Essays on the Determinants of Private Investment
| Author | : Monica Escaleras |
| Publisher | : |
| Total Pages | : 148 |
| Release | : 2003 |
| Genre | : Individual investors |
| ISBN | : |
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Essays on Investing in Private Equity
| Author | : Adrian Oberli |
| Publisher | : |
| Total Pages | : |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
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This thesis deals with practical issues when investing in private equity. The first essay offers investors a strategy how to recommit to achieve their desired allocation to the asset class. Recommitments are advised to be composed of 1) distributions and 2) commitments that are not expected to be called anymore, both weighted by the inverse of the actual investment degree, and 3) the amount necessary to rebalance the asset classes to the strategic asset allocation. Historical simulations show that investment degrees in the range of 0.7 to 0.8 can be attained. The second essay addresses the selection of individual funds and discusses whether past top-quarter performance can be seen as an indication of future outperformance and whether investing in outperforming GPs can be implemented in practice? Empirical evidence on private equity return persistence shows mixed results. Further, implementing an approach based on past performance is difficult as subsequent funds are raised before previous funds' performance can be accurately measured. In the end, a holistic due diligence process might offer the best insights on the factors that in the end determine success or failure of managers and give investors the best indication to find top quartile GPs. The third essay deals with the fact that investors not only try to choose the best performing GPs, but also try to diversify their investments geographically. As investors are increasingly interested in emerging markets, the essay examines the determinants of private equity market activity and shows the differences of drivers in Asia compared to developed markets. Exit opportunities and the amount of credit provided by the banking sector are strong drivers. Unlike in developed markets, emerging markets are negatively impacted by the amount of credit provided by the banking sector. Funding of transactions may stand in direct competition with banks, explaining the negative relationship with.
Essays on Listed Private Equity as an Investment Opportunity
| Author | : Simone Hollenwäger |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
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This dissertation project examines risk-return characteristics and valuation aspects of listed private equity (LPE). The main body of empirical research is supplemented by a preceding introductory part and by a subsequent conclusion and implications part. The first essay examines the performance of a global sample of LPE vehicles under different market regimes such as the economic crisis. I conduct the analysis by studying the market price and the net asset value (NAV) return of LPE compared to stock, bond and private equity markets. In order to understand the drivers of LPE performance, fund-specific attributes, macroeconomic and stock market factors are tested for both price and NAV returns. I find pro-cyclicality with public benchmarks during dipping markets and a strong influence of the fund flow towards the private equity industry and a high dependency on the borrowing costs to fund portfolio investments. The second essay examines the determinants of premia to NAV for LPE vehicles. Valuation determinants of traditional private equity and closed-end funds are tested to explain the persistent discount in LPE of 18.13%. I emphasize the analysis of drivers during crisis and the information content of historical premia as well as NAV returns. I find evidence that both traditional and behavioral finance factors from both valuation fields of private equity and closed-end funds determine premia. Sentiment, as a driving factor is of weaker influence during crisis time than expected. Investors form their opinion about management skills based on past NAV returns and exhibit rational expectations of future performance based on past premia. As the results suggest, this learning ability is diminished if the information content of the historical performance declines during crisis. The third essay analyzes the potential benefits of listed private equity in a pension fund's portfolio when confronted with investment constraints. Due to LPE's.
Essays on Value Creation and Its Determinants in Private Equity
| Author | : Benjamin Puche |
| Publisher | : |
| Total Pages | : |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
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Essays on the Determinants of Investment Spending
| Author | : Cigdem Kurdas |
| Publisher | : |
| Total Pages | : 364 |
| Release | : 1990 |
| Genre | : |
| ISBN | : |
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Essays on Public Investment. Private Investment and Foriegn Investments
| Author | : Miesha Williams |
| Publisher | : |
| Total Pages | : 76 |
| Release | : 2014 |
| Genre | : Electronic dissertations |
| ISBN | : |
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Economies have three investors: public investors, private investors and the foreign investors. This dissertation examines the response of each investor to economic shocks in the United States (US). Chapter 1 employs an over-identified, structural vector auto-regression (SVAR), examining the effects of gross, fixed government investment on private sector employment, consumption, and fixed nonresidential investment. An increase in government fixed investment likely causes a decrease in private sector economic activity. Government defense investment appears as the primary non-stimulant. Specifically, a one standard deviation shock to total government investment permanently increases government investment by 2.5%, and permanently reduces private sector investment by 1% by 5 quarters later. A one standard deviation shock to government defense investment, however, increases defense investments by 5% and permanently reduces private sector employment and investment. The final chapter examines the effect of a one standard deviation shock to exchange rates, inflation and interest rates on inflows of foreign direct investment (FDI) and sales of US securities abroad. We use two sets of 4-variable, over-identified SVAR's: one for FDI and one for securities. A one standard deviation shock to inflation reduces foreign direct investment inflows, but a positive shock to the interest rate reduces purchases of US securities. Shocks to FDI are independent of exchange rate shocks, securities may be indirectly affected by exchange rate shocks (although, they are directly affected by exchange rate shocks), and shocks to inflows lead to an appreciation in the dollar. Our results are stronger when we control for structural breaks in the data. Finally, our empirical model helps to explain the unusually large of FDI inflow from 1979:4 to 1982:3.
