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Is a VC Partnership Greater than the Sum of its Partners?
Ewens, Michael; Rhodes-Kropf, Matthew - National Bureau of Economic Research (NBER) - 2013
This paper investigates whether individual venture capitalists have repeatable investment skill and to what extent …
Persistent link: https://www.econbiz.de/10010951383
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What Do Private Equity Firms Say They Do?
Gompers, Paul Alan; Kaplan, Steven N.; Mukharlyamov, … - National Bureau of Economic Research (NBER) - 2015
We survey 79 private equity investors with combined AUM of over $750B about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on IRR and multiples to evaluate investments. Their LPs focus more on absolute performance. Capital structure...
Persistent link: https://www.econbiz.de/10011272305
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Rollover Risk and Market Freezes
Acharya, Viral V.; Gale, Douglas; Yorulmazer, Tanju - National Bureau of Economic Research (NBER) - 2010
The crisis of 2007-09 has been characterized by a sudden freeze in the market for short-term, secured borrowing. We present a model that can explain a sudden collapse in the amount that can be borrowed against finitely-lived assets with little credit risk. The borrowing in this model takes the...
Persistent link: https://www.econbiz.de/10008601707
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Yesterday's Heroes: Compensation and Creative Risk-Taking
Hong, Harrison; Scheinkman, Jose; Cheng, Ing-Haw - National Bureau of Economic Research (NBER) - 2010
We study the relationship between compensation and risk-taking among finance firms using a neglected insight from principal-agent contracting with hidden action and risk-averse agents. If the sensitivity of pay to stock price or slope does not vary with stock price volatility, then total...
Persistent link: https://www.econbiz.de/10008628366
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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
-year lockup with a three-month notice period costs approximately 1% of the initial investment for an investor with CRRA utility …
Persistent link: https://www.econbiz.de/10008628421
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Private Equity and Industry Performance
Lerner, Josh; Stromberg, Per; Bernstein, Shai; … - National Bureau of Economic Research (NBER) - 2010
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five...
Persistent link: https://www.econbiz.de/10008631092
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The Opportunity Cost of Capital of US Buyouts
Groh, Alexander Peter; Gottschalg, Oliver - National Bureau of Economic Research (NBER) - 2008
This paper measures the risk-adjusted performance of US buyouts. It draws on a unique and proprietary set of data on 133 US buyouts between 1984 and 2004. For each of them we determine a public market equivalent that matches it with respect to its timing and its systematic risk. After a...
Persistent link: https://www.econbiz.de/10005718496
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The Variability of IPO Initial Returns
Schwert, G. William; Lowry, Michelle; Officer, Micah S. - National Bureau of Economic Research (NBER) - 2006
The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during "hot" IPO markets. Consistent with IPO theory, the volatility of initial returns is higher among firms whose value is more difficult to estimate, i.e., among firms...
Persistent link: https://www.econbiz.de/10005829089
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Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses
Stromberg, Per; Kaplan, Steven N. - National Bureau of Economic Research (NBER) - 2002
We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs consider the … attractiveness and risks of the business, management, and deal terms as well as expected post-investment monitoring. We then consider …
Persistent link: https://www.econbiz.de/10005829908
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Neoclassical Factors
Zhang, Lu; Chen, Long - National Bureau of Economic Research (NBER) - 2007
mimicking portfolios based on investment and productivity. The neo- classical three-factor model outperforms traditional factor … models in explaining the average returns across testing portfolios formed on momentum, financial distress, investment … than losers on both the low-minus-high investment factor and the high- minus-low productivity factor, which in turn help …
Persistent link: https://www.econbiz.de/10005830265