| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28134 |
| 来源ID | Working Paper 28134 |
| Private Equity Returns: Empirical Evidence from the Business Credit Card Securitization Market | |
| Matthias Fleckenstein; Francis A. Longstaff | |
| 发表日期 | 2020-11-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We present a new approach for estimating private equity returns using secondary market prices for entrepreneurial business credit card securitizations. We show that the market requires a significantly higher premium for entrepreneurial credit risk than for household credit risk. Entrepreneurial risk is systematic in nature and has much in common with risks in corporate bond and real-estate-backed lending markets. The expected return on private equity is on the order of 14 percent and the volatility of private equity returns is comparable to that of the smallest quintile of publicly traded firms. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28134 |
| 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/585807 |
| 推荐引用方式 GB/T 7714 | Matthias Fleckenstein,Francis A. Longstaff. Private Equity Returns: Empirical Evidence from the Business Credit Card Securitization Market. 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 | ||
| w28134.pdf（599KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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