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Private Equity Performance Under Extreme Regulation
Cumming, Douglas J. - 2014
This study investigates the impact of excessive regulation on private equity (PE) returns and firm performance. History … shows that extreme regulation and prohibition reduce the supply of capital and raise returns (e.g., as with drugs and … diamonds). However, for value-added investors such as PE funds, extreme regulation also reduces the quality of capital and fund …
Persistent link: https://www.econbiz.de/10013068474
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Why is the Evidence on Private Equity Performance So Confusing?
Phalippou, Ludovic - 2011
Private equity industry associations announce aggregate performance every quarter. Typically these returns are largely above those of public equity markets over long horizons. These numbers are widely disseminated and commented on by the press and have probably played a role in the strong...
Persistent link: https://www.econbiz.de/10013123842
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Private equity performance : a survey
Kaplan, Steven N.; Sensoy, Berk A. - 2014
We survey the literature on private equity performance, focusing on venture capital and buyout funds rather than portfolio companies. We describe recent findings on performance measures, average fund returns, risk adjustments, cyclicality and liquidity, persistence, interim returns and...
Persistent link: https://www.econbiz.de/10011772253
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Private equity performance under extreme regulation
Cumming, Douglas; Zambelli, Simona - In: Journal of Banking & Finance 37 (2013) 5, pp. 1508-1523
This study investigates the impact of excessive regulation on private equity (PE) returns and firm performance. History … shows that extreme regulation and prohibition reduce the supply of capital and raise returns (e.g., as with drugs and … diamonds). However, for value-added investors such as PE funds, extreme regulation also reduces the quality of capital and fund …
Persistent link: https://www.econbiz.de/10010741774
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Currency Impact in Brazilian PE/VC Deals’ Performance
Minardi, Andrea Maria Accioly Fonseca - 2017
Brazil is an emerging market that attracted a lot of PE investment in the last 20 years. Foreign exchange rate fluctuated significantly during this period, as might be the case in other emerging markets. We investigate the currency impact on Brazilian PE/VC deals' performance. Our main findings...
Persistent link: https://www.econbiz.de/10012969811
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What Do Different Commercial Data Sets Tell Us About Private Equity Performance?
Brown, Gregory W. - 2017
This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. For North American funds, our results echo recent research findings: buyout funds have outperformed public equities over long periods of time; in...
Persistent link: https://www.econbiz.de/10012970420
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What Do Different Commercial Data Sets Tell Us About Private Equity Performance?
Brown, Gregory W. - 2017
This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. For North American funds, our results echo recent research findings: buyout funds have outperformed public equities over long periods of time; in...
Persistent link: https://www.econbiz.de/10012970503
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Estimating Skill in Private Equity Performance Using Market Data
McCourt, Maurice - 2018
Are private equity fund managers that earn persistently higher returns truly skilled, or are they just lucky? Using a novel approach that overcomes concerns about the integrity of both the data and the empirical methods that have been commonly used in prior studies of private equity persistence...
Persistent link: https://www.econbiz.de/10012936133
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The Role of Corruption, Culture, and Law in Investment Fund Manager Fees
Najar, Dorra; Johan, Sofia - Université Paris-Dauphine (Paris IX) - 2011
This article considers an international sample of venture capital and private equity funds to assess the role of law, corruption, and culture in setting fund manager fees. With better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share...
Persistent link: https://www.econbiz.de/10010708367
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The Role of Law Corruption and Culture in Investment Fund Manager Fees
Johan, Sofia; Najar, Dorra - Université Paris-Dauphine (Paris IX) - 2011
This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share...
Persistent link: https://www.econbiz.de/10010708368