Venture Capital and Other Private Equity: A Survey
综述了风险投资和其他私募股权的理论与实证，解释其存在原因、管理行为、回报差异、合约设计及影响，强调私有产权、信息不对称和流动性不足是其区别于其他资产类别的关键。
We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlight the importance of private ownership, and information asymmetry and illiquidity associated with it, as a key explanatory factor of what makes private equity different from other asset classes.