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英语翻译The organization of the paper is the following.The next

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英语翻译
The organization of the paper is the following.The next section presents the model and assumptions.
Section 3 derives the optimal aggregation of information and investment decisions.
Section 4 introduces the cost of potential competition between venture capitalists and provides a
rationale for syndication.Section 5 analyzes the syndication decision and the screening process
when the initial venture capitalist is under the threat of potential competition.Section 6 introduces
another cost of syndication when effort is not observable.Section 7 derives empirical
predictions and proposes new tests.The last section concludes.Proofs are provided in Appendix
A,except those directly derived from the text.
英语翻译The organization of the paper is the following.The next
该组织的一份文件是以下几点.下一节介绍了模型和假设.
第3节源于最优聚集的信息和投资决策.
第4节介绍了成本的潜力之间的竞争风险资本家,并提供一个
理联合供稿.第5条,分析了银团决定和筛选过程
当初始风险资本家,是受威胁的潜在竞争.第6节介绍
另一成本的时候,银团的努力,是不会有瞄头.第7源于实证
预测,并提出了新的考验.最后一节闭幕.实证是其载于附录
甲,除了那些直接来自于文本.