隐私的价值与风险资本家对有限合伙人的选择

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-04-18 DOI:10.1016/j.jfineco.2025.104063

Rustam Abuzov , Will Gornall , Ilya A. Strebulaev

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引用次数: 0

摘要

我们研究了信息披露问题如何影响风险资本家对有限合伙人（lp）的选择。2002年底的法庭裁决禁止公共有限合伙人向投资经理提供保密信息。表现最好的风投（而非其他基金经理）的回应是，将公众有限合伙人排除在新基金之外。失去访问权限使公共有限合伙人的回报减少了16亿美元，而风险投资承诺的回报为140亿美元。减少信息披露的立法、限制信息获取的合同以及增加基金的中介机构帮助恢复了信息获取。这些变化侧重于保护投资组合公司的信息，强调了专利信息对风险投资的重要性以及透明度的潜在成本。

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The value of privacy and the choice of limited partners by venture capitalists

We study how information disclosure concerns shape the choice of limited partners (LPs) by venture capitalists (VCs). Late-2002 court rulings prevented public LPs from providing confidentiality to investment managers. The best-performing VCs, but not other managers, responded by excluding public LPs from their new funds. Lost access reduced public LP returns by $1.6 billion relative to $14 billion of their VC commitments. Legislation reducing disclosure, contracts limiting information access, and added fund-of-funds intermediaries helped restore access. These changes focused on protecting portfolio company information, highlighting the importance of proprietary information for VC investing and the potential costs of transparency.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.