The Venture Capital Cycle, 2nd Edition by Gompers and Lerner provides an overview of the venture capital industry. The researchers found that venture capitalists face information and incentive challenges, and the industry adjusts slowly to changes in investment demand. The book covers fund-raising, investing, and exiting stages, with new chapters on factors influencing fund-raising levels, market distortions during bubbles, the role of venture capital in innovation, and government involvement in venture capital. The authors also discuss conflicts of interest in public offerings and the use of lockups to address them.