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You searched for +publisher:"University of North Carolina" +contributor:("Gredil, Oleg"). One record found.

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University of North Carolina

1. Gredil, Oleg. Market-timing and Agency Costs: Evidence from Private Equity.

Degree: 2015, University of North Carolina

Private equity (PE) funds operate at the interface of private and public capital markets. This paper investigates whether PE fund managers have private information about the valuations of publicly traded securities. Using a dataset of cash flows from 941 buyout and venture funds, I show that PE funds' distribution patterns predict returns of public securities in the industries of the funds' specialization, but fund managers tend to sell at the market peaks only when they have performance fees to harvest. I find that the cost of this agency tension increases in the manager's survival risk and that the managers' knowledge pertains to the public firms' future earnings rather than the discount-rates. My tests distinguish market-timing from reactions to the variation in risk premia and spillover effects of PE activity on public firms. The results help better understand PE performance and have strong implications for PE manager selection. It follows that PE activity embeds private information into the prices of public securities. Advisors/Committee Members: Gredil, Oleg, Brown, Gregory, Gantchev, Nickolay, Jotikasthira, Chotibhak, Ghysels, Eric, Lundblad, Christian.

Subjects/Keywords: Finance; Entrepreneurship; Kenan-Flagler Business School

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Gredil, O. (2015). Market-timing and Agency Costs: Evidence from Private Equity. (Thesis). University of North Carolina. Retrieved from https://cdr.lib.unc.edu/record/uuid:15886258-2ddd-44b8-a82e-7297faca7dc6

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Gredil, Oleg. “Market-timing and Agency Costs: Evidence from Private Equity.” 2015. Thesis, University of North Carolina. Accessed June 25, 2019. https://cdr.lib.unc.edu/record/uuid:15886258-2ddd-44b8-a82e-7297faca7dc6.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Gredil, Oleg. “Market-timing and Agency Costs: Evidence from Private Equity.” 2015. Web. 25 Jun 2019.

Vancouver:

Gredil O. Market-timing and Agency Costs: Evidence from Private Equity. [Internet] [Thesis]. University of North Carolina; 2015. [cited 2019 Jun 25]. Available from: https://cdr.lib.unc.edu/record/uuid:15886258-2ddd-44b8-a82e-7297faca7dc6.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Gredil O. Market-timing and Agency Costs: Evidence from Private Equity. [Thesis]. University of North Carolina; 2015. Available from: https://cdr.lib.unc.edu/record/uuid:15886258-2ddd-44b8-a82e-7297faca7dc6

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

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