Aggressive Pivots and Entrepreneurial Skill
研究创业者如何通过转型决策向投资者传递自身技能信号，发现高技能创业者更早转型，且早期转型与更高成功率和更优融资条件相关。
We study pivots as signaling devices in a dynamic experimentation model. An entrepreneur receives funding from an investor and has private information about a project, which requires costly experimentation to succeed. The entrepreneur has a real option to pivot, i.e., to abandon the project and to start a new one. Investors learn about the project from the arrival of exogenous information and from the entrepreneur’s pivoting decisions. We characterize signaling equilibria in which high-skill entrepreneurs pivot early. Such early pivots are associated with higher likelihood of success and with more favorable funding terms following the pivot.