How Smart Is Smart Money? A Two‐Sided Matching Model of Venture Capital
研究发现，有经验的风险投资支持的公司更易上市，这既来自风投的直接帮助，也来自市场匹配效应（好风投选好公司）。通过双边匹配模型，作者分离并估计了这两种效应，发现匹配效应的重要性几乎是直接帮助的两倍。
ABSTRACT I find that companies funded by more experienced VCs are more likely to go public. This follows both from the direct influence of more experienced VCs and from sorting in the market, which leads experienced VCs to invest in better companies. Sorting creates an endogeneity problem, but a structural model based on a two‐sided matching model is able to exploit the characteristics of the other agents in the market to separately identify and estimate influence and sorting. Both effects are found to be significant, with sorting almost twice as important as influence for the difference in IPO rates.