Latest Research
Selecting Private Equity Funds Using Machine Learning
November 04, 2022Prospective investors in Private Equity (PE) funds receive a large amount of non-standardized and qualitative information about fund manager investment strategies. Using a novel and proprietary sample of 380 Private Placement Memoranda, we combine for the first time Natural Language Processing techniques and Machine Learning algorithms to forecast PE fund success based on investment approach descriptions. More
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
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