Fast thinking in private equity: The role of heuristics in screening buyout opportunities
通过对20家私募股权集团的访谈和投资摘要测试，研究发现启发式（经验法则）和情感反应在筛选中小企业收购机会中起关键作用，对私募股权从业者和企业主有参考价值。
This study utilizes a multiple-case analysis to examine the decision-making processes surrounding buyout decisions of small-to-medium businesses. Qualitative data were generated from semistructured interviews at 20 private equity groups. Rather than relying on a retrospective review of prior decisions, we present decision-makers with teasers, a summary of an investment opportunity. Our results indicate that heuristics are utilized to guide selection and execution of buyout investments. We also uncover the role of affect: strong positive or negative responses to specific stimuli in the teasers. Furthermore, the use of heuristics has important implications in the sourcing of private equity for business owners.