Due Diligence and Investee Performance
研究了私募股权中尽职调查与投资对象绩效的关系，发现基金经理主导的尽职调查能显著提升绩效，而外部机构主导的尽职调查效果不佳。
Abstract We estimate the economic value of due diligence (DD) in the context of private equity by investigating the relationship between DD and investee performance, while controlling for endogeneity. With the adoption of a novel dataset, we find evidence highly consistent with the view that a thorough DD is associated with improved investee performance. We also distinguish the role of different types of DD and show that the DD performed by fund managers has a more pronounced impact on performance. Instead, the DD mainly performed by external agents, i.e., consultants, lawyers and accountants, gives rise to puzzling results and imperfect matching.