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Limited partner performance and the maturing of the private equity industry

Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S. - 2013

We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period,...

Persistent link: https://www.econbiz.de/10009724586

How important is moral hazard for distressed banks?

Ben-David, Itzhak; Palvia, Ajay; Stulz, René M. - 2020

The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage … include financial crises and are subject to different regulatory regimes (1985–1994, 2005–2014). We find that distressed banks …

Persistent link: https://www.econbiz.de/10012216705

Investor abilities and financial contracting : evidence from venture capital

Bengtsson, Ola; Sensoy, Berk A. - 2009 - This draft: November 2009

Persistent link: https://www.econbiz.de/10003936368

The influence of venture capitalists' source of finance on their post-investment behavior in investee companies

Hassan, Abeer; Leece, David - In: The journal of private equity 11 (2007/08) 3, pp. 69-84

Persistent link: https://www.econbiz.de/10003721155

Private and public cradle to maturity financing patterns of U.S. biotech ventures (1970-2001)

Morgan, Irvin W.; Abetti, Pier A. - In: The journal of private equity 7 (2003) 2, pp. 9-25

Persistent link: https://www.econbiz.de/10001979863

Is sell-side research more valuable in bad times?

Loh, Roger K.; Stulz, René M. - 2013

Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts' tasks harder so it is unclear if analyst output is more valuable in bad times. We find that, in bad times, analyst...

Persistent link: https://www.econbiz.de/10010227721

Is the U.S. public corporation in trouble?

DeAngelo, Harry; Stulz, René M. - 2017

We examine the current state of the U.S. public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years...

Persistent link: https://www.econbiz.de/10011962211

Measuring institutional investors' skill from their investments in private equity

Cavagnaro, Daniel R.; Sensoy, Berk A.; Wang, Yingdi; … - 2018

Using a large sample of institutional investors' investments in private equity funds raised between 1991 and 2011, we estimate the extent to which investors' skill affects their returns. Bootstrap analyses show that the variance of actual performance is higher than would be expected by chance,...

Persistent link: https://www.econbiz.de/10011962225

The quiet run of 2011 : money market funds and the European debt crisis

Chernenko, Sergey; Sunderam, Adi - 2012

banks suffered significant outflows between June and August 2011. Due to credit market frictions, these outflows have … greater exposure to Eurozone banks decrease their holdings more than other funds. We show that relationships are important in …

Persistent link: https://www.econbiz.de/10009507044

This time is the same : using bank performance in 1998 to explain bank performance during the recent financial crisis

Fahlenbrach, Rüdiger; Prilmeier, Robert; Stulz, René M. - 2011

We investigate whether a bank’s performance during the 1998 crisis, which was viewed at the time as the most dramatic …. Another hypothesis is that a bank’s poor experience in a crisis is tied to aspects of its business model that are persistent …, so that its past performance during one crisis forecasts poor performance during another crisis. We show that banks that …

Persistent link: https://www.econbiz.de/10009240510