Limited partners (LPs) of private equity funds commit to invest with extreme levels of illiquidity and significant uncertainty regarding the timing of capital flows. Secondary markets have emerged which alleviate some of the associated cost. This paper develops a subjective valuation model...

Human capital is a primary source of value in modern firms, yet little is known about what employee information firms disclose and whether it is timely and informative given the SEC's flexible disclosure rules. We examine the determinants of firms' human capital disclosures by combining textual...