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Venture Capital’s “Me Too” Moment

Author

Listed:
  • Sophie Calder-Wang
  • Paul Gompers
  • Patrick Sweeney

Abstract

In this paper, we document the historically low rate of hiring of women in the venture capital sector. We find that the high-profile Ellen Pao v. Kleiner Perkins gender discrimination trial had dramatic treatment effects. In difference-in-differences regressions, we find that the rate of hiring of female venture capitalists increased substantially after the trial and that the hiring was more pronounced in states that were more receptive to the exposure. We use the state-level mandated maternity benefits as an instrument for the receptivity to the treatment effects of the Pao Trial. We also show that the fraction of founders who are female increases after the Pao Trial, but that the increase is driven entirely by the hiring of female venture capitalists. There is no increase in the propensity of male venture capitalists to invest in female founders in the post-Pao Trial period.

Suggested Citation

  • Sophie Calder-Wang & Paul Gompers & Patrick Sweeney, 2021. "Venture Capital’s “Me Too” Moment," NBER Working Papers 28679, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:28679
    Note: CF LS PR
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    More about this item

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J7 - Labor and Demographic Economics - - Labor Discrimination
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law

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