Venture‐Capital Investment in Minority Business
分析专注于少数族裔企业的风险投资基金的投资表现，发现其整体收益率与主流风险投资相当，但基金间差异大，并识别出预测高收益的基金特征。
This study analyzes the performance of mature investments made by venture‐capital (VC) funds that specialize in financing minority business enterprises. We explore the hypothesis that VCs focusing on investing in minority businesses earn attractive returns because this market niche is underserved. Minority VC funds collectively earned yields on their realized investments that were estimated to be broadly equivalent to those of the mainstream VC industry. However, these yields vary greatly from fund to fund. VC fund traits that predict high yields on individual investments are identified by estimating multivariate regressions explaining net investment returns.