Review of Finance · VOL. 21, NO. 5 · August 2017

繁荣和萧条时期的风险投资和人才市场

作者：Chris Yung (University of Virginia, USA)

摘要

本文建立并检验了一个企业家和风险投资特征都是由真实投资机会决定的模型。通过引入无能代理，发现繁荣放大了两边市场的分散能力。与这些预测一致的是，风险基金的回报数据显示：(1)牛市中的新进入者与异常回报的横截面高度分散有关，(2) 在牛市中表现最差的基金很可能是新进入者。

Venture Capital and the Market for Talent during Booms and Busts

Chris Yung (University of Virginia, USA)

ABSTRACT

I develop and test a model in which the characteristics of entrepreneurs and VCs are jointly determined by real investment opportunities. By inducing the entry of inept agents, booms inflate the dispersion in ability on both sides of the market. Consistent with these predictions, venture fund return data show that 1) new entrants in hot markets are associated with high cross-sectional dispersion in abnormal returns, and 2) the worst performing funds in the sample are disproportionately likely to be new entrants in hot markets.

原文链接：http://academic.oup.com/rof/article-abstract/21/5/1875/2670114/Venture-Capital-and-the-Market-for-Talent-during?redirectedFrom=fulltext

翻译：阙江静