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dc.contributor.authorKartashova, Katyaen
dc.date.accessioned2011-02-22-
dc.date.accessioned2011-12-15T12:58:49Z-
dc.date.available2011-12-15T12:58:49Z-
dc.date.issued2011-
dc.identifier.pidoi:10.34989/swp-2011-6en
dc.identifier.urihttp://hdl.handle.net/10419/53963-
dc.description.abstractIn this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors' methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989 - 1998 and show that the returns to private and public equity are similar. I then extend the period under consideration using data from subsequently released waves of SCF 2001, 2004, and 2007 and assess the robustness of their results to this extension. I find that the private equity premium puzzle is not a robust feature of the data and does not survive beyond the period of high public equity returns in the 1990s. In particular, returns to entrepreneurial equity remain largely unaffected when public equity returns plunge to near zero values between 1999 and 2001. The average return to private equity exceeds public equity return in 1999 - 2007 and for the period 1989 - 2007 as a whole. To validate the results, I provide alternative measures of private equity returns in the data.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2011-6en
dc.subject.jelG11en
dc.subject.jelG12en
dc.subject.jelG24en
dc.subject.jelG31en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordFinancial marketsen
dc.subject.keywordRecent economic and financial developmentsen
dc.subject.keywordInterest ratesen
dc.subject.stwFinanzmarkten
dc.subject.stwPortfolio-Managementen
dc.subject.stwPrivate Equityen
dc.subject.stwKapitalertragen
dc.subject.stwUSAen
dc.titleThe private equity premium puzzle revisited-
dc.typeWorking Paperen
dc.identifier.ppn647160064en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:11-6en

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