Ayako Yasuda’s research while affiliated with Keller Graduate School of Management and other places

... To illustrate how portfolio companies' information is reflected in PE funds' reports to LPs, consider a relatable example: investors' investment in mutual funds (which are not PE funds). Whereas mutual funds generally invest in publicly traded securities, mutual fund investments in private entities are growing (e.g., Cederburg and Stoughton 2018; Kwon, Lowry, and Qian 2020;Agarwal, Barber, Cheng, Hameed, and Yasuda 2023). The mutual fund reports the fair values of its underlying investments, including any investments in private entities, but never provides detailed financial statements for the mutual fund's underlying portfolio companies. ...

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Understanding Private Equity Funds: A Guide to Private Equity Research in Accounting

... If we view the exclusions in our sample as the "worst offenders," it means the cost of capital of these firms is in the region of five percent higher than the norm. While this seems like a high number, we do note that it is similar to the ESG premium found by Barber et al. (2021) in a sample of venture capital deals, which identified a difference in the internal rate of return linked to the ESG properties of the VC firm. ...

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The Expected Returns of ESG Excluded Stocks. The Case of Exclusions from Norway's Oil Fund

... Relevant literature shows a variety of valuation methods. There are many absolute valuation methods, such as absolute valuation, relative valuation, PE [2] , PS, PB [3] , etc. Quantification takes the form of net fund unit value, PCA-GA-BP neural network [4] [5] , Wavelet decomposition ARMA-GARCH model [6] , GARCH-VAR model [7] , POT [8] [9] and other methods to carry out fund valuation and analysis. ...

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Valuation analysis of fund net unit value based on H-P filter and Tobit model -- Take a sample of 2430 from ten funds

... However, hybrid organizations may struggle to attract investment given conventional capital allocation practices that optimize only either financial returns (via traditional investing) or social welfare benefits (via charitable giving) (Nilsson and Robinson, 2017). A new practice of "impact investing" specifically seeks to support hybrid organizations by constructing investment portfolios to jointly optimize financial and social outcomes (Barber, Morse, and Yasuda, 2018;Hong and Kostovetsky, 2012). 1 In principle, the emergence of impact investing should help hybrid organizations, which share these joint objectives, to attract greater investment. 1 As defined by the Global Impact Investing Network (GIIN), "impact investments are investments made in companies, organizations and funds with the intention to generate social and environmental impact alongside a financial return." The Global Sustainable Investment Alliance (2016) estimates the total assets invested as "socially responsible investing" (SRI) at $22.9 trillion globally. ...

Reference:

Categorical Cognition and Outcome Efficiency in Impact Investing Decisions

... Stock markets have garnered considerable attention in the literature due to their role in facilitating exit for successful VC-backed firms, typically through initial public offerings (IPOs). Additionally, they enhance the reputation of VC finance, instill confidence in VC investors and increase the likelihood of a favorable return on investment (Barber & Yasuda, 2017;Black & Gilson, 1998;Gompers & Lerner, 1998). Black &Gilson (1998) attributed the IPO-VC funding relationship to the notion that stock markets provide VC investors with a viable exit mechanism and allows the entrepreneur to regain control after the VC investor has exited through the IPO. ...

Reference:

The interplay of institutional quality and financial development in venture capital fundraising