Smart Institutions, Foolish Choices: The Limited Partner Performance Puzzle

By J. D. Villiers. 2007

409 citations recorded by the source corpus.

Subfields: Political Science and International Relations, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/a2564eb66e54a0264d3538511eba703a12360230

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Citations in the corpus

Cyclicality, performance measurement, and cash flow liquidity in private equity (2016, positive): “This would be consistent with Lerner, Schoar, and Wongsunwai (2007) as well as Sensoy, Wang, and Weisbach (2013), both of whom show that such access to the top venture groups in the 1990s was essentially limited to one class of investor, university endowments, who in turn experienced unusually good…”
Limited Partner Performance and the Maturing of the Private Equity Industry (2014, methodology): “We divide the full sample into two eight-year periods, the Lerner et al. (2007) sample period, 1991-1998, and the subsequent seven years,1999-2006, because we are interested in knowing how the relationship between GPs and LPs changed over time.”
Regulatory Harmonization and the Development of Private Equity Markets (2006, background): “As well, we control for the type of institutional investor, consistent with related work showing differences in incentives of different types of institutional investors that invest in private equity (Mayer et al., 2005; Lerner et al., 2005).”
Trade-Offs in Staying Close: Corporate Decision Making and Geographic Dispersion (2006, positive): “This finding is consistent with Lerner, Schoar, and Wong (2005) who find, in the context of private equity, that limited partners who get higher returns invest less in proximate funds.”
Venture Capital and Other Private Equity: A Survey (2011, positive): “Finally, Nahata (2008) proposes a new measure of VC reputation and shows it predicts performances of portfolio companies better than alternative measures.”
Risk-Adjusting the Returns to Venture Capital (2015, neutral): “Our approach also has implications for the risk and reward to entrepreneurs (Moskowitz and Vissing-Jorgensen 2002), and the performance of different types of limited partners (Lerner, Schoar, and Wongsunwai 2007) or general partners (Ewens and Rhodes-Kropf 2013) in private equity investments.”
Large Shareholders and Corporate Policies (2009, neutral): “…simply want to present some preliminary evidence on 23 Our findings regarding firm performance are related to a study of private equity investors by Lerner, Schoar, and Wong (2006), who find significant heterogeneity in IRRs across different types of limited partners, such as endowments,…”
Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments (2013, background): “…The fact that the state’s share of all out-of-state investments is larger than the state’s overall share indicates that Massachusetts PE funds receives a particularly large share of their out-of-state investments from LPs with more substantial biases towards their own states.”
Skill and Luck in Private Equity Performance (2017, neutral): “12The literature about this problem [dating back to Stein (1956) and Lindley (1962)] has developed a number of “shrinkage” methods that reduce the estimated dispersion in the fixed effects, under various assumptions, to isolate the dispersion that is due to actual cross-sectional differences.”