The paper is a little dubious. The dataset was not constructed at the point in time of investment, and the missing data is signal because nobody cares to get f

The paper is a little dubious. The dataset was not constructed at the point in time of investment, and the missing data is signal because nobody cares to get financial info of smaller failed startups. It's entirely possible VCs are not perfect, but this paper is certainly not the last word on the topic.