What does Gornall and Strebulaev (2020) suggest about the presence of bias in early-stage investment decisions?

Question

Answer

Bias is present and affects the likelihood of receiving investor interest based on gender and race

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Bias is negligible and does not impact investment decisions

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Bias only affects later stages of investment, not initial interest from investors

Answer

Investors are more likely to invest in start-ups led by overrepresented groups

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