Importantly, a finding that included information content matters is a sufficient test to conclude that this cue is communicative, though it is insufficient to conclude that this information was learned from planning documents. As discussed above, when entrepreneurs strategically include positive information,the information content from those funding
requests will be more favorable than the information that would have been included by the omitting entrepreneurs. Hence, if VC decision makers are acquiring this information from reviewed business planning documents, we should also expect to find a relationship between inclusion of information and outcomes. If we do not, then investors are acquiring information by other means. We apply this logic to the nested hypotheses below and summarize it in Table 1