Wall Street and Silicon Valley: A Delicate Interaction
研究了企业家与投资者信念之间的双向反馈，这种反馈会导致创业活动、IPO和资产价格出现非基本面驱动的过度波动，并指出逆风政策可在不依赖政府信息优势的情况下改善福利。
Abstract Entrepreneurs and venture capitalists are concerned about investors’ beliefs in asset markets because these beliefs shape the value of a potential IPO and the possibility to expand. Investors’ beliefs, on the other hand, can be influenced by start-up activity insofar as the latter contains valuable information about eventual profitability. This two-way feedback is shown to generate excessive, non-fundamental, waves in start-up activity, IPOs, and asset prices. Policies that “lean against the wind” can improve welfare, without requiring an informational advantage by the government.