Social capital, syndication, and investment performance: Evidence from PE investing in LBOs
利用全球私募股权投资的专有数据，研究发现哈佛MBA校友更倾向于在杠杆收购中共同投资并形成联合体，这种基于校友关系的合作能提升投资回报。
This study examines the influence of social capital on leveraged buyout (LBO) investments. Exploiting proprietary global private equity data at the investment-level for leveraged buyouts, we find that alumni of Harvard's MBA program are more inclined to co-invest and form syndicates in LBO with each another. The phenomenon of Crimson pairing manifests in deals that involve uneven investments in co-investor capital, necessitating trust to alleviate agency costs and enabling investors to diversify their portfolios. The outcome of Crimson pairing is an increase in value and investment returns relative to all other typical LBO syndication partnerships.