--- title: "Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment" url: "https://conversion.stevebaka.de/studien/10-1287-mnsc-2017-2833/" type: "study" language: de-DE description: "This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and social proof (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance." --- # Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment > Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment: This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and [social proof](/konzepte/social-proof/) (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance. Evidenzgrad B, Risk of Bias unclear. ## Quelle Autor:innen: Sofia Bapna Jahr: 2017 Journal/Quelle: Management Science DOI: 10.1287/mnsc.2017.2833 APA: Bapna, S. (2017). Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment. Management Science. https://doi.org/10.1287/mnsc.2017.2833 Zitationen laut Paper-Korpus: 221 ## Forschungsfrage / Summary This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and [social proof](/konzepte/social-proof/) (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance. ## Methode und Evidenzqualität [Studien](/studien/)typ: Studie Risk of Bias: unclear Evidenzgrad: B ## Key Findings Evidence-Fill Queue: Findings werden aus Volltext, Abstract und Review-Notizen konsolidiert. ## Effektgrößen / Outcomes Evidence-Fill Queue: Effektgrößen und Outcomes werden aus Volltext-Extraktionen priorisiert. ## Conversion-Implikationen Evidence-Fill Queue: Conversion-Implikationen werden nur ausgespielt, wenn Mechanismus, Kontext und Messgröße ableitbar sind. ## Limitationen Evidence-Fill Queue: Limitationen werden aus Risk-of-Bias-, Sample- und Methodikfeldern ergänzt. ## Verknüpfte Konzepte - [Social Proof](/konzepte/social-proof/) ## Unterstützte Claims - [Der untersuchte Consumer-Psychology-Effekt ist potenziell relevant für Conversion-Optimierung, benötigt aber noch genauere Claim-Extraktion.](/claims/consumer-psychology-effect-relevant-to-conversion/) ## FAQ ### Worum geht es in dieser Studie? Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment: This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and [social proof](/konzepte/social-proof/) (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance. Evidenzgrad B, Risk of Bias unclear. ### Welche Evidenz wird genutzt? Die Seite nutzt Claims, Studien, Use Cases und Quellen aus dem SurrealDB Knowledge Graph der Conversion-Psychologie-Wissensbasis. ### Ist die Ausgabe auf Deutsch verfügbar? Ja. Alle menschenlesbaren Inhalte und Agent-Ausgaben sind standardmäßig deutsch. ## Quellen - Bapna, S. (2017). Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment. Management Science. https://doi.org/10.1287/mnsc.2017.2833 [Quelle öffnen](https://doi.org/10.1287/mnsc.2017.2833) ## JSON-LD ```json { "@context": "https://schema.org", "@graph": [ { "@type": "WebSite", "@id": "https://conversion.stevebaka.de/#website", "url": "https://conversion.stevebaka.de", "name": "conversion.stevebaka.de", "description": "Deutschsprachige Wissensbasis und Audit-Plattform für evidenzbasierte Conversion-Psychologie.", "publisher": { "@id": "https://conversion.stevebaka.de/#organization" } }, { "@type": "Organization", "@id": "https://conversion.stevebaka.de/#organization", "name": "conversion.stevebaka.de", "url": "https://conversion.stevebaka.de", "parentOrganization": { "@id": "https://stevebaka.de/#organization" }, "sameAs": [ "https://stevebaka.de" ] }, { "@type": "Person", "@id": "https://conversion.stevebaka.de/autoren/steve-baka/#person", "name": "Steve Baka", "url": "https://conversion.stevebaka.de/autoren/steve-baka/", "sameAs": [ "https://stevebaka.de" ], "jobTitle": "Conversion- und AI-Infrastructure-Berater", "knowsAbout": [ "Conversion-Psychologie", "Verkaufspsychologie", "Behavioral Science", "GraphRAG", "SurrealDB", "D-A-CH Conversion Optimierung" ] }, { "@type": "WebPage", "@id": "https://conversion.stevebaka.de/studien/10-1287-mnsc-2017-2833/#webpage", "url": "https://conversion.stevebaka.de/studien/10-1287-mnsc-2017-2833/", "name": "Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment", "description": "This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and social proof (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. 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The study examines the effect of product certification by expert intermediaries, prominent customers, and social proof (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance. Evidenzgrad B, Risk of Bias unclear. Quelle. Autor:innen: Sofia Bapna Jahr: 2017 Journal/Quelle: Management Science DOI: 10.1287/mnsc.2017.2833 APA: Bapna, S. (2017). Complementarity of Signals in Early Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment. Management Science. https://doi.org/10.1287/mnsc.2017.2833 Zitationen laut Paper Korpus: 221 Forschungsfrage / Summary. This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and social proof (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance. Methode und Evidenzqualität. Studientyp: Studie Risk of Bias: unclear Evidenzgrad: B Key Findings. Evidence Fill Queue: Findings werden aus Volltext, Abstract und Review Notizen konsolidiert. Effektgrößen / Outcomes. Evidence Fill Queue: Effektgrößen und Outcomes werden aus Volltext Extraktionen priorisiert. Conversion Implikationen. Evidence Fill Queue: Conversion Implikationen werden nur ausgespielt, wenn Mechanismus, Kontext und Messgröße ableitbar sind. Limitationen. Evidence Fill Queue: Limitationen werden aus Risk of Bias , Sample und Methodikfeldern ergänzt. Verknüpfte Konzepte. Social Proof Unterstützte Claims. 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The study examines the effect of product certification by expert intermediaries, prominent customers, and [social proof](/konzepte/social-proof/) (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. 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