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Do Private Equity Funds Manipulate Reported Returns?

Brown, Gregory W. - 2016

Private equity funds hold assets that are hard to value. Managers may have an incentive to distort reported valuations if these are used by investors to decide on commitments to subsequent funds managed by the same firm. Using a large dataset of buyout and venture funds, we test for the presence...

Persistent link: https://www.econbiz.de/10012985577

Skill vs. Luck in Entrepreneurship and Venture Capital : Evidence from Serial Entrepreneurs

Gompers, Paul A. - 2014

. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and … for entrepreneurs without a successful track record. Similarly, more experienced venture capitalists are able to identify … and invest in first time entrepreneurs who are more likely to become serial entrepreneurs. Investments by venture …

Persistent link: https://www.econbiz.de/10012752094

Strategic News Releases in Equity Vesting Months

Edmans, Alex - 2014

We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting...

Persistent link: https://www.econbiz.de/10013047405

The Effects of Government-Sponsored Venture Capital : International Evidence

Brander, James A. - 2014

This paper examines the impact of government-sponsored venture capitalists (GVCs) on the success of enterprises. Using international enterprise-level data, we identify a surprising non-monotonicity in the effect of GVC on the likelihood of exit via initial public offerings (IPOs) or third party...

Persistent link: https://www.econbiz.de/10013069031

Buy Local? the Geography of Successful and Unsuccessful Venture Capital Expansion

Chen, Henry C. - 2014

We document geographic concentration by both venture capital firms and venture capital-financed companies in three cities - San Francisco, Boston, and New York. We find that firms open new satellite offices based on the success rate of venture capital-backed investments in an area. Geography is...

Persistent link: https://www.econbiz.de/10013071042

How Do Venture Capitalists Make Decisions?

Gompers, Paul A. - 2016

We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment selection; valuation; deal structure; post-investment value-added; exits; internal firm organization; and relationships with limited partners. In selecting...

Persistent link: https://www.econbiz.de/10012983682

Which CEO Characteristics and Abilities Matter?

Kaplan, Steven N. - 2014

We study the characteristics and abilities of CEO candidates for companies involved in buyout (LBO) and venture capital (VC) transactions and relate them to hiring decisions, investment decisions, and company performance. Candidates are assessed on more than thirty individual abilities. The...

Persistent link: https://www.econbiz.de/10012751371

Financial Intermediation in Private Equity : How Well Do Funds of Funds Perform?

Harris, Robert S. - 2017

This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts...

Persistent link: https://www.econbiz.de/10012955933

Private Equity Performance : What Do We Know?

Harris, Robert S. - 2014

We present evidence on the performance of nearly 1400 U.S. private equity (buyout and venture capital) funds using a new research-quality dataset from Burgiss, sourced from over 200 institutional investors. Using detailed cash-flow data, we compare buyout and venture capital returns to the...

Persistent link: https://www.econbiz.de/10013066572

Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity

Robinson, David T. - 2014

Public and private equity waves move together. Using quarterly cash-flow data for a large sample of venture capital and buyout funds from 1984-2010, we investigate the implications of this co-cyclicality for understanding private equity cash flows and performance. In the cross-section, varying...

Persistent link: https://www.econbiz.de/10013067387