Jurnal of Finance - Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment PDF (SHAI BERNSTEIN,ARTHUR KORTEWEG,KEVIN LAWS )
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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