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Title:

How persistent is private equity performance? Evidence from deal-level data

Document type:
Zeitschriftenaufsatz
Author(s):
Braun, R.; Jenkinson, T.; Stoff, I.
Non-TUM Co-author(s):
ja
Cooperation:
international
Abstract:
The persistence of returns is a critical issue for investors in their choice of private equity managers. In this paper we analyse buyout performance persistence in new ways, using a unique database containing cash-flow data on 13,523 portfolio company investments by 865 buyout funds. We focus on unique realized deals and find that persistence of fund managers has substantially declined as the private equity sector has matured and become more competitive. Private equity has, therefore, largely co...     »
Intellectual Contribution:
Discipline-based Research
Journal title:
Journal of Financial Economics
Journal listet in FT50 ranking:
Journal of Financial Economics
Year:
2017
Journal volume:
123
Journal issue:
2
Pages contribution:
273-291
Fulltext / DOI:
doi:10.1016/j.jfineco.2016.01.033
Judgement review:
0
Key publication:
Ja
Peer reviewed:
Ja
International:
Ja
Book review:
Nein
Commissioned:
not commissioned
Professional Journal:
Nein
Interdisciplinarity:
Nein
Mission statement:
;
Ethics and Sustainability:
Nein
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