Latest Research
Diverse Hedge Funds
April 25, 2023Hedge fund teams with heterogeneous educational backgrounds, academic specializations, work experiences, genders, and races, outperform homogeneous teams after adjusting for risk and fund characteristics. An event study of manager team transitions, instrumental variable regressions, and an analysis of managers that simultaneously operate solo- and team-managed funds address endogeneity concerns. More
ESG for Institutional Portfolios
March 30, 2023This white paper examines Environmental, Social, and Governance (ESG) issues in the context of institutional portfolios that include alternative investments, such as private equity, hedge funds, and real assets. The goal of the paper is to provide a framework for understanding issues related to ESG investing through an objective lens grounded in theoretical and empirical economic analysis. More
The Unicorn Puzzle
February 13, 2023From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why founders grant investors privileges to obtain unicorn status. More
Recent News & Media
2022 PERC Symposium Best Paper Award
November 29, 2022This year’s award goes to Minmo Gahng and Blake Jackson (University of Florida, Warrington College of Business) for their paper Selling Private Equity Fees. Their paper examines private equity (PE) firms’ minority stake sales and the impact of these sales on agency frictions with fund investors. More