This paper examines institutional investors' propensity to invest in a relatively unknown asset class of listed private equity. Based on data provided by LPEQ and Preqin covering 100 institutional investors in Europe in 2008, we find allocations are primarily a function of size, type, location,...

This paper examines institutional investors' propensity to invest in a relatively unknown asset class of listed private equity. Based on data provided by LPEQ, Preqin and Scorpio Partnership covering 171 institutional investors in Europe in 2008-2010, we find allocations are primarily a function...

We document that analysts cater to short-term investors by issuing optimistic target prices. Catering dominates among analysts at brokers without an investment banking arm as they face lower reputational cost. The market does not see through the analyst catering activity and their forecasts lead...

This paper examines the performance of 538 sovereign wealth fund (SWF) investments into venture capital, private equity, and real asset funds ("alternative asset funds") from 52 countries around the world over the years 1995-2020. The data indicate SWFs are significantly slower to fully...

Distinguishing between switches, pre-authorized contributions, systematic withdrawal plans, reinvestments, and distributions, we find that different types of fund flow exhibit distinct characteristics to retail fund flow with respect to fund fees and past performance. We argue that the positive...