| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17122 |
| 来源ID | Working Paper 17122 |
| Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments | |
| Yael V. Hochberg; Joshua D. Rauh | |
| 发表日期 | 2011-06-16 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Institutional investors of all types exhibit substantial home-state bias when investing in private equity (PE) funds. This effect is particularly pronounced for public pension funds, where the local overweighting amounts to 9.7% of the private equity portfolio on average, based on 5-year rolling average benchmarks. Public pension funds' own-state investments perform significantly worse than their out-of-state investments, an average of 3-4 percentage points of net IRR per year, and those that that overweight their portfolios towards home-state investments also perform worse overall. These underperformance patterns are not evident for other types of institutional investors, such as endowments, foundations and corporate pension funds, and we do not observe similar overweighting or underperformance of investments in neighboring states. Overweighting in home state investments by public pension funds is greater in states with higher levels of corruption, although there is no positive correlation of underperformance with corruption for these investors. The overweighting and underperformance of local investments cost public pension funds between $0.9 and $1.2 billion per year, depending on the benchmark. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w17122 |
| 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/574796 |
| 推荐引用方式 GB/T 7714 | Yael V. Hochberg,Joshua D. Rauh. Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments. 2011. |
| 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 | ||
| w17122.pdf（307KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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