Essays on Private Equity and Mutual Funds
| Author | : Maurice McCourt |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
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Investment manager skill is one of the most researched topics in finance, so readers may wonder why there are still theses such as this one which launches three new Essays on the topic. There are two parts to the answer. The first part lies in the fact that the issue is an extremely important one for many people, organizations, and even governments, at all levels of society and in all corners of the globe. The second part of the answer lies in the fact that, despite intensive research going back 50 years at least, investment manager skill is not yet a well understood phenomenon. Taken together, these Essays contribute to various streams of the investment management literature by taking a fresh look at skill in asset classes where it is difficult to measure (private equity), or where the topic has not previously been studied in depth (mutual fund families). These Essays also contain useful information for practitioners and investors. By identifying at least some determinants of skill, practitioners can get a sense of the behaviors which add to (or subtract from) the value of their funds. By quantifying and locating skill in different type of funds, the papers' findings can also aid investors to focus their search for skill, and at least increase the probability of finding a skilled fund manager.
Three Essays on Public-private Partnerships and Population Health
| Author | : Mohammad Taslim Uddin |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
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This dissertation consists of three essays. The first essay explores the determinants of public-private partnerships (PPPs) in developing countries, focusing on the International Development Association (IDA) status of a country. While IDA status is negatively associated with PPPs, GDP per capita, economic growth, market size and inflation are all positively related with them. While, volatile exchange rates discourage risk-averse investors, economic freedom and foreign aid encourage them to participate in PPPs. As opposed to crisis-ridden countries, fuel exporting countries are less inclined toward PPPs. Finally, although the years of PPP experience initially attract more PPPs, further experiences are proving to be frustrating and discouraging of future PPPs. Overall, the findings suggest that PPPs are being used to conceal public borrowing while in effect providing a long-term state guarantee of corporate profits. The second paper investigates the factors contributing to the success of PPP projects in the South Asian region (SAR), with a focus on project and contract attributes. Results suggest that projects in the information and communication technology sector and transport sector are at greater risks of failure than in the energy sector is, and that a greater share of risks and responsibilities borne by the private sector will positively affect project outcomes. As expected, price instability reduces the likelihood of success, while development assistance increases it. In terms of achieving success, small projects are more effective than large ones, and local governments are found to be more efficient than national governments. Finally, the results demonstrate that effectively balancing quality regulation and investment freedom is instrumental to PPP success. Using a panel data on SAR over the period 1972-2017, the third essay addresses the research question: "Does improved health help to catalyse economic growth?" The findings reveal that life expectancy and other health indicators are positively associated with economic growth. Accordingly, relevant macroeconomic variables, such as investments, foster economic growth directly and also indirectly by promoting improvements in health outcomes in South Asian countries.
Essays in Private Capital
| Author | : Vrinda Mittal |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2023 |
| Genre | : |
| ISBN | : |
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These results get stronger post the financial crisis, when underfunded positions and their subsequent investments in private equity increased. The paper shows that traditionally positive post buyout efficiency results turn negative in recent years, as marginal investors matching with marginal private equity funds pull down the average. The most underfunded pensions also realize lower total private equity returns relative to the least underfunded ones. These results suggest possibility of a ``funding doom loop" as currently public pensions use assumed return on assets to calculate liabilities. The second essay titled ``Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate" focuses on work from home with the onset of the COVID-19 pandemic and its effect on residential real estate prices across the U.S. We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas.
Essays on Firm Behaviors and Performance Under Information Asymmetry and Uncertainty
| Author | : HoWook Shin |
| Publisher | : |
| Total Pages | : 236 |
| Release | : 2016 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : |
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This dissertation consists of three essays exploring firm behaviors and performance under information asymmetry and uncertainty. While the first two essays examine investment in firms and divestment by firms respectively by depending on real options theory, the final essay investigates determinants of performance of microenterprises receiving microfinance funds. In the first essay (Chapter 1), I examine the determinants of private investments in firms newly going public through reverse mergers (RMs). Using real options theory, I argue that reverse merger firms (i.e., firms going public through reverse merger) with institutional and industrial backgrounds, indicating a wider distribution of potential future values, will attract larger investments. I further examine how an institutional change reducing the cost of initial public offerings (IPOs), which is the more lucrative alternative to the reverse merger, affects investment in reverse merger firms. I thus argue that the influence of those backgrounds on the investment size in RM firms will be weaker. Using data of reverse mergers in the United States from 2009 to 2014, I found empirical support for my arguments. My second essay (Chapter 2) explores the determinants of foreign subsidiary divestment by multinational corporations (MNCs). I argue that MNCs with higher operational flexibility and/or cultural diversity will be less likely to divest their foreign subsidiaries even if those subsidiaries confront host country economic downturn. Using a panel data of 511 Korean MNCs and event history analysis, I found empirical support for our arguments. In my third essay (Chapter 3), I investigate the determinants of performance improvement of microenterprises receiving microfinance funds. I argue that damage from a natural disaster that increases a microenterprise’s risks of going out of business will provide entrepreneurs with self-control incentives to use microfinance funds effectively. Thus, the entrepreneurs’ self-control incentives will be positively associated with microenterprises’ post-funding performance improvement. I also contend that cash is more effective than in-kind funds in improving microenterprise performance by generating fewer moral hazards. Using a sample of Sri Lankan microenterprises that experienced a tsunami and difference-in-difference estimations, I found empirical support for my arguments.
