Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment
Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment
复制标题
DOI：
10.1111/jofi.12470
复制
发表时间：
2017-04-01
影响因子：
8
通讯作者：
Laws, Kevin
中科院分区：
文献类型：
--
作者：
Bernstein, Shai;Korteweg, Arthur;Laws, Kevin
本文采用随机现场实验，以确定在早期阶段的公司，哪些启动特性是最重要的投资者。该实验随机化了筹资创业公司的投资者信息集。普通投资者对有关创始团队的信息反应强烈，但对公司的牵引力或现有的主要投资者反应不强烈。我们提供的证据表明，团队不仅仅是质量的信号，基于团队信息的投资是一种理性的策略。总之，我们的研究结果表明，人力资产的信息是因果关系的早期阶段的公司的资金，因此创业成功的重要性。
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.