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yeyeyeye721 / Investor-Side-IRR

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Test Expectation #1

Open yeyeyeye721 opened 3 years ago

yeyeyeye721 commented 3 years ago

Goal: Test whether expectation is correct or not.

Reference Paper: https://www.sciencedirect.com/science/article/abs/pii/S0304405X19301758

Data: a. Pitchbook Data (Investor-startup deal level data, investor demographic information) (To be filled)

b. Outcome Variables: IPO or Merge & Acquisition data (To be filled)

MingyangZhang1995 commented 3 years ago

Please refer to the below tables for the data resources. It looks like this paper only retrieved the gender of investor and no other characteristics are obtained.

The table is partially referred to the previous version of the paper in which the Appendix is included but not fully consistent with the published one, so I marked "?" for those I am not 100% sure. I guess it should be correct, but if there's the latest version of appendix, it could be amended.

a. Pitchbook Data (Investor-startup deal level data, investor demographic information)

Interaction between Startups and Investor

variable source explanation
Shared AngelList An indicator equal to one if the startup was shared by a male (female) investor on the AngelList platform.
Received introduction AngelList An indicator equal to one if the startup received at least one introduction request from a male (female) investor on the AngelList platform. An introduction is a one-way inquiry by an investor to a startup firm. Introduction requests are only possible when th  startup has an active fundraising campaign. Direct communication between investor and startup is not possible on the platform without an accepted introduction request.
Funded AngelList An indicator equal to one if the startup was observed as raising capital after the start of their fundraising campaign from an investor on AngelList.

Gender of Founders and Investors

variable source explanation
Gender ?AngelList We identify the gender of founders and investors in our sample based on their name and profile picture. In par- ticular, we run all first names through genderize.io, which gives the probability a first name corresponds to a woman based on a large sample. For individuals with names that are at all ambiguous (0<Prob(Female)<1), we determine gender manually based on the user’s profile picture.

Startups characteristics

variable source explanation
Team size AngelList The number of founders of the startup as listed in the startup’s AngelList profile.
Year fundraised AngelList The year the startup’s fundraising campaign first began on AngelList.
Solo founder ?AngelList ? If the starup led by a single founder.
Capital sought AngelList The original capital amount sought in the startup’s first fundraising campaign on AngelList.
Attended incubator AngelList An indicator equal to one if the startup is affiliated with an incubator program.
Has traction AngelList An indicator equal to one if a startup has reported any traction.

Founder characteristics

variable source explanation
Previous founder Linkedin An indicator equal to one if the startup founder’s LinkedIn profile indicated a past title as “founder” or “co-founder” at a another firm prior to the founding of the current startup.
Bachelors degree Linkedin or AngelList An indicator equal to one if the startup founder’s LinkedIn profile indicated that they received a bachelor’s degree or equivalent. Such information is also found in the short founder biography on their AngelList profile.
MD / PhD / JD and MBA Linkedin or AngelList An indicator equal to one if the founder had a PhD, MD or JD (MBA) in their AngelList or LinkedIn profile.
Elite school (any) Linkedin or AngelList An indicator equal to one if any of the founder’s pre-startup degrees were from any of the following universities: MIT, Princeton, UPenn, U. Chicago, Harvard, Yale, Caltech, John Hopkins, Duke, Stanford, Yale, Columbia or Northwestern.
Years experience pre-startup Linkedin A count of the number of years from the first observed job date to the founding of the startup as available on the founder’s LinkedIn profile.
Age Linkedin The age in years of a startup founder based on their year of college graduation, assuming age 22 at graduation.

*Combination of Founder and Startups: Many of the startups in our sample have a single founder, in which case it is straightforward to categorize a startup as “female-led” or “male-led” based on the gender of that founder. Some of the startups in our sample have multiple founders. In these cases, we categorize startups based on the gender of the founder who is also listed as the CEO.

b. Outcome Variables: IPO or Merge & Acquisition data

variable source explanation
Startup failed   An indicator equal to one if the startup if the startup’s website was no longer active as of November 2016. We deem a website as inactive if it fails to load and/or if its domain is available for purchase.
Had IPO or Acquisition Crunchbase or VentureSource An indicator equal to one if the startup firm had an initial public offering or was acquired by November 2016. Such exits are observed in either Crunchbase or VentureSource.
Raised VC ?Crunchbase or VentureSource ?If the startup has raised a follow-on round of venture capital investment as an interim measure of startup success.