توضیحات

مقاله انگلیسی

Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment

جذب سرمایه گذاران اولیه: شواهدی از یک آزمایش گشت تصادفی

THE JOURNAL OF FINANCE • VOL. LXXII, NO. 2 • APRIL 2017

ABSTRACT

This paper uses a randomized field experiment to identify which start-up characteristics are

most important to investors in early-stage firms. The experiment randomizes investors’ information sets of fund-raising start-ups.

The average investor responds strongly to information about the founding team,

but not to firm traction or existing lead investors.

We provide evidence that the team is not merely a signal of quality, and that investing based on team information is a rational strategy.

Together, our results indicate that information about human assets is causally important

for the funding of early-stage firms and hence for entrepreneurial success.

 

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