Here is an excerpt:
"When all else is equal there's absolutely no question which
type of edge finish makes a cut that bleeds the longest and most
freely; it's the one made by the thinnest, sharpest, smoothest
edge. That's a medical and physiological fact. Why? Because the
thinner, sharper and smoother the cutting edge the less
disruption there is to the cells lining the inner wall of each
blood vessel cut. What does disruption of the blood vessel's
inner cell-lining have to do with the rate and degree of
bleeding from a cut? Disruption of these cells is what initiates
the blood's clotting process, known as coagulation.
Each vessel-lining cell that's disrupted releases the
protein prothrombin. As prothrombin comes into contact with the
blood's plasma it is converted to the enzyme thrombin. Thrombin
acts as a catalyst, converting fibrinogen in the blood into
fibrin; the final chemical reaction required for blood
coagulation. Coagulation stops or retards the rate of
hemorrhaging - exactly what the bowhunter does not want to
happen.
The 'rougher' a cutting edge is the more it mangles the
tissues, tearing rather than slicing cleanly. That means more
vessel-lining cells will be damaged, and the amount of
disruption to each damaged cell will be greater. The more cells
damaged, and the greater the damage to each cell, the greater
the amount of prothrombin released. The more prothrombin
released, the more thrombin produced. The more thrombin there
is, the more fibrinogen converted to fibrin. The more fibrin
produced the shorter the clotting time. The shorter the clotting
time, the sooner blood loss decreases and/or stops. The sooner
the bleeding subsides, the less the total blood loss."
For anyone wishing to read it in it's entirety:
http://www.tuffhead.com/ashby_pdfs/ashby%20ours/Getting%20an%20Edge%20on%20Success.pdf