This study finds that greater asymmetric timeliness of earnings in reflecting good and bad news is associated with slower resolution of investor disagreement and uncertainty at earnings announcements. These findings indicate that a potential cost of asymmetric timeliness is added complexity from requiring investors to disaggregate earnings into good and bad news components to assess the implications of the earnings announcement for their investment decisions.
Real estate private equity (REPE) funds are often differentiated by risk class: core, value-added, or opportunistic. Fund class is used by investors and managers to allocate funds and to describe investment policies. In this paper, we use REPE fund cash flow data from Burgiss that allow us to calculate a variety of performance metrics. For a subset of the data, we also observe characteristics of underlying fund holdings. Despite evidence that Value-Added and Opportunistic funds differ in investment composition, we show that class does not do a good job of predicting differences in performance. Unsurprisingly, greater investment in development (as assessed ex post), predicts poor performance for funds raised just before the Great Recession.
Please join us for the 13th Annual Alternative Investments Conference on May 12, 2022 hosted by the Institute for Private Capital. Since 2008, the Alternative Investments Conference has served as a forum for private equity, hedge fund, venture capital and other alternative asset professionals to network, share ideas and stay abreast of industry trends.
The Institute for Private Capital improves public understanding of the role of private capital in the global economy. Academic and industry experts work together to generate new knowledge about private capital markets based on objective academic research.
We study whether asset-class risk dynamics can help explain the predominantly negative stock-bond return relation and movements in the term-structure's slope over 1997-2011.
With the belief that private enterprise is the cornerstone of every free and prosperous society, the nonpartisan Frank Hawkins Kenan Institute of Private Enterprise develops and promotes innovative, market-based solutions to vital economic issues facing business today. Hear from Prof. Greg Brown, the institute’s executive director, about our work to foster the entrepreneurial spirit, stimulate economic growth and improve the lives of people everywhere in the video above, and visit www.kenaninstitute.unc.edu to learn more about how you can get involved.
On October 14, 2016, the Frank Hawkins Kenan Institute of Private Enterprise at the University of North Carolina Kenan-Flagler Business School hosted a conference titled What’s Next, America. Convened fewer than four weeks prior to the presidential election, the objective of the forum was to allow influential business leaders, academics and policy makers to examine issues critical to the U.S. economy now and in the future. The conference offered actionable solutions to the most important economic issues facing the next administration.
The availability of high quality and “clean” data documenting historical individual stock performance has had a profound impact on financial economics and the financial‐services industry.
This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. For North American funds, our results echo recent research findings: buyout funds have outperformed public equities over long periods of time; in contrast, venture funds saw performance fall after spectacular results for vintages in the 1990s. For funds outside North America, buyout funds show performance similar to those in North America while venture fund performance is weaker than in North America. Venture samples outside North America are, however, relatively small and strong conclusions await further research. The similarity of performance estimates across the data sets strengthens confidence in conclusions about the results of private equity investing.
UNC’s Kenan Institute of Private Enterprise and the Duke University Innovation and Entrepreneurship (I&E) initiative have embarked on a joint initiative to build a data repository to facilitate empirical research in entrepreneurship.
Developing measures to improve the traceability of contaminated food products across the supply chain is one of the key provisions of the 2011 FDA Food Safety Modernization Act (FSMA). In the event of a recall, FSMA requires companies to provide information about their immediate suppliers and customers—what is referred to as “one step forward” and “one step backward” traceability.
Private equity funds hold assets that are hard to value. Managers may have an incentive to distort reported valuations if these are used by investors to decide on commitments to subsequent funds managed by the same firm.
In the U.S. automobile industry, manufacturers distribute products through dealers and rental agencies. To mediate direct competition between the two intermediaries, manufacturers adopted buyback programs to repurchase used rental cars from rental agencies and redistribute them through dealers.
This research utilizes data from the World Bank Investment Climate Survey to examine the use of external capital for almost 70,000 small and medium-sized firms in 103 developing and developed countries.
In its original conception the Kerr Tar Hub was broadly envisioned as a tech-intensive, locally driven regional park potentially providing a wide variety of infrastructure and service offerings intended to attract and support the location of emergent firms from within selected RTRP targeted industries.
An influential group of private sector leaders, university administrators, and government officials gathered at the Raleigh Convention Center on March 1st to craft actionable strategies to help the Research Triangle region attract and retain “C-Suite” talent to emerging high-growth companies in North Carolina.
This case study describes the entrepreneurial ecosystem in Durham, North Carolina – the people and organizations primarily located downtown who embrace this mission.
On March 1-2, approximately 1,000 people convened at the William and Ida Friday Center for Continuing Education in Chapel Hill for the fourth annual UNC Clean Tech Summit. Themes of the 2017 summit included clean energy, food, innovation, and water and energy.
“Entrepreneurship as a field is remarkably multidisciplinary,” said Paige Ouimet, an associate professor of finance at the University of North Carolina-Chapel Hill’s Kenan-Flagler Business School. “I think we all know this. Just look around the room.”