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Costly external finance, corporate investment, and the subprime mortgage credit crisis
We study the effect of the recent financial crisis on corporate investment. The crisis represents an unexplored negative shock to the supply of external finance for non-financial firms. CorporateExpand
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Pay for Performance from Future Fund Flows: The Case of Private Equity
Lifetime incomes of private equity general partners are affected by their current funds’ performance through both carried interest profit sharing provisions, and also by the effect of the currentExpand
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Performance Evaluation and Self-Designated Benchmark Indexes in the Mutual Fund Industry
Almost one-third of actively managed, diversified U.S. equity mutual funds specify a size and value/growth benchmark index in the fund prospectus that does not match the fund's actual style.Expand
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Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies
We study how firm characteristics evolve from early business plan to initial public offering (IPO) to public company for 50 venture capital (VC)-financed companies. Firm business lines remainExpand
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Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity
We study the liquidity properties of private equity cash flows using data from 837 buyout and venture capital funds from 1984 to 2010. Most cash flow variation at a point in time is diversifiable —Expand
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Club Deals in Leveraged Buyouts
We analyze the pricing and characteristics of club deal leveraged buyouts (LBOs)--those in which two or more private equity partnerships jointly conduct an LBO. Using a comprehensive sample ofExpand
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Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance
Using a new database of the compensation terms, ownership structures (capital commitments), and quarterly cash flows for a large sample of buyout and venture capital private equity funds fromExpand
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Investor Abilities and Financial Contracting: Evidence from Venture Capital
Using a large, new database of contractual provisions governing the allocation of cash flow rights in venture capital (VC) financings, we investigate how contract design is related to VC abilities toExpand
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Limited Partner Performance and the Maturing of the Private Equity Industry
We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991Expand
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The Effects of Stock Lending on Security Prices: an Experiment
Working with a sizeable, anonymous money manager, we randomly make available for lending two-thirds of the high-loan fee stocks in the manager's portfolio and withhold the other third to produce anExpand
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