How Does Human Capital Matter? Evidence from Venture Capital
研究了劳动力流动限制对风险投资的影响，发现限制劳动力流动会降低风险投资，尤其在人力资本重要、投资不确定或监控成本高时更明显，且创新生产率下降是潜在机制。
Abstract We examine the effect of labor mobility on venture capital (VC) investment. Following the staggered adoption of the inevitable disclosure doctrine that restricts labor mobility, VCs are less likely to invest in affected states. This effect is more pronounced when human capital is more important to startups, when VC investment is more uncertain, and when VCs’ monitoring costs are higher. The reduced innovation productivity of employees is a plausible underlying mechanism. To mitigate this adverse effect, VCs stage finance startups more and syndicate more with other VCs. Our paper sheds new light on the real effects of labor market frictions.