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Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets
Ito, Takatoshi; Yamada, Kenta; Takayasu, Misako; … - National Bureau of Economic Research (NBER) - 2012
Using the "firm" quotes obtained from the tick-by-tick EBS (electronic broking system that is a major trading platform for foreign exchanges) data, it is found that risk-free arbitrage opportunities--free lunch--do occur in the foreign exchange markets, but it typically last only a few seconds....
Persistent link: https://www.econbiz.de/10010951011
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A survey of venture capital research
Hellmann, Thomas; Rin, Marco Da; Puri, Manju - National Bureau of Economic Research (NBER) - 2011
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work...
Persistent link: https://www.econbiz.de/10009325522
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Locked Up by a Lockup: Valuing Liquidity as a Real Option
Ang, Andrew; Bollen, Nicolas P.B. - National Bureau of Economic Research (NBER) - 2010
Hedge funds often impose lockups and notice periods to limit the ability of investors to withdraw capital. We model the investor's decision to withdraw capital as a real option and treat lockups and notice periods as exercise restrictions. Our methodology incorporates time-varying probabilities...
Persistent link: https://www.econbiz.de/10008628421
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The Investment Strategies of Sovereign Wealth Funds
Lerner, Josh; Schoar, Antoinette; Bernstein, Shai - National Bureau of Economic Research (NBER) - 2009
This paper examines the direct private equity investment strategies across sovereign wealth funds and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher,...
Persistent link: https://www.econbiz.de/10005718474
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How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach
Zitzewitz, Eric; Reuter, Jonathan - National Bureau of Economic Research (NBER) - 2010
causal impact of fund size on performance, we exploit the fact that small differences in mutual fund returns can cause …
Persistent link: https://www.econbiz.de/10008534525
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The Performance of Reverse Leveraged Buyouts
Lerner, Josh; Cao, Jerry - National Bureau of Economic Research (NBER) - 2006
collect a comprehensive sample of 496 RLBOs between 1980 and 2002 and examine three- and five-year stock performance of these …
Persistent link: https://www.econbiz.de/10005580224
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Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments
Hochberg, Yael V.; Rauh, Joshua D. - National Bureau of Economic Research (NBER) - 2011
Institutional investors of all types exhibit substantial home-state bias when investing in private equity (PE) funds. This effect is particularly pronounced for public pension funds, where the local overweighting amounts to 9.7% of the private equity portfolio on average, based on 5-year rolling...
Persistent link: https://www.econbiz.de/10009147541
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The Market for Financial Advice: An Audit Study
Mullainathan, Sendhil; Schoar, Antoinette; Noeth, Markus - National Bureau of Economic Research (NBER) - 2012
Do financial advisers undo or reinforce the behavioral biases and misconceptions of their clients? We use an audit methodology where trained auditors meet with financial advisers and present different types of portfolios. These portfolios reflect either biases that are in line with the financial...
Persistent link: https://www.econbiz.de/10011188552
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Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance
Robinson, David T.; Sensoy, Berk A. - National Bureau of Economic Research (NBER) - 2012
We study the relation between compensation practices, incentives, and performance in private equity using new data that … performance incentives, we find no evidence that higher compensation or lower managerial ownership are associated with worse net …-of-fee performance, in stark contrast to other asset management settings. Instead, compensation is largely unrelated to net-of-fee cash …
Persistent link: https://www.econbiz.de/10011188572
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Some Simple Economics of Crowdfunding
Agrawal, Ajay K.; Goldfarb, Avi; Catalini, Christian - National Bureau of Economic Research (NBER) - 2013
It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...
Persistent link: https://www.econbiz.de/10010969219