We find that VC-backed firms receiving their initial investment in hot markets are less likely to IPO, but conditional on going public are valued higher on the day of their IPO, have more patents and have more citations to their patents. Our results suggest that VCs invest in riskier and more...

We find that VC-backed firms receiving their initial investment in hot markets are more likely to go bankrupt, but conditional on going public are valued higher on the day of their IPO, have more patents and have more citations to their patents. Our results suggest that VCs invest in riskier and...

Using data from a prominent online platform for launching new digital products, we document that the composition of the platform's `beta testers' on the day a new product is launched has a systematic and persistent impact on the venture's success. Specifically, we use word embedding methods to...

Using data from a prominent online platform for launching new digital products, we document that the composition of the platform's 'beta testers' on the day a new product is launched has a systematic and persistent impact on the venture's success. Specifically, we use word embedding methods to...