Latest Research
Are Lower Fees Better? Changing the Management Fee Basis in Private Equity
October 27, 2022Does reducing management fees to private equity fund managers preclude investors from hiring skilled managers and induce agency problems? I study a popular management fee contract that reduces management fees by paying a percentage of capital invested into the fund's unrealized projects. More
Should Private Companies Have the Same SEC Disclosure Requirements as Public Companies?
September 29, 2022A debate between Ludovic Phalippou, Professor of Financial Economics, Saïd Business School, University of Oxford and Gregory Brown, Sarah Graham Kenan Distinguished Professor of Finance at the University of North Carolina-Chapel Hill’s Kenan Flagler Business School. More
The Value of Privacy and the Choice of Limited Partners by Venture Capitalists
September 01, 2022This paper documents how information disclosure concerns shape the choice of limited partners by venture capital firms. Late-2002 court rulings forced public pension plans and public university endowments to disclose fund performance information. The most successful, and typically oversubscribed, venture capital firms responded by excluding public institutions from their new funds, replacing them with domestic nonpublic and foreign investors. More
Recent News & Media
Is the U.S. Economy at a Boiling Point, or Just Simmering?
January 19, 2022As the U.S. continues to face COVID-19 and supply chain disruptions, experts debate just how worked up the economy is in its current state. This Kenan Insight serves as the first in a two-part point-counterpoint series, in which Kenan Institute Executive Director Greg Brown and Chief Economist Gerald Cohen hash out the arguments both for and against an overheating economy. More