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Origin and Development of a Network Paper. Jung-Chin Shen. Origin of the paper. It seems that a syndication network consisting both IVC and CVC increases the chance of IPO of an invested company. Behind the statement Incomplete data Wrong measure Wrong method Poor reasoning

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origin of the paper
Origin of the paper
  • It seems that a syndication network consisting both IVC and CVC increases the chance of IPO of an invested company.
  • Behind the statement
    • Incomplete data
    • Wrong measure
    • Wrong method
    • Poor reasoning
  • Development of a paper is like a real option: when to exercise an abandon option is a strategic decision.
what idea can be a paper
What idea can be a paper?
  • Interesting
    • Interesting theories are those which deny certain assumptions of their audience, while non- interesting theories are those which affirm certain assumptions of their audience (Davis, 1971)
  • Important/Relevant: so what?
  • Practical implications
      • The tension between theory and practice:
        • Academics is important in its own right
        • Nothing is more practical than a good theory
        • A theory will be considered truly interesting only if it has repercussions on both levels
what do we know about vc network
What do we know about VC network?
  • Network positions are advantageous
  • VC investments tend to be highly localized
  • VC syndication networks
    • Risk sharing
    • Portfolio selection
    • Value-added
    • Post-investment monitoring
  • IVC’s complementary knowledge is advantageous
first attempt
First attempt

A mix of IVC and CVC is useful for invested companies’ performance

Shift of focus from network consequences to network formation

Divide into two papers: one on determinants of VC syndication network, and the other on the effects of network on firm performance

second attempt
Second attempt
  • More: the effects of social networks (e.g., network positions)
  • Less: Network formation and network evolution
  • Research strategy: analogy
    • CVC, IVC+CVC, CVC
    • Hierarchy, network, market
    • Concurrent make-and-buy decision
  • Theoretical contribution? Empirical contribution? Why interesting? So what?
third attempt
Third attempt
  • More: the effects of social networks (e.g., network positions)
  • Less: Network formation and network evolution
  • Network formation
    • Repeated ties
    • Reciprocity
    • Common third party
  • Research strategy: What has been ignored?
    • Compare interpersonal and interorganizational
    • Homophily
homophily as an interorganizational networking principle
Homophily as an interorganizational networking principle
  • Homophily at the interorganizational level
  • Why interesting?
    • Taken-for-granted assumption: embeddedness
  • So what?
    • Target: embeddedness cannot correctly depict network structure or network evolution
  • Positioning
    • Explaining “hybrid network”
  • Analytical strategy
    • Comparing pure homophilious and heterophilous network
hypotheses generation
Hypotheses generation
  • Counter-intuitive starting point:
    • Hybrid network is costly….
  • Possible candidates
    • Spatial uncertainty
    • Industry distance
    • Experience
  • Theory development
    • Combine information economics and network theory
  • Justify data and sample selection
group affiliation around the world
Group affiliation around the world

Source: Khanna and Yafeh (2005)

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