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Cited by 484

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?

Open access
Moskowitz, Tobias, Vissing-Jorgensen, Annette·2002·National Bureau of Economic Research
DOI 10.3386/w8876
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Abstract

We document the return to investing in U.S. nonpublicly traded equity.Entrepreneurial investment is extremely concentrated, yet despite its poor diversification, we find that the returns to private equity are no higher than the returns to public equity.Given the large public equity premium, it is puzzling why households willingly invest substantial amounts in a single privately held firm with a seemingly far worse risk-return tradeoff.We briefly discuss how large nonpecuniary benefits, a preference for skewness, or overestimates of the probability of survival could potentially explain investment in private equity despite these findings.

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Metadata

Authors
Moskowitz, T., & Vissing-Jorgensen, A.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2002-04
DOI
10.3386/w8876
OpenAlex
W1989860952
Cited by
484
References
2
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle? https://app.cochat.ai/papers/10.3386/w8876
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Moskowitz, T., & Vissing-Jorgensen, A. (2002). The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle? National Bureau of Economic Research. https://doi.org/10.3386/w8876

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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