For the Department of Managerial Economics, Strategy and Innovation (MSI), Campus Leuven we are looking for a Ph.D. researcher. Research and teaching at the department of Managerial Economics, Strategy and Innovation (MSI) span the domains of managerial economics, industrial organization, international business, innovation economics and management, political economy and entrepreneurship. The department contributes to theoretical and empirical research on the organization of firms, industries and markets in an international context. Research is strongly focused on the development of an analytical basis that allows a better understanding and prediction of firm strategies and industry and market performance in open economies. The department has produced a large set of publications in international and national leading academic journals. In addition, faculty members have considerable experience in conducting industry studies for policy analysis and for industrial support services assessment. The department has been active in major contract research projects coordinated by the European Commission, the OECD, the World Bank, and the Flemish and Federal Science Policy Units.
When entrepreneurs are asked about their ventures' estimated chances of growth and survival, they typically tend to be much more optimistic than what statistics would suggest. Both theory and empirical evidence support this view of entrepreneurs being unduly positive about their future venture prospects. Entrepreneurscreate forecasts for making a wide variety of decisions such as sales andfinancing decisions. Errors or positive biases in these forecasts have been shown to substantially decrease venture performance. Far less attention, however, has been spent on how such errors affect important external stakeholders. In this project we focus on one particularly relevant stakeholder for entrepreneurial ventures, being their venture capital (VC) investors. VCs are one of the earliest resource providers to entrepreneurial ventures. Moreover, entrepreneurs' forecasts about the future venture performance are what VCs rely on to inform their decision making, both prior to and after the investment has been made. Given the importance of forecasts and the accuracy there in to VCs, this project will examine (1) when entrepreneurs provide more positively biased forecasts to their VCs and (2) how VCs react to positive bias in VC-backed ventures.
This job comes from a partnership with Science Magazine and