We examine the performance of investments made by private credit fund managers into over 440 private companies in 13 Asian countries from 2001 to 2015. We show that the returns to private debt investments are relatively uniform across size, country and industry despite diversity in legal and...

Portfolio optimization with private equity is based on one of three different indices: listed private equity indices, transaction-based private equity indices, and appraisal value based private equity indices. We show that none of these indices are appropriate for portfolio optimization. We...

Portfolio optimization using private equity is typically based on one of three indices: listed private equity, transaction-based private equity, or appraisal value-based private equity indices. However, we show that none of these indices is fully suitable for portfolio optimization. We introduce...

Private debt fund managers invest in debt positions of private companies through new issuances or secondary acquisition of loans. We examine which strategy performs best using data from over 400 investments into private companies located in 13 Asian countries between 2001 and 2015. Trading...

Prior literature (e.g., Brav and Gompers, 1997) establishes that the average VC-backed IPO does not outperform benchmarks. In this paper, we show, by accounting for VC holdings, that the average VC-backed IPOs does outperform as long as the VC is still present. This outperformance continues...

This paper introduces a cross-country law and finance analysis of the misreporting behavior in the hedge fund industry in terms of smoothing returns so that a fund consistently generates positive returns. We find strong evidence that international differences in hedge fund regulation are...

In 2005, the Government of Ontario announced the phase out of the Labour Sponsored Venture Capital Corporation (LSVCC) tax credit, which will be become effective in 2011. Some media attention has suggested this might lead to difficulty for Ontario entrepreneurs and emerging companies in raising...

I review statistical methods used to estimate crowding out of private venture capital by government venture capital in recent work. I explain the importance of using data that pre-dates the creation of government venture capital in order to examine whether or not government has crowded out...

Reward-based crowdfunding campaigns are commonly offered in one of two models in reference to fundraising goals set by the entrepreneur: “Keep-It-All” (KIA), where the entrepreneur keeps the entire amount raised regardless of achieving the goal, and “All-Or-Nothing” (AON), where the...

We review statistical methods used to estimate the impact of crowding out of private venture capital by government venture capital. We review three types of failures that have plagued the venture capital literature and resulted in policy implications that are precisely the opposite of what the...