We examine whether and how investors' reliance on financial information is affected by the rate of sales growth of a start-up venture. We find that investors discern between firms by the extent to which their products are adopted by the market. For firms that failed to increase their sales since...

This contribution to the George Washington University's Round Table on Financing Innovation summarises the findings of a recent publication about the impacts of venture capital on firm growth and innovation. Applying a two-stage propensity score matching on Austrian micro-data, the findings...