Musatova M. M., Lugacheva L.I.Published in:
Creative Economy
– Volume 12, Number 12 (December 2018)

JEL classification: C10, C19, G34

Keywords: analysis of foreign approaches, econometric modeling, institutional features, private equity funds (PEF), their types


Share:

Abstract:

The article examines the foreign approaches that have taken shape in recent decades to econometric modeling of private equity funds (PEF), reflecting the impact of institutions on the performance of captive funds, economic aspects and performance of various segments of the PE industry (private equity), specification of contracts and their implementation in funds direct private investment. A critical analysis of these approaches seems undoubtedly relevant against the backdrop of the emerging recovery of the PE industry in Russia. The foreign experience of empirical and econometric modeling of the institutional characteristics of the PE market can be useful for attracting professional expats and domestic managers to the Russian PE industry. Its results are analyzed in order to adapt them for the Russian PE market.

---

References:
Agrawal V., Daniel N., Naik N. (2009). Role of managerial incentives and discretion in hedge fund performance Journal of Finance. (64). 2221-2256.
Chung J.-W., Sensoy B.A., Stern L., Weisbach M.S. (2012). Pay for performance from future fund flows: The case of private equity Review of Financial Studies. (25). 3259.
Cochrane J. (2005). The Risk and Return of Venture Capital Journal of Financial Economics. (75). 3-52.
Conner A. (2005). The Economic Value of Terms and Conditions: What Is Worth Fighting For? Journal of Private Equity. (8). 64-72.
Drucker S., Puri. M. (2005). On the benefits of concurrent lending and underwriting Journal of Finance. (60). 2763-2799.
Fama E.F., French K. R. (2010). Luck versus skill in the cross-section of mutual fund returns Journal of Finance. (65). 1915-1947.
Fang L., Ivashina V., Lerner J. (2013). Combining Banking with Private Equity Investing Review of Financial Studies. 26 (9). 2140-2173.
Gompers P., Lerner J. (1999). An Analysis of Compensation in the U.S. Venture Capital Partnership Journal of Financial Economics. (51). 3-44.
Gompers P., Lerner J. (2000). Money chasing deals? The impact of funds inflows on the valuation of private equity investments Journal of Financial Economics. (55). 281-325.
Hellmann T., Lindsay L., Puri M. (2008). Building relationships early: Banks in venture capital Review of Financial Studies. (21). 513-541.
Ivashina V., Sun Z. (2011). Institutional demand pressure and the cost of leveraged loans Journal of Financial Economics. (99). 500-522.
James C., Weir P. (1990). Borrowing relationships, intermediation and the cost of issuing public securities Journal of Financial Economics. (28). 149-171.
Kaplan S., Strömberg P. (2009). Leveraged buyouts and private equity Journal of Economic Perspectives. (23). 121-146.
Khorana A., Servaes H., Wedge L. (2007). Portfolio manager ownership and fund performance Journal of Financial Economics. (85). 179-204.
Litvak K. (2009). Venture Capital Limited Partnership Agreements: Understanding Compensation Arrangements University of Chicago Law Review. (76). 161-218.
Metrick A., Yasuda A. (2010). The Economics of Private Equity Funds Review of Financial Studies. 23 (6). 2303-2341.
Phalippou L., Gottschalg O. (2009). Performance of Private Equity Funds Review of Financial Studies. (22). 1741-1776.
Robinson D.T., Sensoy B.A. (2013). Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership and Cash Flow Performance Review of Financial Studies. 26 (11). 2760-2797.
Обзор рынка прямых и венчурных инвестиций в России I полугодие 2018 годаRvca.ru. (in Russian). Retrieved October 21, 2018, from http://www.rvca.ru/rus/resource/library/rvca-yearbook
Чубайс А. Технологическое предпринимательство и глобальные технологические тренды. Открытая лекцияRusnano.com. Retrieved May 04, 2018, from http://www.rusnano.com/about/press-centre/first-person/20160411-fiop-otkrytaya-lektsiya-chubaisa