A popular focus of research in the area of private equity (PE) portfolio management has been the quest for successful ex-ante identification of individual private equity funds (or “manager selection” within a portfolio). Outside of that, much of the existing research has mainly focused on...

A substantial literature investigates conditional conservatism, defined as asymmetric accounting recognition of economic shocks ("news"), and how it depends on various market, political, and institutional variables. Studies typically assume the Basu [1997] asymmetric timeliness coefficient (the...

The convention in corporate financial disclosures, ExecuComp, and academic research is to treat the fair value of equity grants to CEOs as compensation for performance in the year of the grant. In contrast, we provide evidence that equity awards, which constitute a dominant share of CEO pay, are...

This paper provides a new investment methodology for private equity portfolios that applies principles of investment management used in traditional asset classes. We apply Modern Portfolio Theory (MPT) with rational selection of portfolios that are on the efficient frontier of risk-reward...