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Buy low, sell high? Do private equity fund managers have market timing abilities?

Abstract:

When investors commit capital to a private equity fund, the money is not immediately invested but is called by the fund manager throughout an investment period of up to five years. The private equity business model allows fund managers to invest and divest the committed capital during the fund's lifetime at their own discretion, which gives them the flexibility to time the markets. Based on 7,591 private equity deals, which are benchmarked against 14,390 M&A transaction multiples, we find evi...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1016/j.jbankfin.2022.106424

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Institution:
University of Oxford
Division:
SSD
Department:
Saïd Business School
Role:
Author
More by this author
Institution:
University of Oxford
Division:
SSD
Department:
Law
Sub department:
Law Faculty
Oxford college:
Linacre College
Role:
Author
ORCID:
0000-0001-5728-7012
Publisher:
Elsevier Publisher's website
Journal:
Journal of Banking and Finance Journal website
Volume:
138
Article number:
106424
Publication date:
2022-01-31
Acceptance date:
2022-01-23
DOI:
ISSN:
0378-4266
Language:
English
Keywords:
Pubs id:
1243703
Local pid:
pubs:1243703
Deposit date:
2022-07-20

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