The Impact of the Economic Crisis on Listed Private Equity : An Empirical Analysis
ISSN
2364-0790
Type
conference paper
Date Issued
2014-11-14
Author(s)
Abstract
Volatility in international capital markets and the increasing uncertainty of investors during the global economic crisis called for new perspectives with regard to asset classes and their diversi-fication potential. Listed private equity (LPE) could serve the purpose of diversification and stabilization based on its dual nature of publicly traded stock and of a closed-end fund vehicle.
This paper aims to contribute to the knowledge about LPE risk and return characteristics and performance in particular during crisis time by examining the net asset value (NAV) and price return of global LPE vehicles over 13 years (2000-2013).
Consequently, the quarterly stock prices and net asset values per share are evaluated based on 13 explanatory factors. The sample covers different LPE styles and investment categories and was selected based on the member-ship in the LPX2 universe as well as based on liquidity and reliability criteria (LPX, 2014). Therefore, the drawn sample is representative for the global private equity community.
This paper aims to contribute to the knowledge about LPE risk and return characteristics and performance in particular during crisis time by examining the net asset value (NAV) and price return of global LPE vehicles over 13 years (2000-2013).
Consequently, the quarterly stock prices and net asset values per share are evaluated based on 13 explanatory factors. The sample covers different LPE styles and investment categories and was selected based on the member-ship in the LPX2 universe as well as based on liquidity and reliability criteria (LPX, 2014). Therefore, the drawn sample is representative for the global private equity community.
Language
English
Keywords
Listed Private Equity
Economic Crisis
Risk-/Return Characteristics
Global Private Equity
Stock Prices
Diversification
Volatility
NAV Returns
Stock market Performance
HSG Classification
contribution to scientific community
HSG Profile Area
SoM - Responsible Corporate Competitiveness (RoCC)
Refereed
Yes
Book title
Proceedings of the Symposium on Business and Economic in Times of Crisis, Proceedings of the Symposium on Business and Economics in Times of Crisis, Volume 2 (2014), 1-31, Lisbon, 2014
Publisher
Lupcon Center for Business Research
Publisher place
Lisbon
Volume
Volume 2 (2014)
Start page
1
End page
32
Pages
32
Event Title
Symposium on Business and Economic in Times of Crisis, Proceedings of the Symposium on Business and Economics in Times of Crisis, Volume 2 (2014), 1-31
Event Location
Lisbon, 2014
Subject(s)
Division(s)
Eprints ID
239956