Cumming, Douglas; Fleming, Grant; Schwienbacher, Armin - In: Journal of Business Finance & Accounting 36 (2009-06) 5-6, pp. 645-678
We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are...