风险投资
社会风险投资
溢出效应
声誉
业务
投资(军事)
财务
公共信息
首次公开发行
私人信息检索
产业组织
经济
微观经济学
公共关系
政治学
社会科学
数学
政治
统计
社会学
法学
标识
DOI:10.1017/s0022109022000138
摘要
Abstract I study venture capital firms’ (VCs) use of public market information and how attention to this information relates to private market investment outcomes. I link web traffic to public filings hosted on EDGAR to individual VCs. VCs analyze public information about industry peers before most deals. An increase in industry filing views relates positively to the probability of an exit through acquisition, suggesting that public information helps identify paths to acquisition. The effect is stronger when the VC has less access to private information, especially for low-reputation VCs. Policymakers should consider spillover effects on private markets when setting public disclosure requirements.
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