expected level of performance persistence. To identify the causal impact of fund size on future returns, we exploit the fact … yield little evidence that fund size erodes returns. Consequently, any downward bias in standard estimates of performance …

We develop a new GMM-style methodology with good small-sample properties to assess the abnormal performance and risk … market beta and significant under-performance. For buyout funds, we find a low beta and no abnormal performance, but the …

unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only …

This paper investigates the performance of private equity partnerships using a data set of individual fund returns …

will understate volatility and increase risk-adjusted performance measures such as the Sharpe ratio. We propose an …

's beliefs about other funds. This will be true insofar as an investor's expectation about the performance of a fund is partly a … have a substantial impact on the cross-section of posterior beliefs about fund performance as well as asset allocation … dependence, investors aggregate information across funds to form a general belief about the potential for abnormal performance …

management. Consequently, past performance cannot be used to predict future returns, or to infer the average skill level of … is nonexistent or unrewarded, that gathering information about performance is socially wasteful, or that chasing … performance is pointless. A strong relationship between past performance and the ow of funds exists in our model, indeed this is …