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We thank Wolfgang Drobetz, Reiner Eichenberger and Rene\u0301 Frey (the editors), Daniel Hoechle, an anonymous referee, and the seminar audience at the University of Basel for helpful comments and Erica Martinez and Christian Stein for research assistance. We are also grateful to all the venture capital firms that provided us with data. Parts of this research were undertaken while Duffner and Schmid were visiting scholars at the Leonard N. Stern School of Business at New York University. We acknowledge financial support from the Freiwillige Akademische Gesellschaft (FAG), the Swiss National Science Foundation (SNF), and ECOSCIENTIA Foundation. 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