Private equity characteristics and performance: An analysis of North American venture capital and buyout funds

Autor:	Oliviero Roggi, Francesco Pagliai, Alessandro Giannozzi, Tommaso Baglioni
Rok vydání:	2019
Předmět:	Finance Vintage year Economics and Econometrics 050208 finance Private equity business.industry 0502 economics and business 05 social sciences Sample (statistics) Business 050207 economics Venture capital Empirical evidence
Zdroj:	Economic Notes. 48
ISSN:	1468-0300 0391-5026
DOI:	10.1111/ecno.12128
Popis:	The paper investigates the relationship between fund performance and fund characteristics of North American private equity (PE) funds, by analyzing the interactions of fund size, fund sequence, and past fund performance on traditional fund return measures. The empirical evidence is based on both linear and polynomial regressions, on a sample of 345 venture capital (VC) and 411 buyout (BO) funds with vintage year over the period 1995–2010. We document a concave relationship between fund size and performance, persistence in PE performance, as well as a convex relationship between fund sequence and performance. We suggest both the optimal fund size and the optimal fund sequence number. Economic implications for investors and general partners are discussed as well.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::06b1b5b987b9e9e8fe2985bda1c40412 https://doi.org/10.1111/ecno.12128 Zobrazit plný text záznamu