Our Research Strategy
At IPC, data, research and education improve understanding of the role of private capital in the global economy. An essential first step for generating quality research is access to reliable data. Thus, our top priority is making research-quality data sources widely available to academic researchers.
Access to data on private investments presents challenges, including confidentiality concerns, the proprietary nature of many datasets, and the diffuse nature of private investments. However, we believe that these challenges are best addressed by a deliberate systematic approach through a combined academic effort. In many cases, data owners welcome the benefits derived from confidential analysis of their data by objective academic researchers.
IPC currently focuses on three research areas:
Hedge Funds as Investors of Last Resort?
Hedge funds have become important investors in public companies raising equity privately. More
Within-Bank Transmission of Real Estate Shocks
We estimate the reaction of banks to capital losses induced by reductions in real estate prices. More
Hedge Fund Activists: Do They Take Cues from Institutional Exit?
This paper investigates the role of institutional trading in the emergence of hedge fund activism – an important governance device associated with large improvements in the performance and governance of target firms. More
Commercial Real Estate Data: Towards Parity with Other Asset Classes
Commercial real estate (CRE) lags behind other major asset classes in terms of data availability and transparency. More
CEO Compensation and Real Estate Prices: Are CEOs Paid for Pure Luck?
We study the sensitivity of CEO compensation to luck using real estate prices to differentiate changes in compensation due to pure luck from changes in compensation due to reactions to lucky events. More
Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?
This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). More
How Do Private Equity Investments Perform Compared to Public Equity?
The merits of investing in private versus public equity have generated considerable debate, often fueled by concerns about data quality. More
Asset-level Risk and Return in Real Estate Investments
Relatively little is known in the academic literature about the idiosyncratic returns of individual real estate investments, though quite a few commercial properties command prices commensu- rate with the market values of small publicly traded companies. More
Real Estate as a Luxury Good: Non-Resident Demand and Property Prices in Paris
This paper examines how the international demand for luxury consumption affects the real estate market in global hotspots. More
What Do Different Commercial Data Sets Tell Us About Private Equity Performance?
This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. More