Research

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:

Private Equity Real Estate Hedge Funds


Hedge Funds as Investors of Last Resort?

November 13, 2016
Working Paper

Hedge funds have become important investors in public companies raising equity privately. More

Within-Bank Transmission of Real Estate Shocks

October 19, 2016
Working Paper

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?

August 27, 2016

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

January 05, 2016
White Paper

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?

August 12, 2015
Working Paper

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?

August 01, 2015
Working Paper

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?

April 23, 2015

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

April 20, 2015
Working Paper

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

January 08, 2015
Working Paper

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?

January 01, 2015

This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. More