Transmission of Information from Private to Public Markets
研究发现机构投资者利用从风险投资中获得的行业信息，在公开股票市场赚取超额收益，并利用法院裁决作为外生冲击证实了这一信息渠道。
Abstract We report evidence consistent with institutional investors using industry-level information that they obtain from their investments in venture capital (VC) funds to earn excess returns in publicly traded stocks. We use court rulings regarding the Freedom of Information Act as an exogenous shock affecting the information flow between VC funds and institutional investors to show that the excess returns are explained by information received via this channel. Thus, institutional investors serve as conduits of information from private to public markets. In the process, institutional investors earn higher returns from their VC investments than implied by the cash flows received therefrom.