Is a VC Partnership Greater Than the Sum of Its Partners?
研究个体风险投资家是否具备可重复的投资技能，以及其技能受所在风投公司影响的程度，发现合伙人的人力资本对绩效的解释力是公司组织资本的2到5倍。
ABSTRACT This paper investigates whether individual venture capitalists have repeatable investment skill and the extent to which their skill is impacted by the venture capital (VC) firm where they work. We examine a unique data set that tracks the performance of individual venture capitalists' investments over time and as they move between firms. We find evidence of skill and exit style differences even among venture partners investing at the same VC firm at the same time. Furthermore, our estimates suggest the partners' human capital is two to five times more important than the VC firm's organizational capital in explaining performance.