| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10202 |
| 来源ID | Working Paper 10202 |
| Benchmarking the Returns to Venture | |
| Susan E. Woodward; Robert E. Hall | |
| 发表日期 | 2004-01-05 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We describe a new index of the current and historical returns to venture-type capital. The conceptual basis for the index is the value of a continuously reinvested value-weighted portfolio of all venture-backed and similar pre-public companies. It provides a metric for private equity comparable to the S&P 500 for public equity. We build the index from valuations revealed in episodic transactions in the companies' shares - private placements of new rounds of equity funding, IPOs, acquisitions, and liquidations. Our approach to dealing with the episodic nature of the data is similar to the one used in constructing indexes of real-estate value from transaction data for individual properties. We have extended earlier sources of data to deal with selection bias - we tracked down unfavorable valuations that were less likely to be reported in the earlier data. We also use econometric techniques to handle the remaining selection bias. The resulting index has important uses in marking venture portfolios to market and in assessing the performance of venture investments. |
| 主题 | Financial Economics ; Financial Institutions ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w10202 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567830 |
| 推荐引用方式 GB/T 7714 | Susan E. Woodward,Robert E. Hall. Benchmarking the Returns to Venture. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10202.pdf（334KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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