| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19612 |
| 来源ID | Working Paper 19612 |
| Valuing Private Equity | |
| Morten Sorensen; Neng Wang; Jinqiang Yang | |
| 发表日期 | 2013-11-07 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We investigate whether the performance of Private Equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management and incentive fees charged by the general partner (GP). We analyze the LP's portfolio-choice problem and find that management fees, carried interest and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic. On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w19612 |
| 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/577287 |
| 推荐引用方式 GB/T 7714 | Morten Sorensen,Neng Wang,Jinqiang Yang. Valuing Private Equity. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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