Date of Award


Degree Type


Degree Name


Degree Program

Financial Economics


Economics and Finance

Major Professor

Hassan, Kabir

Second Advisor

Miller, Edward

Third Advisor

Whitney, Gerald

Fourth Advisor

Gleason, Katherine

Fifth Advisor

Varela, Oscar


The determinants of success in venture capital financing are explored in this manuscript. 1247 venture capital funds formed over a twenty-year time period are empirically analyzed with results that support theoretical research from extant finance and economics literature. Venture capitalists' choices of portfolio size, distance from portfolio firms, location, and to some extent, level of diversification in their investment portfolio, are all significant factors in explaining the success rates of venture capital funds. These results are robust even when controlling for other characteristics of venture funds and entrepreneurial firms, such as the stage of development and industry of the portfolio firms, which may affect success rates of venture capitalist portfolios.


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