Style Drift in Private Equity
提出风格漂移概念用于私募股权投资，分析基金经理在创业阶段专注上的漂移，发现年轻经理漂移较少，市场条件影响漂移，且漂移与投资绩效正相关。
Abstract: We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are less likely among younger fund managers. We also show ways in which changes in market conditions can affect style drifts, and differences for funds committed to early‐stage investments compared to funds committed to late‐stage investments. We find some evidence of a positive relation between style drifting and investment performance.