EconPapers    
Economics at your fingertips  
 

Private equity returns and disclosure around the world

Douglas Cumming () and Uwe Walz ()

Journal of International Business Studies, 2010, vol. 41, issue 4, 727-754

Abstract: To obtain more funds from the institutional investors, private equity (PE) fund managers may report inflated valuations of private investee companies that are not yet sold. However, such overvaluations may result in a reputational cost when those investments are realized. Using evidence from 39 countries, we show that there are significant systematic biases in managers' reporting of fund performance. We find that these biases depend on the accounting and legal environment in a country, and on proxies for the degree of information asymmetry between institutional investors and PE fund managers.

Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (92) Track citations by RSS feed

Downloads: (external link)
http://www.palgrave-journals.com/jibs/journal/v41/n4/pdf/jibs200962a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/jibs/journal/v41/n4/full/jibs200962a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Private equity returns and disclosure around the world (2004) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:jintbs:v:41:y:2010:i:4:p:727-754

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/41267/PS2

Access Statistics for this article

Journal of International Business Studies is currently edited by John Cantwell

More articles in Journal of International Business Studies from Palgrave Macmillan, Academy of International Business
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2019-07-02
Handle: RePEc:pal:jintbs:v:41:y:2010:i:4:p:727-754