The First Deal: The Division of Founder Equity in New Ventures
研究了创业团队在分配股权时效率与公平的权衡，发现平均分配股权的团队更难获得外部投资，但这一关系并非因果，而是由团队对不平等的厌恶程度差异所致。
We examine the trade-off between efficiency and equality within the context of entrepreneurial founding teams. Using a formal theory where founders may have preferences over relative outcomes, we derive predictions about the antecedents and consequences of dividing equity equally among all founders. Using proprietary survey data, we empirically test the predictions. Our central finding is that teams that split equity equally are less likely to raise funds from outside investors. The relationship appears not to be causal, but instead driven by selection effects across heterogeneous teams with varying degrees of inequality aversion. This paper was accepted by David Hsu, entrepreneurship and innovation.