This paper analyzes whether fair value estimates of fund net asset values (NAVs) produced by private equity managers are accurate and unbiased predictors of future discounted cash flows (DCF). We exploit the fact that private equity funds have finite lives to compare reported NAVs to DCFs based...

Australian businesses and public investments have largely been managed without reliable reference to the extreme variability of our climate. Indeed, business decisions in climate sensitive industries have mostly been driven by the expectations of average climatic conditions. This means that...