Does the same investment team create value? Evidence from venture capital syndication
研究了风险投资中重复合作同一团队对投资回报的影响，发现重复合作与低回报正相关、与高回报负相关，经济衰退期会加剧这种关系。
Abstract We study the effect of repeated venture capital (VC) syndication on VC investment performance. We posit that repeated syndication is positively associated with stagnant investment returns but negatively associated with high investment returns. Using a large dataset from 1985 through 2017, we find support for our intuition. Additionally, our results show that periods of recession accentuate the positive (negative) relationship between repeated syndication and stagnant (high) investment returns. These findings are robust after addressing sample selection and endogeneity concerns. Our study provides nuanced insights into the performance implications of having the same investment teams in the context of VC syndications.