The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Private Equity Performance: Returns, Persistence, and Capital Flows
Open accessAbstract
This paper investigates the performance and capital inflows of private equity partnerships. Average fund returns (net of fees) approximately equal the S&P 500 although substantial heterogeneity across funds exists. Returns persist strongly across subsequent funds of a partnership. Better performing partnerships are more likely to raise follow‐on funds and larger funds. This relationship is concave, so top performing partnerships grow proportionally less than average performers. At the industry level, market entry and fund performance are procyclical; however, established funds are less sensitive to cycles than new entrants. Several of these results differ markedly from those for mutual funds.
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Citations
Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430
Cited by
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430
Barber, B. M., Morse, A., & Yasuda, A. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2020.07.008 · Cited by 728
Scale and skill in active management
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.11.008 · Cited by 547
Venture capital investment cycles: The impact of public markets
Gompers, P., Kovner, A., Lerner, J., & Scharfstein, D. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.12.002 · Cited by 554
The Importance of Trust for Investment: Evidence from Venture Capital
Bottazzi, L., Da Rin, M., & Hellmann, T. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhw023 · Cited by 423
Metadata
- Authors
- KAPLAN, S. N., & SCHOAR, A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2005-08
- Volume
- 60
- Issue
- 4
- Pages
- 1791-1823
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2889570252
- Cited by
- 1,946
- References
- 2
- FWCI
- 267.55
- Type
- journal article
- Language
- en
- Open access
- bronze
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- KAPLAN, S. N., & SCHOAR, A. (2005). Private Equity Performance: Returns, Persistence, and Capital Flows. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00780.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
