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UID:1c76795cf199502a4d490d2459e1eb7c
CATEGORIES:Seminars
CREATED:20260204T110029
SUMMARY:Lunch Seminar: Mario Leccese - Boston University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nCommon Ownership, Firm Hiring and the Allocation of Human Capital\n\n\n
 Abstract:\nWe study how common ownership shapes the allocation of human cap
 ital across firms in the U.S. venture capital ecosystem. Combining LinkedIn
 -based employment histories from Revelio Labs with comprehensive venture ca
 pital investment data from PitchBook and VentureXpert, we construct a panel
  of 94,113 ventures between 1990 and 2021. We exploit the staggered adoptio
 n of corporate opportunity waiver statutes across U.S. states as a plausibl
 y exogenous shock to common venture capital ownership. Ventures sharing inv
 estors with other firms in the same local market exhibit significant increa
 ses in employment and worker mobility, with no corresponding increase in wa
 ges. Worker reallocation also operates within investor portfolios: bilatera
 l mobility between commonly owned ventures is significantly higher than bet
 ween independent ones, especially when ventures operate in the same industr
 y, suggesting that shared investors facilitate the redeployment of workers 
 across portfolio companies. The positive effects of common ownership o
 n firm employment and worker mobility attenuate in concentrated local labor
  markets, where concerns about common ownership softening labor market comp
 etition are strongest.  Our results indicate that common ownership in 
 venture capital generates network synergies that facilitate the reallocatio
 n of human capital across portfolio firms, supporting firm growth and aggre
 gate worker mobility, with labor market competition concerns emerging only 
 in already-concentrated markets. \n
DTSTAMP:20260501T035841Z
DTSTART:20260508T130000Z
DTEND:20260508T140000Z
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