The Pricing of Private Assets: Mutual Fund Investments in ‘Unicorn’ Companies

Björn Imbierowicz, Christian Rauch
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引用次数: 5

Abstract

This paper analyzes valuation dynamics of ‘Unicorn’ companies, that is, privately held venture capital-backed companies with a valuation of at least $1 billion. We study the pricing data for 223 investments made by 80 separate funds of 8 U.S. mutual fund managers in 98 Unicorns. In line with price ‘anchoring’ and ‘reference’ theories, our results show that external factors, such as the valuation of peer companies, are the primary driver behind Unicorn stock pricing. Analyses of the stock price patterns additionally reveal the importance of shareholder rights: different share classes with different cash flow rights issued by the same Unicorn are priced differently at the same point in time, even by the same shareholder. Our research creates important implications for investors and regulators, especially by highlighting the behavioral patterns in the pricing of Unicorn shares, and by providing empirical evidence of the dynamics behind discrepancies in investors’ share class valuations.
私人资产定价:共同基金对“独角兽”公司的投资
本文分析了“独角兽”公司的估值动态,即估值至少为10亿美元的私人风险资本支持的公司。我们研究了8位美国共同基金经理的80只独立基金对98家独角兽公司的223笔投资的定价数据。根据价格“锚定”和“参考”理论,我们的研究结果表明,外部因素,如同行公司的估值,是独角兽股票定价背后的主要驱动因素。对股价模式的分析还揭示了股东权利的重要性:同一家独角兽发行的具有不同现金流权的不同股票类别在同一时间点的定价不同,即使是同一股东。我们的研究对投资者和监管机构具有重要意义,特别是通过强调独角兽股票定价的行为模式,以及通过提供投资者股票类别估值差异背后动态的经验证据。
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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