If we identify a relationship between revenue projection and acquisition of funding, the fact that the expected revenue stream was believed by all to be lower than promised would not invalidate the underlying relationship between planning document and expected outcome. In contrast, if low quality entrepreneurs do not truthfully report their own personal histories, then we might not detect a connection between the underlying attributes of the founding team and the outcome of the venture. Moreover, if entrepreneurs do not engage in strategic disclosure of information, we would not be able to exploit the inclusion of information to ascertain the role of the planning document