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McNair Center ProjectTO DO LIST-
Wiki w/title?Add stock ownership code to dataAnswer a question with multiple facets?Not necessarily regressionRework data so that it has groups for regional, trends over timeANN, underlying data, artifacts for presentationand OTC Link to PDF - http://www.nber.org/papers/w21181.pdf“lit review”Industry definitionsNotes-
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Stock and Flows of Publicly Traded Companies (Report) (view source)
Revision as of 13:23, 7 February 2017
, 13:23, 7 February 2017no edit summary
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Economist-
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.
Bloomberg View
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/
IPO historic underpricing
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt
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