Venture capital funds: Flow-performance relationship and performance persistence

Journal of Banking and Finance

Volumn 34, Issue 3, 2010, Pages 568-577

  Phalippou, Ludovic ^a  

^a Business School   (Netherlands)

Author keywords

Investor sophistication; Performance; Performance persistence; Venture capital

Indexed keywords

EID: 74149090745     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2009.08.022     Document Type: Article

References (18)

1. Berk J., and Green R.C. Mutual fund flows and performance in rational markets. Journal of Political Economy 112 (2004) 1269-1295
2. Bongaerts D., and Charlier E. Private equity and regulatory capital. Journal of Banking and Finance 33 (2009) 1211-1220
3. Cochrane J. The risk and return of venture capital. Journal of Financial Economics 75 (2005) 3-52
4. Cumming D., and Sofia J. Regulatory harmonization and the development of private equity markets. Journal of Banking and Finance 31 (2007) 3218-3250
5. Cumming, D., Walz, U., forthcoming. Private equity returns and disclosure around the world. Journal of International Business Studies.
6. Driessen, J., Lin, T.C., Phalippou, L., 2009. Estimating the performance and risk exposure of private equity funds: A new methodology, Working Paper 14144, NBER.
7. Fung W., Hsieh D.A., Naik N.Y., and Ramadorai T. Hedge funds: Performance, risk and capital formation. Journal of Finance 63 (2007) 1777-1803
8. Glode, V., Green, R.C., 2008. Information spill-overs and performance persistence in private equity partnerships, Working paper, Carnegie Mellon University.
9. Greene W.H. Econometric analysis. fifth ed. (2003), Englewood Cliffs, Prentice-Hall
10. Hochberg, Y., Ljungqvist, A., Vissing-Jorgensen, A., 2008. On the interaction of private equity funds and their investors, Working paper, Northwestern University.
11. Huij J., and Verbeek M. Cross-sectional learning and short-run persistence in mutual fund performance. Journal of Banking and Finance 31 (2007) 973-997
12. Jones, C., Rhodes-Kropf, M., 2003. The price of diversifiable risk in venture capital and private equity, Working paper, Columbia University.
13. Kaplan S.N., and Schoar A. Private equity performance: Returns, persistence, and capital flows. Journal of Finance 60 (2005) 1791-1823
14. Krohmer P., Lauterbach R., and Calanog V. The bright and dark side of staging: Investment performance and the varying motivations of private equity firms. Journal of Banking and Finance 33 (2009) 1597-1609
15. Lerner J., Schoar A., and Wongsunwai W. Smart institutions, foolish choices? The limited partner performance puzzle. Journal of Finance 62 (2007) 731-764
16. Lerner J., Schoar A., and Wang J. Secret from the academy. Journal of Economic Perspectives 22 (2008) 207-222
17. Metrick, A., Yasuda, A., forthcoming. The economics of private equity funds. Review of Financial Studies.
18. Phalippou L., and Gottschalg O. The performance of private equity funds. Review of Financial Studies 22 (2009) 1747-1776