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Limited partner performance and the maturing of the private equity industry

Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S. - 2013

We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period,...

Persistent link: https://www.econbiz.de/10009724586

Bank capital and lending relationships

Schwert, Michael - 2017

Persistent link: https://www.econbiz.de/10011772225

Bank capital and lending relationships

Schwert, Michael - 2017

Persistent link: https://www.econbiz.de/10011772353

Why did small business fintech lending dry up during march 2020?

Ben-David, Itzhak; Johnson, Mark J.; Stulz, René M. - 2021

With the onset of the COVID-19 crisis in March 2020, small business lending through fintech lenders collapsed. We explore the reasons for the market shutdown using detailed data about loan applications, offers, and take-up from a major small business fintech credit platform. We document that...

Persistent link: https://www.econbiz.de/10012816397

Investor abilities and financial contracting : evidence from venture capital

Bengtsson, Ola; Sensoy, Berk A. - 2009 - This draft: November 2009

Persistent link: https://www.econbiz.de/10003936368

Is the U.S. public corporation in trouble?

DeAngelo, Harry; Stulz, René M. - 2017

We examine the current state of the U.S. public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years...

Persistent link: https://www.econbiz.de/10011962211

Measuring institutional investors' skill from their investments in private equity

Cavagnaro, Daniel R.; Sensoy, Berk A.; Wang, Yingdi; … - 2018

Using a large sample of institutional investors' investments in private equity funds raised between 1991 and 2011, we estimate the extent to which investors' skill affects their returns. Bootstrap analyses show that the variance of actual performance is higher than would be expected by chance,...

Persistent link: https://www.econbiz.de/10011962225

Is sell-side research more valuable in bad times?

Loh, Roger K.; Stulz, René M. - 2013

Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts' tasks harder so it is unclear if analyst output is more valuable in bad times. We find that, in bad times, analyst...

Persistent link: https://www.econbiz.de/10010227721

Banks' internal capital markets and deposit rates

Ben-David, Itzhak; Palvia, Ajay; Spatt, Chester S. - 2016

risky banks, thereby creating market discipline. An alternative perspective is that market discipline is limited (e.g., due … to deposit insurance and/or enhanced capital regulation) and that internal demand for funding by banks determines rates … capitalization levels. In contrast, banks' loan growth has a causal effect on deposit rates: e.g., branches' deposit rates are …

Persistent link: https://www.econbiz.de/10011772352

Why does fast loan growth predict poor performance for banks?

Fahlenbrach, Rüdiger; Prilmeier, Robert; Stulz, René M. - 2016

From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three …-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three … high growth banks also have significantly higher crash risk over the three-year period. This poor performance is explained …

Persistent link: https://www.econbiz.de/10011516043