Asymmetric information and valuation frictions in continuation funds

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2026-05-01 Epub Date: 2026-03-09 DOI:10.1016/j.frl.2026.109773

Jinhyeong Jo , Doojin Ryu

引用次数: 0

Abstract

We develop a model of continuation fund transfers under asymmetric information with verification, participation, and rollover frictions. Conditional on observed deal initiation, Limited Partners update their priors before valuation, and the resulting initiation-conditioned beliefs shift the reliability cutoffs for transfer, rollover, and joint feasibility. Our model implies lemons-type selection: verification frictions and participation costs can exclude high-quality assets unless valuation reliability is sufficiently high, and rollover frictions can remain binding even after a favorable valuation signal.

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延续基金中的信息不对称与估值摩擦

我们建立了一个不对称信息下具有验证、参与和滚转摩擦的持续资金转移模型。以观察到的交易启动为条件，有限合伙人在估值前更新他们的先验，由此产生的启动条件信念改变了转让、展期和联合可行性的可靠性截止点。我们的模型暗示了柠檬类型的选择：除非估值可靠性足够高，否则验证摩擦和参与成本可能会排除高质量资产，并且即使在有利的估值信号之后，滚动摩擦仍然具有约束力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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