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Venture capital and other private equity : a survey

Metrick, Andrew; Yasuda, Ayako - 2010

exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what … determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private … equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings …

Persistent link: https://www.econbiz.de/10008806638

Earnings Quality and Stock Returns

Chan, Konan - 2001

An exclusive focus on bottom-line income misses important information about the quality of earnings. Accruals (the difference between accounting earnings and cash flow) are reliably, negatively associated with future stock returns. Earnings increases that are accompanied by high accruals,...

Persistent link: https://www.econbiz.de/10012470416

The Level and Persistence of Growth Rates

Chan, Louis K.C. - 2001

Expected long-term earnings growth rates are crucial inputs to valuation models and for cost of capital estimates. We analyze historical long-term growth rates across a broad cross-section of stocks using several operating performance indicators. We test whether growth persists, and whether it...

Persistent link: https://www.econbiz.de/10012470442

Evaluating the Specification Errors of Asset Pricing Models

Hodrick, Robert J. - 2000

This paper examines the specification errors of several asset pricing models using the methodology of Hansen and Jagannathan (1997) and a common data set. The models are the CAPM, the Consumption CAPM, the Jagannathan and Wang (1996) conditional CAPM, the Campbell (1996) dynamic asset pricing...

Persistent link: https://www.econbiz.de/10012471106

Stock Repurchases in Canada : Performance and Strategic Trading

Ikenberry, David - 1999

report how many shares they repurchase on a monthly basis. We find that managers are sensitive to mispricing as completion … movements; managers buy more shares when prices fall and reduce their buying when prices rise …

Persistent link: https://www.econbiz.de/10012471459

The Stock Market Valuation of Research and Development Expenditures

Chan, Louis K.C. - 1999

We examine whether stock prices fully reflect the value of firms' intangible assets, focusing on research and development (R&D). Since intangible assets are not reported on financial statements under current U.S. accounting standards and R&D spending is expensed, the valuation problem may be...

Persistent link: https://www.econbiz.de/10012471566

An International Dynamic Asset Pricing Model

Hodrick, Robert J. - 1999

We examine the ability of a dynamic asset-pricing model to explain the returns on G7-country stock market indices. We extend Campbell's (1996) asset-pricing model to investigate international equity returns. We also utilize and evaluate recent evidence on the predictability of stock returns. We...

Persistent link: https://www.econbiz.de/10012471630

On Portfolio Optimization : Forecasting Covariances and Choosing the Risk Model

Chan, Louis K.C. - 1999

We evaluate the performance of different models for the covariance structure of stock returns, focusing on their use for optimal portfolio selection. Comparisons are based on forecasts of future covariances as well as the out-of-sample volatility of optimized portfolios from each model. A few...

Persistent link: https://www.econbiz.de/10012471761

The Profits to Insider Trading : A Performance-Evaluation Perspective

Jeng, Leslie A. - 1999

This paper estimates the profits to insiders when they trade their company's stock. We construct a rolling purchase portfolio' that holds all shares purchased by insiders over the previous year and an analogous sale portfolio' that holds all shares sold by insiders over the previous year. We...

Persistent link: https://www.econbiz.de/10012471898

Institutional Investors and Equity Prices

Gompers, Paul A. - 1998

-market prices and returns. We find that -- a category including all managers with greater than $100 million under discretionary …

Persistent link: https://www.econbiz.de/10012472090