Journal of Alternative Investments最新文献_第6页

Impact of Quality of Involvement of VC/PE in IPO Firms: Evidence from India VC/PE对IPO公司参与质量的影响:来自印度的证据

IF 0.7

Journal of Alternative Investments Pub Date : 2021-07-13 DOI: 10.3905/JAI.2021.1.138

S. G. Deb, Pradip Banerjee

{"title":"Impact of Quality of Involvement of VC/PE in IPO Firms: Evidence from India","authors":"S. G. Deb, Pradip Banerjee","doi":"10.3905/JAI.2021.1.138","DOIUrl":"https://doi.org/10.3905/JAI.2021.1.138","url":null,"abstract":"This article draws its primary motivation from the steady rise in the participation and involvement of venture capital/private equity (VC/PE) funds in the Indian IPO market over the last couple of decades. The study explores the involvement quality of the VC/PE managers and its impact on the long-run equity and operating performance of Indian firms issuing securities through initial public offerings (IPOs). Using data for 173 IPOs backed by VC/PE funding (out of a total of 625 IPOs) from 2000 to 2016, the authors show that post-issue, both equity market performance and operating performance of these VC/PE-backed IPOs are unimpressive in general. The information asymmetry, mispricing, and “timing the market” do not seem to be reasons for such long-term underperformance. The authors argue that it may be a case of too much money chasing too few winners in the Indian VC/PE-backed IPO market. The study utilizes a unique, hand-collected data set (from IPO prospectuses) on VC/PE firms’ involvement quality. Findings indicate that the duration and the size of the stake that the VC/PE firms hold in the pre-issue period positively affect the post-issue performance of IPOs. These findings lend support to the previously theorized “monitoring” and “certification” role of VC/PE firms. Key Findings ▪ Both long-term market and operating performance of VC/PE-backed IPOs in India from 2000 to 2016 were unimpressive. ▪ The quality of VC/PE involvement has some impact on the post-IPO performance of investee firms. ▪ The VC/PE-backed IPOs are not engaged in timing (hot and cold periods) the market.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":"24 1","pages":"49 - 67"},"PeriodicalIF":0.7,"publicationDate":"2021-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45331517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Practical Applications of Manager Characteristics and Hedge Fund Returns, Liquidity, and Survival 经理特征与对冲基金收益、流动性和生存的实际应用

IF 0.7

Journal of Alternative Investments Pub Date : 2021-04-30 DOI: 10.3905/JAI.23.S2.043

Hyuna Park

引用次数: 0

Practical Applications of Carry and Time-Series Momentum: A Match Made in Heaven Carry和时间序列动量的实际应用:天作之合

IF 0.7

Journal of Alternative Investments Pub Date : 2021-04-30 DOI: 10.3905/JAI.23.S2.042

Marat Molyboga, Jun Qian, Chaohua He

引用次数: 0

When to Go and How to Go? Founder and Leader Transition in Private Equity Firms 什么时候去，怎么去?私募股权公司的创始人和领导者转型

IF 0.7

Journal of Alternative Investments Pub Date : 2021-02-28 DOI: 10.2139/ssrn.3924331

J. Lerner, D. Noble

{"title":"When to Go and How to Go? Founder and Leader Transition in Private Equity Firms","authors":"J. Lerner, D. Noble","doi":"10.2139/ssrn.3924331","DOIUrl":"https://doi.org/10.2139/ssrn.3924331","url":null,"abstract":"Leadership transition in private equity firms is an understudied field, despite the important, albeit controversial, role such firms play in developed economies. The authors analyzed 260 firms in an empirical study, supplemented by qualitative interviews with a small sample of highly experienced LPs and GP founders and leaders who have experienced such transitions firsthand. Their research shows that private equity transitions manifest very differently from those in better studied public corporations. It appears that a) founders and leaders in GPs stay in their positions considerably longer than other sectors, b) are more likely to move on once they are outperforming, and c) if underperforming, their firms are more likely to see an uplift from a transition. In addition, d) transitions are idiosyncratic, internally driven processes with little accepted best practice or governance, e) some frictions frequently characterize these processes, and f) LPs have observed many suboptimal processes and prefer greater transparency. Key Findings ▪ Leadership turnover in private equity is exceptionally low relative to other corporate structures. ▪ Transitions have little accepted best practice or governance and are instead driven by the philosophy of the founder and the context the firm finds itself in. They are typically (especially founder transitions) complex multiyear processes with substantial frictions. ▪ LPs increasingly recognize the importance of well-executed transitions on the value of their investments but are less than impressed, on the whole, by the performance of the industry.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":"24 1","pages":"9 - 30"},"PeriodicalIF":0.7,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47854561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Editor’s Letter 编者的信

