| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14180 |
| 来源ID | Working Paper 14180 |
| The Investment Behavior of Buyout Funds: Theory and Evidence | |
| Alexander Ljungqvist; Matthew Richardson; Daniel Wolfenzon | |
| 发表日期 | 2008-07-18 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the determinants of buyout funds' investment decisions. In a model in which the supply of capital is "sticky" in the short run, we link the timing of funds' investment decisions, their risk-taking behavior, and the returns they subsequently earn on their buyouts to changes in the demand for private equity, conditions in the credit market, and funds' ability to influence their perceived talent in the market. Using a proprietary dataset of 207 buyout funds that invested in 2,274 buyout targets over the last two decades, we then investigate the implications of the model. Our dataset contains precisely dated cash inflows and outflows in every portfolio company, links every buyout target to an identifiable buyout fund, and is free from reporting and survivor biases. Thus, we are able to characterize every buyout fund's precise investment choices. Our empirical findings are consistent with the model. First, established funds accelerate their investment flows and earn higher returns when investment opportunities improve, competition for deal flow eases, and credit market conditions loosen. Second, the investment behavior of first-time funds is less sensitive to market conditions. Third, younger funds invest in riskier buyouts, in an effort to establish a track record. Fourth, following periods of good performance, funds become more conservative, and this effect is stronger for younger funds. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w14180 |
| 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/571854 |
| 推荐引用方式 GB/T 7714 | Alexander Ljungqvist,Matthew Richardson,Daniel Wolfenzon. The Investment Behavior of Buyout Funds: Theory and Evidence. 2008. |
| 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 | ||
| w14180.pdf（252KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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