Evidence from Capital Pool Companies
Bibliographic record
Abstract
Although many articles affirm the pivotal role of venture capitalists in financing emerging companies, the real importance of these investors ’ roles is more difficult to illustrate. Our original approach consists in analyzing performance and the success rates of companies that finance their growth directly on the stock market, without passing through the traditional intermediary steps of private venture capital financing. This direct access to public financing is made possible by the Capital Pool Company program, launched in Canada in the late 1980s. Similar to American Blind Pools, Capital Pool Companies have spawned more than half of the new issues on Canadian stock markets between 1995 and 2001. Analysis of close to 450 issuers resulting from this program demonstrates that a direct entry on the stock market cannot be considered a valid substitute for the conventional financing steps, which include venture capital. Our results support the hypothesis that the venture capital industry indeed plays a fundamental role in high growth companies, owing to its screening, monitoring and financing capacities.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.007 | 0.049 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.005 | 0.004 |
| Science and technology studies | 0.002 | 0.002 |
| Scholarly communication | 0.004 | 0.003 |
| Open science | 0.001 | 0.004 |
| Research integrity | 0.003 | 0.001 |
| Insufficient payload (model declined to judge) | 0.027 | 0.003 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".