Haven't read your study, but did they take into account the trillions in losses the public markets would have taken in 07/08 if not for the government & Fed bai

Haven't read your study, but did they take into account the trillions in losses the public markets would have taken in 07/08 if not for the government & Fed bailouts? VC's and their portfolios would have taken losses too, but 1) they tend to have a longer (~10yr) time horizon, and 2) at least the VC equity-based investment model doesn't cause credit bubbles.