Using previously unexplored custodial data, we examine the use of alternative investment vehicles(AVs) in private equity over four decades. By 2017, AVs reached 40% of all PE commitments.Average AV performance matches the PE market, but underperforms the main funds of thepartnerships sponsoring...

We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors track an index that progressively excludes the stocks of the brownest firms; passive investors hold a value-weighted index of all stocks; and active...