PhD Thesis of Jan-Frederik Arnold

This dissertation sheds light on how the categorical fit between venture capitalists and startups affect the matching process before a funding round. The study uses market categories to measure new venture’s distinctiveness and the cultural distance between venture capitalists and new ventures. The empirical analysis of 11 years of venture capital investment data in the USA confirms that experienced and high status investors prefer more distinctive new ventures and that the negative effect of cultural distance on the investment probability is mitigated by venture capitalists portfolio diversification and status.

Examiners: Prof. Dr. Christoph Ihl and Prof. Dr. Sebastian Spaeth

Day of Oral Doctoral Examination: 16.03.2018