Ownership Wealth And Risk Taking
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Ownership Wealth And Risk Taking
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Author : Carsten Bienz
language : en
Publisher:
Release Date : 2019
Ownership Wealth And Risk Taking written by Carsten Bienz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Portfolio management categories.
We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these predictions for a sample of PE funds in Norway, where the professionals' private wealth is public. Consistent with the model, firm risk decreases and leverage increases with the manager's ownership in the fund, but largely only when scaled with her wealth. Moreover, the higher the ownership, the smaller is each individual investment, increasing fund diversification. Our results suggest that wealth is of first order importance when designing incentive contracts requiring PE fund managers to coinvest.
The Performance Of Private Equity Funds
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Author : Ludovic Phalippou
language : en
Publisher:
Release Date : 2010
The Performance Of Private Equity Funds written by Ludovic Phalippou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
The performance of private equity funds as reported by industry associations and previous research is overstated. A large part of performance is driven by inflated accounting valuation of ongoing investments and we find a bias toward better performing funds in the data. We find an average net-of-fees fund performance of 3% per year below that of the Samp;P 500. Adjusting for risk brings the underperformance to 6% per year. We estimate fees to be 6% per year. We discuss several misleading aspects of performance reporting and some side benefits as a first step toward an explanation.
The Money Of Invention
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Author : Paul Alan Gompers
language : en
Publisher: Harvard Business Press
Release Date : 2001
The Money Of Invention written by Paul Alan Gompers and has been published by Harvard Business Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
When the economy was booming and dot-coms were flying high, venture capitalists were admired as impresarios of innovation. Then the market tanked, start-ups fizzled, and those same deal-makers were rebuked as predators out for a quick score. So which portrayal is accurate? Where is this much-hyped industry heading? And what will it mean for the future of innovation in the global economy? In this definitive book, industry experts Paul Gompers and Josh Lerner provide the first cool-headed explanation of the venture capital industry and the role it plays in our economy. They underscore that, regardless of the economic conditions, innovation is incredibly difficult to finance, take to market, and translate into value. While venture capital has evolved to address these problems-the industry has fueled innovation, economic growth, and wealth creation for decades-features of the venture industry have left it vulnerable to boom-and-bust cycles. In the near future, say the authors, the industry must transform dramatically, with important implications for industry players and the entrepreneurs and organizations they serve. Drawing from compelling research and industry "war stories," Gompers and Lerner present a series of practical frameworks for understanding the relationships among venture capital, innovation, and entrepreneurial success. They demystify how the venture capital world operates, and outline the opportunities and obstacles faced by all players in this evolving arena. They explore: · The problems entrepreneurs encounter in securing financing, and how the venture capital model can help innovators to resolve them · How venture capitalists can effectively pursue promising opportunities while building a sustainable franchise · How corporations, nonprofits, and government institutions can harness the power-and avoid the pitfalls-of the venture capital model when applying it in their own sectors Whether the industry is enjoying an incredible growth spurt or weathering an economic slowdown, readers will find this book an immensely practical guide to leveraging the venture capital model to turn innovation into value. Paul A. Gompersis a Professor of Business Administration and a Director of Research at Harvard Business School.Josh Lerneris a Professor of Business Administration at Harvard Business School. Both authors live in the Boston area.
Risk Taking In International Politics
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Author : Rose McDermott
language : en
Publisher: University of Michigan Press
Release Date : 2001
Risk Taking In International Politics written by Rose McDermott and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Political Science categories.
Discusses the way leaders deal with risk in making foreign policy decisions
The Founder S Dilemmas
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Author : Noam Wasserman
language : en
Publisher: Princeton University Press
Release Date : 2013-04
The Founder S Dilemmas written by Noam Wasserman and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04 with Business & Economics categories.
The Founder's Dilemmas examines how early decisions by entrepreneurs can make or break a startup and its team. Drawing on a decade of research, including quantitative data on almost ten thousand founders as well as inside stories of founders like Evan Williams of Twitter and Tim Westergren of Pandora, Noam Wasserman reveals the common pitfalls founders face and how to avoid them.
The Sage Handbook Of Family Business
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Author : Leif Melin
language : en
Publisher: SAGE
Release Date : 2013-11-15
The Sage Handbook Of Family Business written by Leif Melin and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-15 with Business & Economics categories.
The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.
Compensation And Organizational Performance
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Author : Luis R. Gomez-Mejia
language : en
Publisher: Routledge
Release Date : 2014-12-18
Compensation And Organizational Performance written by Luis R. Gomez-Mejia and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-18 with Business & Economics categories.
This up-to-date, research-oriented textbook focuses on the relationship between compensation systems and firm overall performance. In contrast to more traditional compensation texts, it provides a strategic perspective to compensation administration rather than a functional viewpoint. The text emphasizes the role of managerial pay, its importance, determinants, and impact on organizations. It analyzes recent topics in executive compensation, such as pay in high technology firms, managerial risk taking, rewards in family companies, and the link between compensation and social responsibility and ethical issues, among others. The authors provide a thorough and comprehensive review of the vast literatures relevant to compensation and revisit debates grounded in different theoretical perspectives. They provide insights from disciplines as diverse as management, economics, sociology, and psychology, and amplify previous discussions with the latest empirical findings on compensation, its dynamics, and its contribution to firm overall performance.
Economics Of Sovereign Wealth Funds
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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-09
Economics Of Sovereign Wealth Funds written by Mr.Udaibir S. Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-09 with Business & Economics categories.
The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.
Risk Profiling And Tolerance Insights For The Private Wealth Manager
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Author : Joachim Klement
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2018-05-01
Risk Profiling And Tolerance Insights For The Private Wealth Manager written by Joachim Klement and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-01 with Business & Economics categories.
If risk aversion and willingness to take on risk are driven by emotions and we as humans are bad at correctly identifying them, the finance profession has a serious challenge at hand—how to reliably identify the individual risk profile of a retail investor or high-net-worth individual. In this series of CFA Institute Research Foundation briefs, we have asked academics and practitioners to summarize the current state of knowledge about risk profiling in different key areas.
Are Ownership Structures Risk Wealth Constrained
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Author : Erik Strøjer Madsen
language : en
Publisher:
Release Date : 2002
Are Ownership Structures Risk Wealth Constrained written by Erik Strøjer Madsen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.