An Analysis of the Performance of Publicly Traded Venture Capital Companies
分析公开上市的风险投资公司的绩效，指出其投资组合的风险收益特征不同于单个投资项目，适合关注风险投资和公司金融的学者。
Venture capital companies can be likened to mutual funds that make investments in small, new businesses. However, investments made by venture capitalists are unique in several ways [2]: (1) usually five or more years are required for a new firm to become well enough established that a venture capitalist can liquidate an investment; (2) during the early years of an investment, there is no organized secondary market for its shares; (3) the new firm characteristically faces a high risk of failure; and (4) several infusions of capital are usually required before the new enterprise becomes a going concern. Consequently, the investments made by the venture capital firm have long been considered to carry high risks as well as the potential for high returns. For this reason, venture capital firms actively diversify, investing in a portfolio of individual projects. Thus, the risk and return attributes of the venture capitalist's diversified portfolio will not totally mirror those of its individual investments.