How potential knowledge spillovers between venture capitalists' entrepreneurial projects affect the specialization and diversification of VC funds when VC effort has value
构建模型分析风险投资家的努力在项目间知识溢出（横向和纵向）下如何影响基金的专业化与多元化选择，发现努力与绩效冲击呈非单调关系，且知识溢出提升专业化相对多元化的绩效。
Abstract Research concerning diversification and specialization of venture capital funds typically does not consider how a VC's effort might influence performance of different portfolios. We develop a model that analyzes VC effort when there is the potential for cross‐sectional and/or serial knowledge spillover among projects. The model generates two implications concerning VC effort and performance. First, VC post‐investment effort is a nonmonotonic function of performance shocks, especially for diversified VCs. Second, greater cross‐sectional and serial knowledge spillovers improve the performance of specialization relative to diversification, and shape how the number of decision stages in a project affects portfolio choice. Copyright © 2011 Strategic Management Society.