Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increa...Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds＇ （PEFs） performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares （GLS） technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that： （1） Fund size and industrial specialization were observed to have an insignificant influence on the funds＇ returns in our panels; （2） Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and （3） Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds＇ returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.展开更多
The ability of fund asset allocation is an important factor of influence the fund performance. Choose stock funds, starting from the stock fund investment strategy, different investment strategies have their respectiv...The ability of fund asset allocation is an important factor of influence the fund performance. Choose stock funds, starting from the stock fund investment strategy, different investment strategies have their respective asset allocation. For fund asset allocation ability, this paper chose different performance indicators, through the method of comparison between group and group, listed stock funds of our country classification in K - W single factor ANOVA. At the same time, according to the result of test, analyze the causes affect the ability of the fund asset allocation, and gives the corresponding investment advice.展开更多
文摘Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds＇ （PEFs） performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares （GLS） technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that： （1） Fund size and industrial specialization were observed to have an insignificant influence on the funds＇ returns in our panels; （2） Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and （3） Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds＇ returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.
文摘The ability of fund asset allocation is an important factor of influence the fund performance. Choose stock funds, starting from the stock fund investment strategy, different investment strategies have their respective asset allocation. For fund asset allocation ability, this paper chose different performance indicators, through the method of comparison between group and group, listed stock funds of our country classification in K - W single factor ANOVA. At the same time, according to the result of test, analyze the causes affect the ability of the fund asset allocation, and gives the corresponding investment advice.
