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 : Xavier Gabaix

13 juin 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Adriano Rampini

23 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Luke Taylor

16 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Jessica Jeffers

18 avril 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Emil Verner

4 avril 2019 - T104 - De 14h00 à 15h15


Contacts  

Département Finance 

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex
France

Faculté  

Philippe HENROTTE

Finance

Voir le CV

4th Annual HEC Paris Workshop Preliminary Program “Banking, Finance, Macroeconomics and the Real Economy”  


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