Diversification and Fund Performance-An Analysis of Buyout Funds

被引：1

作者：

Huss, Matthias ^{[1
,2
,3
]}

Steger, Daniel ^{[4
]}

机构：

[1] Univ Basel, Fac Business & Econ, Peter Merian Weg 6, CH-4002 Basel, Switzerland

[2] Univ Zurich, Informat & Sustainabil Res Grp, CH-8050 Zurich, Switzerland

[3] Swiss Fed Inst Technol, Ctr Comparat & Int Studies, CH-8006 Zurich, Switzerland

[4] de Pury Pictet Turrettini & Cie SA, Niederdorfstr 88, CH-8001 Zurich, Switzerland

来源：

JOURNAL OF RISK AND FINANCIAL MANAGEMENT | 2020年 / 13卷 / 06期

关键词：

performance; buyout funds; diversification; systematic risk; VALUE CREATION; PRIVATE; RETURNS; INFLOWS;

D O I：

10.3390/jrfm13060136

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the relationship between portfolio diversification and fund performance, based on an unexplored, hand-collected dataset of buyout funds. The dataset comprises detailed information at the level of portfolio companies, which allows measuring the concentration of the fund portfolios towards individual companies, industrial, and geographical focus. Our results suggest that diversification within, but not across industries, associates with higher buyout fund performance. We do not find a significant relationship between geographical diversification and performance. These results partly contradict results documented in prior literature.

引用

页数：16

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