Do Venture Capital Investors Learn from Public Markets?

The authors thank Gustavo Manso (the department editor), an anonymous associate editor, two anonymous referees, Thomas Chemmanur, Jason Chen, Laurent Frésard, Wei Jiang, Shinwoo Kang, Jian Wang, Bohui Zhang, Hong Zhang, and seminar and conference participants at Chinese University of Hong Kong (Shenzhen), Tsinghua University, the 2017 SFS Cavalcade Asia-Pacific Conference, the 2017 FMA Annual Conference, the 2016 Australian Banking and Finance Conference, the 11th Annual Conference on Asia-Pacific Financial Markets, and the 2016 Conference on the Theories and Practices of Securities and Financial Markets for helpful comments. Wei Wei provided valuable research assistance. The authors remain responsible for any remaining errors or omissions.