Séminaires de recherche

Skill and Luck in Private Equity Performance

Finance

Intervenant : Morten Sorensen
Copenhagen Business School

19 mars 2015

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We evaluate the performance of private equity (PE) funds using a new variance decomposition model. A PE firm runs a sequence of funds with overlapping lives, which induces a large degree of spurious persistence. After adjusting for the overlap, we estimate the remaining spread in expected net-of-fee returns of top- and bottom-quartile PE firms to be 7 to 8 percentage points annually. Performance is noisy, however, and top-quartile past performance does not imply top-quartile future expected returns, especially for venture capital (VC) firms. Based on past performance alone, an investor needs to observe an excessive number of funds to identify the PE firms with top-quartile expected returns

Finance

Intervenant : Matthieu Bouvard
Desautels Faculty of Management

14 juin 2018 - De 14h00 à 15h15


Finance

Intervenant : Mikhail Simutin
Rotman School of Management

7 juin 2018 - De 14h00 à 15h15


Finance

Intervenant : Liyan Yang
Rotman School of Management

31 mai 2018 - De 14h00 à 15h15


Finance

Intervenant : Anton Lines
Columbia Business School

24 mai 2018 - De 14h00 à 15h15


Finance

Intervenant : Ian Martin
LSE

17 mai 2018 - De 14h00 à 15h15



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