We consider a model where investors can invest directly or search for an asset manager,
information about assets is costly, and managers charge an endogenous fee. The efficiency …

As private equity's financial heft and influence on the business landscape has intensified, so
too has scholarly interest in the phenomenon. We review recent progress in private equity …

EVALUATING INVESTMENTS IN UNLISTED EQUITY FOR THE NORWEGIAN
GOVERNMENT PENSION FUND GLOBAL (GPFG)1 Page 1 1 EVALUATING …

We develop a dynamic portfolio choice model with illiquid alternative assets to analyze the
“endowment model,” widely adopted by institutional investors, such as pension funds …

We examine how small and medium‐sized enterprises (SMEs) may signal their quality and
growth orientation to the market and the effect on the cost of bond funding, which is often …

We describe observed variation in the reporting quality (ie, accuracy and bias of reported net
asset values) of private equity (PE) funds across fund attributes, types of external monitoring …

The central tension in securities regulation is between protecting investors and enabling
broad capital formation. Focusing on VC fund managers, we study key tools of investor …

This paper investigates the institutional investor allocations to real assets, private equity and
hedge funds. Institutional investors delegate 85 percent of the asset management of their …

Financial institutions enable people to shift resources across time and reach different
financial goals. Traditionally, people do business mainly with banks, but over time people …

We examine the costs of trading restrictions by exploiting an SEC rule change eliminating an
approximately 80-day restriction period in private placements for small issuers. Using a …