Sensitivity Analysis.

Firm age is computed as the difference between the founding date and IPO date. JD/Ph.D/MD refers to the number of executives in the firm with a Juris Doctorate, Medical doctorate or Ph.D. Venture capital invested refers to the amount of money invested in the firm by venture capitalists. VCs refers to venture capitalists. Spin off refers to the IPO of a subsidiary. Nasdaq refers to a IPO that is listed on the Nadaq stock exchange. Foreign issuer refers to a foreign company listing in the United States.*Statistical significance at 10%,**Statistical significance at 5%,***Statistical significance at 1%.