@article {565,
	title = {Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence},
	journal = {Strategic Entrepreneurship Journal},
	year = {2018},
	keywords = {Entrepreneurial firms, High-tech entrepreneurship, market thinness, Selection, Venture capital},
	issn = {1932-443X},
	doi = {10.1002/sej.1280},
	url = {http://onlinelibrary.wiley.com/doi/10.1002/sej.1280/abstract},
	author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca}
}
@article {bertoni_cherry-picking_2015,
	title = {Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets},
	journal = {Small Business Economics},
	year = {2015},
	pages = {1{\textendash}15},
	abstract = {<p>We propose a formal model that analyzes which entrepreneurial ventures actively seek and subsequently obtain venture capital (VC) financing in thin VC markets. The model shows that in thin VC markets, (1) VC investors will invest in companies in need (frog-kissing) rather than in best performers (cherry-picking), and (2) the best performing ventures will self-select out of the market for VC. These conclusions are in line with the results from the literature, which note that in Europe many entrepreneurial firms do not actively seek VC investment and that VC investors do not appear to possess the same cherry-picking ability that they have in the US.</p>
},
	keywords = {Entrepreneurship},
	issn = {0921-898X, 1573-0913},
	doi = {10.1007/s11187-015-9690-9},
	url = {http://link.springer.com/article/10.1007/s11187-015-9690-9},
	author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca}
}
@article {bertoni_venture_2010,
	title = {Venture capital investments and patenting activity of high-tech start-ups: a micro-econometric firm-level analysis},
	journal = {Venture Capital},
	volume = {12},
	number = {4},
	year = {2010},
	pages = {307{\textendash}326},
	abstract = {<p>The aim of this paper is to analyse empirically the impact of venture capital (VC) finance on the innovation output of new technology-based firms (NTBFs) as reflected by their patenting activity. In particular, we compare the patenting rates of VC-backed and non-VC-backed NTBFs. To investigate whether VC investments spur patenting activity, we consider a unique longitudinal dataset composed of 351 Italian NTBFs operating in high-tech manufacturing industries and software, 33 of which are VC-backed. We estimate different econometric models on panel data, controlling for factors that may affect a firm{\textquoteright}s patenting behaviour other than the presence of VC, like founders{\textquoteright} human capital and use of other sources of financing. The results show that VC investments positively affect subsequent patenting activity and that before receiving VC, VC-backed firms do not exhibit a higher patenting propensity than other firms.</p>
},
	keywords = {Entrepreneurship},
	issn = {1369-1066},
	doi = {10.1080/13691066.2010.486157},
	url = {http://dx.doi.org/10.1080/13691066.2010.486157},
	author = {Bertoni, Fabio and Croce, Annalisa and D{\textquoteright}Adda, Diego}
}
