47 Pages Posted: 23 Jun 2022 Last revised: 28 Jul 2022 Diag DavenportUniversity of Chicago, Booth School of Business, Students; Princeton University - Princeton School of Public and International Affairs Date Written: June 14, 2022 Abstract Do institutional investors invest efficiently? To study this question I combine a novel dataset of over 16,000 startups (representing over $9 billion in investments) with machine learning methods to evaluate the decisions of early-stage investors. There is an...