Ditapis dengan
Informational holdup and performance persistence in venture capital
Why don?t VCs eliminate excess demand for follow-on funds by raising fees? We propose a model of learning that leads to informational holdup. Current investors learn about skill whereas outside investors observe only returns. This gives current investors holdup power when the VC raises his next fund: Without their backing, no-one will fund him, as outside investors interpret the lack of backing…
- Edisi
- -
- ISBN/ISSN
- 8939454
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- TRFS2701
Informational holdup and performance persistence in venture capital
Why don?t VCs eliminate excess demand for follow-on funds by raising fees? We propose a model of learning that leads to informational holdup. Current investors learn about skill whereas outside investors observe only returns. This gives current investors holdup power when the VC raises his next fund: Without their backing, no-one will fund him, as outside investors interpret the lack of backing…
- Edisi
- -
- ISBN/ISSN
- 8939454
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- RFS2701
Long-run stockholder consumption risk and asset returns
We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting microlevel household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in average asset returns than aggregate or nonstockholder consumption risk, and implies more plausible risk aversion estimates. We f…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
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