| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26755 |
| 来源ID | Working Paper 26755 |
| Can Investors Time Their Exposure to Private Equity? | |
| Gregory Brown; Robert S. Harris; Wendy Hu; Tim Jenkinson; Steven N. Kaplan; David T. Robinson | |
| 发表日期 | 2020-02-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w26755 |
| 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/584429 |
| 推荐引用方式 GB/T 7714 | Gregory Brown,Robert S. Harris,Wendy Hu,et al. Can Investors Time Their Exposure to Private Equity?. 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 | ||
| w26755.pdf（608KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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