Can investors time their exposure to private equity?
Publication
, Journal Article
Brown, G; Harris, R; Hu, W; Jenkinson, T; Kaplan, SN; Robinson, DT
Published in: Journal of Financial Economics
February 1, 2021
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.
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Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
February 1, 2021
Volume
139
Issue
2
Start / End Page
561 / 577
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
Citation
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MLA
NLM
Brown, G., Harris, R., Hu, W., Jenkinson, T., Kaplan, S. N., & Robinson, D. T. (2021). Can investors time their exposure to private equity? Journal of Financial Economics, 139(2), 561–577. https://doi.org/10.1016/j.jfineco.2020.08.014
Brown, G., R. Harris, W. Hu, T. Jenkinson, S. N. Kaplan, and D. T. Robinson. “Can investors time their exposure to private equity?” Journal of Financial Economics 139, no. 2 (February 1, 2021): 561–77. https://doi.org/10.1016/j.jfineco.2020.08.014.
Brown G, Harris R, Hu W, Jenkinson T, Kaplan SN, Robinson DT. Can investors time their exposure to private equity? Journal of Financial Economics. 2021 Feb 1;139(2):561–77.
Brown, G., et al. “Can investors time their exposure to private equity?” Journal of Financial Economics, vol. 139, no. 2, Feb. 2021, pp. 561–77. Scopus, doi:10.1016/j.jfineco.2020.08.014.
Brown G, Harris R, Hu W, Jenkinson T, Kaplan SN, Robinson DT. Can investors time their exposure to private equity? Journal of Financial Economics. 2021 Feb 1;139(2):561–577.
Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
February 1, 2021
Volume
139
Issue
2
Start / End Page
561 / 577
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics