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investment function are estimated econometrically. The ARDL-based approach proposed by Pesaran et al. (2001) is argued to be … been declining while profit rates have shown a tendency to rise. We concentrate on one potential explanation of this …
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Empirical evidence on the out-of-sample performance of asset-pricing anomalies is mixed so far and arguably is often subject to data-snooping bias. This paper proposes a method that can significantly reduce this bias. Specifically, we consider a long-only strategy that involves only published...
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-wide profit rates, as predicted by classical economic theories. We specifically consider profit rates in the OECD economies based …-Fuller (ADF) tests, and allow for structural breaks and instabilities in the series. Our results suggest that profit rates in OECD …
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(US, Europe, Asia/Pacific, the Rest of the World and the Total) and investment types (Buyout & Growth Equity, Venture …. Differences are also found in the results by asset class. The implications of these findings for private equity management, profit …
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