Is destiny worth the Distance? On Private Equity in Emerging Markets

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Auteurs
Date

23 novembre 2018

Type de document
Périmètre
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Identifiants
Source

HAL SHS (Sciences de l’Homme et de la Société)

Collection

Archives ouvertes

Organisation

Centre pour la communication scientifique directe

Licence

info:eu-repo/semantics/OpenAccess

Mots-clés En

Private Equity investing Private equity performance Emerging Markets

Sujets proches En

Public markets

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Sara Ain Tommar et al., « Is destiny worth the Distance? On Private Equity in Emerging Markets », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.5b8753...

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Résumé En

We study the performance determinants of private equity investing in emerging markets (EM) compared todeveloped markets (DM) using a novel dataset. Using a multilevel linear model specification, our resultssuggest that performance in emerging markets in highly dependent on geographical and cultural proximity.The effect is significantly higher for GPs investing in both markets compared to pure DM- and EM-players respectively. Cross-cultural and geographical effects are enhanced when the GP investment teams are alsoculturally close using different measures. Our results also show that the realized returns are highly dependenton the investment period, the investment style and the GP’s experience on each market.

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