The liquidity cost of private equity investments: Evidence from secondary market transactions

被引：37

作者：

Nadauld, Taylor D. ^{[1
]}

Sensoy, Berk A. ^{[2
]}

Vorkink, Keith ^{[3
]}

Weisbach, Michael S. ^{[4
,5
]}

机构：

[1] Brigham Young Univ, Marriott Sch Business, 681 TNRB, Provo, UT 84602 USA

[2] Vanderbilt Univ, Owen Grad Sch Management, 401 21st Ave South, Nashville, TN 27009 USA

[3] Brigham Young Univ, Marriott Sch Business, 634 TNRB, Provo, UT 84602 USA

[4] Ohio State Univ, Dept Finance, Fisher Coll Business, Columbus, OH 43210 USA

[5] Natl Bur Econ, 1050 Massachusetts Ave, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2019年 / 132卷 / 03期

关键词：

Private equity; Secondary market for private equity funds; Liquidity; Transaction costs; LIMITED PARTNER PERFORMANCE; HEDGE FUNDS; RISK;

D O I：

10.1016/j.jfineco.2018.11.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outperform sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sellers and buyers suggest that the market is one in which relatively flexible buyers earn returns by supplying liquidity to investors wishing to exit. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：158 / 181

页数：24

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