论文部分内容阅读
与之前学者对生命周期模型的研究集中在对投资者背景风险的讨论所不同的是,创新点在于强调投资者主体的职业异质性。将建立模型,其中风险投资资产被划分为与职业相关的股票和与职业无关的股票,而投资者投资与职业相关股票时具有信息优势带来的超额收益,结论是信息优势溢价使投资者在风险资产中增加对职业相关股票的投资比例。
Unlike previous scholars who focused on the life-cycle model focused on the discussion of investor background risk, the innovation was to emphasize the occupational heterogeneity of the investor body. Will establish a model in which venture capital assets are divided into occupation-related stocks and non-occupation-related stocks, while investors invest in career-related stocks with information superiority resulting in excess returns. The conclusion is that the information superiority premium enables investors in Increase the proportion of investment in professional-related stocks in risky assets.