Public Market Information and Venture Capital Investment
研究风险投资公司如何使用公开市场信息（如EDGAR上的行业文件），发现关注同行公开信息能提高被投企业通过收购退出的概率，尤其对信息渠道有限、声誉较低的风投帮助更大。
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.