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Investing in Your Alumni : Endowments' Investment Choices in Private Equity

Füss, Roland; Morkoetter, Stefan; Oliveira, Maria - 2023

We investigate the role of alumni ties in university endowments' decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that...

Persistent link: https://www.econbiz.de/10014256650

Portfolio Management in Private Equity

Brown, Gregory W.; Fei, Celine Yue; Robinson, David T. - National Bureau of Economic Research - 2023

General Partners (GPs) in private equity face a trade-off between focusing their skills and effort on fewer investments to earn higher returns, or investing more broadly to reduce risk through diversification. Using a novel, deal-level dataset of 5,925 global investments from 1999 to 2016, we...

Persistent link: https://www.econbiz.de/10014372421

Conviction in Equity Investing

Sebastian, Mike - 2015

Active management plays a critical, positive role in the efficiency of capital markets. In the first study of its kind to use data on institutionally-focused products, we find that, while a large percentage of active equity managers earn enough alpha on average to cover their costs, less than 2%...

Persistent link: https://www.econbiz.de/10013036271

Investor protection and the demand for equity

Giannetti, Mariassunta; Koskinen, Yrjö - 2004 - Rev. February 23, 2004

Anecdotal evidence suggests that investor protection affects the demand for equity, but existing theories emphasize only the effect of investor protection on the supply of equity. We build a model showing that the demand for equity is important in explaining financial development. If the level...

Persistent link: https://www.econbiz.de/10009502217

The Impact of Alternative Investments on Private Colleges' Endowment Investment Returns

Basch, Donald L. - 2010

Over the past twenty years, colleges have invested an increasing share of their endowment assets in “alternative investments.” Prior to 2009, an alternatives emphasis had been widely credited for the sterling endowment investment returns earned by many colleges. However, with college...

Persistent link: https://www.econbiz.de/10013138442

Are analyst trade ideas valuable?

Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2019

Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn significant abnormal returns. Trade ideas triggered by...

Persistent link: https://www.econbiz.de/10012120228

Private Equity Investor Sentiment Around the World

Zhang, Minjie - 2017

I propose a new investor sentiment measurement for the private equity market based on over 12,000 private equity deals from 68 countries over 1992 to 2012. The data indicate that institutional environments and firm-specific characteristics are both strong determinants of the private equity...

Persistent link: https://www.econbiz.de/10012945758

Measuring institutional investors' skill from their investments in private equity

Cavagnaro, Daniel R.; Sensoy, Berk A.; Wang, Yingdi; … - 2018

Using a large sample of institutional investors' investments in private equity funds raised between 1991 and 2011, we estimate the extent to which investors' skill affects their returns. Bootstrap analyses show that the variance of actual performance is higher than would be expected by chance,...

Persistent link: https://www.econbiz.de/10011962225

Institutional Investors, Heterogeneous Benchmarks and the Comovement of Asset Prices

Buffa, Andrea M - 2018

benchmarks, and demonstrate how heterogeneous benchmarking generates a mechanism through which fundamental shocks propagate … across assets. Fluctuations in asset managers' capital invested for benchmarking purposes, scaled by the size of the economy … these benchmarking-induced spillovers by analyzing shock elasticities and cross-elasticities of price-dividend ratios, and …

Persistent link: https://www.econbiz.de/10012910534

Betas, Benchmarks and Beating the Market

Kakushadze, Zura - 2019

We give an explicit formulaic algorithm and source code for building long-only benchmark portfolios and then using these benchmarks in long-only market outperformance strategies. The benchmarks (or the corresponding betas) do not involve any principal components, nor do they require iterations....

Persistent link: https://www.econbiz.de/10012899182

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