Journal of Economic Perspectives: Vol. 15 No. 2 (Spring 2001)


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The Venture Capital Revolution

Article Citation

Gompers, Paul, and Josh Lerner. 2001. "The Venture Capital Revolution." Journal of Economic Perspectives, 15(2): 145-168.

DOI: 10.1257/jep.15.2.145


Venture capital has emerged as an important intermediary in financial markets, providing capital to young high-technology firms that might have otherwise gone unfunded. Venture capitalists have developed a variety of mechanisms to overcome the problems that emerge at each stage of the investment process. At the same time, the venture capital process is also subject to various pathologies from time to time, which can create problems for investors or entrepreneurs. This article reviews the recent empirical literature on these organizations and points out area where further research is needed.

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Gompers, Paul (Harvard U and NBER)
Lerner, Josh (Harvard U and NBER)

JEL Classifications

G24: Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies


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