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Do Private Equity Funds Manipulate Reported Returns?
Brown, Gregory W. - 2017
Private equity funds hold assets that are hard to value. Managers may have an incentive to distort reported valuations if these are used by investors to decide on commitments to subsequent funds managed by the same firm. Using a large dataset of buyout and venture funds, we test for the presence...
Persistent link: https://www.econbiz.de/10012974308
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Trading Efficiency of Fund Families : Impact on Fund Performance and Investment Behavior
Cici, Gjergji - 2016
This study examines how the efficiency of trading desks operated by mutual fund families affects the performance and trading of affiliated funds. We estimate the trading efficiency of a fund family's trading desk as the difference between the gross return of the family's index fund, which...
Persistent link: https://www.econbiz.de/10013005757
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Do generalists profit from the fund families' specialists? : evidence from mutual fund families offering sector funds
Göricke, M.-A. - 2016 - This draft: December 2016
This paper analyzes how the existence of sector funds (specialists) within a mutual fund family affects the performance and investment behavior of affiliated diversified equity funds (generalists). First of all, I show that specialists have stock picking skills. Second, information flows from...
Persistent link: https://www.econbiz.de/10011568235
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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
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The liquidity cost of private equity investments : evidence from secondary market transactions
Nadauld, Taylor D.; Sensoy, Berk A.; Vorkink, Keith; … - 2017
This paper uses proprietary data from a leading intermediary to understand the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of...
Persistent link: https://www.econbiz.de/10011962229
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Does family matter? : venture capital cross-fund cash flows
Kräussl, Roman; Rinne, Kalle; Sunc, Huizhu - 2022
Venture capital (VC) funds backed by large multi-fund families tend to perform substantially better due to cross-fund cash flows (CFCFs), a liquidity support mechanism provided by matching distributions and capital calls within a VC fund family. The dynamics of this mechanism coincide with the...
Persistent link: https://www.econbiz.de/10013555504
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Estimation of holding periods applied to the case of short and leveraged ETFs
Schubert, Leo; Schubert, David - In: Atlantic review of economics : AROE 1 (2017)
The estimation of the holding periods of financial products has to be done in a dynamic process in which the size of … geometric probability functions. The estimation will be found by maximizing the likelihood function. The two examples will … estimation approaches, the average holding periods of ETFs increase by 4%-29%. This increase depends on the time interval T of …
Persistent link: https://www.econbiz.de/10011890392
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Limited partner performance and the maturing of the private equity industry
Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S. - 2013
We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period,...
Persistent link: https://www.econbiz.de/10009724586
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Does Competition between Stars Increase Output? Evidence from Financial Analyst Forecasts
Aharoni, Gil - 2019
Top sportsmen often refer to competition against other top sportsmen as a motivation to exert more effort. We examine whether a similar pattern exists among another group of top professionals – star analysts. Our evidence suggests that star analysts concentrate their efforts and generate...
Persistent link: https://www.econbiz.de/10012904927
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An Empirical Assessment of the Impact of Insurance Premiums in the Face of Catastrophic Losses As Well As Cost of Capital
Anning, Frederick - 2018
The issues regarding catastrophic losses is quite an important factor to consider in the course of insurance and the issuance of CAT bonds. This not withstanding the issue of cost of capital is quite undeniable should an assessment of this magnitude be done. Researchers have indicated that...
Persistent link: https://www.econbiz.de/10012911024