Private equity performance : returns, persistence, and capital flows

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Private equity performance : returns, persistence, and capital flows

Kaplan, Steven N - ; Schoar, Antoinette - ;

This paper investigates the performance and capital in flows of private equity partnerships. Average fund returns (net of fees) approximately equal the S & P 500 although substantial heterogeneity across funds exists. Returns persist strongly across subsequent funds of a partnership. Better performing partnership are more likely to raise follow-on funds and larger funds. This relationship is concave, so top performing partnership grow proportionally less than average performers. At the industry level, market entry and fund performance are procyclical ; however, established funds are less sensitive to cycles than new entrants. .Printed Journal

Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Penerbit	The American Finance Association.,
Edisi	-
Subjek	-
ISBN/ISSN	00221082
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
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