these firms secure their first patents, a critical stage for attracting financing and establishing technological credibility, and in stimulating new firm formation. In contrast, we find no evidence of spillover benefits for large public firms, consistent with their established reputations reducing reliance on social connections. Overall, our results highlight how social connections redistribute talent and generate cross-regional spillovers 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)*, European Financial Management Association (2025)*

Scheduled: Southern Finance Association (2025), Financial Management Association (2025)