Investors clearly prefer partners with whom they have something in common. People whohave worked at the same company are over 60% more likely to co-invest than those whohave not. Investors who belong to the same ethnic minority, or studied at the sameuniversity, are around 20% more likely to pair up. The bias towards co-investors onmeasures of ability is weaker: investors with degrees from the best universities are just 9%more likely to get together.
投资者明显更喜欢拥有共同点的伙伴。曾在同一家公司上班的比那些没有这种经历的伙伴共同投资的几率要高60%。同一种族,或同一大学毕业的投资者共同投资的几率也要高出20%。根据个人能力来搭伙的倾向并不明显,具有最优秀大学学位的投资者共同投资的几率仅高出9%。
Rapport is a poor basis for selecting partners. The authors examine investors record atexiting investments through an initial public offering . An IPO is the holy grail for manystart-ups, but the odds of success are 22% lower if a co-investing pair are alumni of the sameuniversity, and 18% lower if they share a past employer. By itself, ethnicity has no effect oninvestment success. In a pair, it is a different story. Co-investors from the same ethnicminority are 25% less likely to bring a portfolio company to an IPO . The data suggest that the poorer results of similarinvestors stem less from selecting bad companies, more from bad decisions taken togetherafter the initial investment. It may be that a diversity of views helps investors to makebetter calls.
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