Hamburg Financial Research Center

Publications

Our research findings contribute to the public debate on current financial and economic issues. By publishing our work in international academic journals and in our Working Paper Series, we aim to make it accessible to the widest possible audience.

HFRC Working Paper Series

Our working papers summarize the latest findings from the institute’s research activities. They are intended as contributions to academic discussion and are designed to encourage critical reflection and commentary on the results.

Alle Working Papers
Hamburg Financial Research Center
HFRC Working Paper Series

Estimating Industry Betas via Machine Learning: Promises and Pitfalls of Multi-Output Predictions

Hamburg Financial Research Center
HFRC Working Paper Series

Don’t draw the downs apart – How to best simulate asset price drawdowns

Venture Capital

Team networks and venture success: Evidence from token-financed startups

Wolfgang Drobetz, Kathrin Rennertseder, Henning Schröder
HFRC Working Paper Series | Version 05/2023
Evidence shows that social network structures drive important economic outcomes. Building on social network theory, this study is the first to analyse the impact of team networks on venture success. Using information about team affiliations for a sample of token-financed startups, we model networks based on team interlocks across firms. Ventures with well-connected teams exhibit higher market valuations and higher token market liquidity. These effects seem to be driven by network-induced information and communication advantages. Specifically, we show that networks matter most when publicly available information is limited. The findings remain robust after controlling for non-team networks and endogeneity.