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      "text": "18 The most common round of financing is one in which the investors' capital goes into the company, sparks the creation of new shares of equity, and is used for organizational purposes...",
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      "text": "The initial hypotheses (H1a-H1d) examine the degree of control retained by founders. Following Hellmann (1998), I measure control at two levels: control of the CEO position... and control of the board of directors...",
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