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On the performance of private equity investments: does market timing

Authors:

This paper investigates the market timing abilities of private equity fund managers using a unique set of cash-flow data. We show that investment timing has an impact on the perform- ance of venture-capital funds. However, divestment timing has no such impact on returns. For buyout funds we reveal that performance is not driven by market timing but is significant- ly related to the experience of the individual fund manager. Thus, for successful investing into mature companies, getting access to better deal flow and managing the investment affect the resulting success. Our results complement recent findings on the performance of private equity funds.

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April 2011 · South East European Journal of Economics and Business

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June 2014 · SSRN Electronic Journal

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October 2003 · SSRN Electronic Journal

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October 2015 · European Financial Management

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This work evaluates the performance of Brazilian investment funds vis-à-vis their market timing, in other words, their capacity to preempt differences in the return on shares relative to a fi xed income asset. Parametric and non-parametric tests (as developed by Henriksson and Merton) were used for analyzing the performance of 243 funds for the period between September 1998 and October 2003. ... [Show full abstract] Evidence was found of the market timing skills of a minority of fund managers, a result that is apparently due to their greater facility for forecasting any large differences in return between the share market and the risk-free interest rate.

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Fund flows, derivative use and the market timing performance of fund managers

January 1970

Acknowledgments: The authors would like to thank,Effie Tsiaousis for aiding in data collection. Data on managed,funds is provided ,by Morningstar ,Direct. This research was ,funded by the ,Sydney Futures Exchange under Corporations Regulation 7.5.88(2). ,2

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Performance measurement in private equity

March 2017

Oliver Gottschalg

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September 2018 · Business Ethics A European Review

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