| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27690 |
| 来源ID | Working Paper 27690 |
| Return to Venture Capital in the Aggregate | |
| Shumiao Ouyang; Jiaheng Yu; Ravi Jagannathan | |
| 发表日期 | 2020-08-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We examine the performance of the Aggregate Portfolio of All Equity Investments (APAEI) in 17,242 ventures with first funding round between 1980 and 2006 by following them till 2018, or their exits if earlier. The Gornall and Strebulaev (2020) upward bias in later-stage pre-money-valuations, while affecting all funding-round-to-exit returns, does not affect APAEI’s performance. APAEI had an internal rate of return of 22%, and a superior Generalized Public Market Equivalent of 1.44. When the best 5% of the ventures are dropped from the APAEI portfolio, the risk adjusted return becomes negative. The APAEI portfolio return declines after 1999. |
| 主题 | Financial Economics ; Financial Markets ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w27690 |
| 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/585362 |
| 推荐引用方式 GB/T 7714 | Shumiao Ouyang,Jiaheng Yu,Ravi Jagannathan. Return to Venture Capital in the Aggregate. 2020. |
| 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 | ||
| w27690.pdf（1056KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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