RT Journal Article
SR Electronic
T1 An Empirical Analysis of Investment Return Dispersion in Emerging Market Private Equity
JF The Journal of Private Equity
FD Institutional Investor Journals
SP 15
OP 24
DO 10.3905/jpe.2017.20.4.015
VO 20
IS 4
A1 Josh Lerner
A1 Mark Baker
YR 2017
UL https://pm-research.com/content/20/4/15.abstract
AB The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find evidence suggesting that the distribution of transaction-level TVPI has lower variance within EMs than within DMs, although with some caveats. The results suggest opportunities for further research exploring the relative riskiness of EM PE.TOPICS: Private equity, emerging, performance measurement, statistical methods