∗伯恩斯坦:sbernstein@hbs.edu。Townsend:rrtownsend@ucsd.edu。 XU:xut@darden.virginia.edu。 我们感谢Kunal Mehta的数据帮助。 We are grateful for helpful comments from Paul Gompers, Issac Hacamo, Jessica Jeffers, Song Ma, David Matsa, Ramana Nanda, Paige Ouimet, Sergio Salgado, Antoinette Schoar, Elena Simintzi, Chris Stanton, and seminar participants at NBER Entrepreneurship, RCFS Winter Conference, SFS Cavalcade, MFA, FOM虚拟公司金融研讨会,初级企业家/创新午餐小组,初级企业金融研讨会,LSE,Rochester,Rochester,Illinois Chicago,Indiana,Indiana(Kelley),HBS,HBS,Havard Law School,Havard Law School,Uva Darden和Virginia Tech。Townsend:rrtownsend@ucsd.edu。XU:xut@darden.virginia.edu。我们感谢Kunal Mehta的数据帮助。We are grateful for helpful comments from Paul Gompers, Issac Hacamo, Jessica Jeffers, Song Ma, David Matsa, Ramana Nanda, Paige Ouimet, Sergio Salgado, Antoinette Schoar, Elena Simintzi, Chris Stanton, and seminar participants at NBER Entrepreneurship, RCFS Winter Conference, SFS Cavalcade, MFA, FOM虚拟公司金融研讨会,初级企业家/创新午餐小组,初级企业金融研讨会,LSE,Rochester,Rochester,Illinois Chicago,Indiana,Indiana(Kelley),HBS,HBS,Havard Law School,Havard Law School,Uva Darden和Virginia Tech。