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Journal of Alternative Investments Pub Date : 2020-12-31 DOI: 10.3905/jai.2020.23.3.001

Hossein Kazemi

引用次数: 0

Practical Applications of Investigating the Investment Behaviors in Cryptocurrency 调查加密货币投资行为的实际应用

IF 0.7

Journal of Alternative Investments Pub Date : 2020-11-30 DOI: 10.3905/jai.23.s1.038

Dingli Xi, Timothy O'Brien, E. Irannezhad

{"title":"Practical Applications of Investigating the Investment Behaviors in Cryptocurrency","authors":"Dingli Xi, Timothy O'Brien, E. Irannezhad","doi":"10.3905/jai.23.s1.038","DOIUrl":"https://doi.org/10.3905/jai.23.s1.038","url":null,"abstract":"Practical Applications In Investigating the Investment Behaviors in Cryptocurrency from the Fall 2020 issue of The Journal of Alternative Investments, authors Dingli Xi, Timothy Ian O’Brie, and Elnaz Irannezhad (all of the University of Queensland in St. Lucia, Australia) investigate who is likely to invest in cryptocurrency initial coin offerings (ICOs). ICOs constitute an innovative way to raise capital for business startups and other projects—but are also very high-risk propositions for investors. Most ICOs are scams, with only 4% successfully raising money for projects. This massive fraud and the regulatory crackdowns in response to it have made ICO fundraising much more difficult. Those who wish to raise funds via ICOs therefore need better knowledge of their target investor market. The authors surveyed ICO investors to assess who invests in ICOs and what factors encourage or discourage ICO investing. They found ICO investors tend to be male, affluent, better educated, and working in banking or IT—while women, business owners, educators, and stock market investors are less likely to invest in ICOs. Financial professionals can use these and the authors’ other findings to help advise businesses and organizations about how to market their ICOs.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":"23 1","pages":"1-7"},"PeriodicalIF":0.7,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42263168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Practical Applications of A Performance Update—Hedge Funds versus Hedged Mutual Funds: An Examination of Equity Long—Short Funds 业绩更新的实际应用——对冲基金与对冲共同基金:对股票多空基金的考察

IF 0.7

Journal of Alternative Investments Pub Date : 2020-11-30 DOI: 10.3905/jai.23.s1.037

David McCarthy, Brian M. Wong

{"title":"Practical Applications of A Performance Update—Hedge Funds versus Hedged Mutual Funds: An Examination of Equity Long—Short Funds","authors":"David McCarthy, Brian M. Wong","doi":"10.3905/jai.23.s1.037","DOIUrl":"https://doi.org/10.3905/jai.23.s1.037","url":null,"abstract":"Practical Applications In A Performance Update—Hedge Funds versus Hedged Mutual Funds:An Examination of Equity Long–Short Funds. from the Fall 2020 issue of The Journal of Alternative Investments, authors David F. McCarthy (of D. F. McCarthy LLC in Stockbridge, MA) and Brian M. Wong (an independent consultant in Mamaroneck, NY) extend the research McCarthy began in 2014. At that time, McCarthy studied equity long–short mutual funds and compared them to hedge funds that use long–short strategies. He found that long–short mutual funds offered performance and equity exposures similar to those of hedge funds—but since the available data came from a short time period (January 2008—June 2013), the findings were preliminary. In the current study, McCarthy and Wong update the 2014 study with data through December 2019. They find that long–short funds still offer lower volatility and equity exposures similar to those of hedge funds. However, long–short funds perform slightly worse than hedge funds and much worse than the S&P 500 Index. They also generate negative alpha—and no individual long–short fund generated positive alpha during the study period. This is important information for financial advisors to share with clients who are interested in equity long–short funds.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":" ","pages":"1-5"},"PeriodicalIF":0.7,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44838499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Practical Applications of Value Investing for Commodities 商品价值投资的实际应用

IF 0.7

Journal of Alternative Investments Pub Date : 2020-11-30 DOI: 10.3905/jai.23.s1.039

Thijs D. Markwat, J. Quist, C. Zomerdijk

引用次数: 0

Practical Applications of Real Estate Returns 房地产收益的实际应用

IF 0.7

Journal of Alternative Investments Pub Date : 2020-11-30 DOI: 10.3905/jai.23.s1.040

J. C. Francis, R. Ibbotson

{"title":"Practical Applications of Real Estate Returns","authors":"J. C. Francis, R. Ibbotson","doi":"10.3905/jai.23.s1.040","DOIUrl":"https://doi.org/10.3905/jai.23.s1.040","url":null,"abstract":"Practical Applications In Real Estate Returns, from the Fall 2020 issue of The Journal of Alternative Investments, authors Jack Clark Francis (Baruch College) and Roger G. Ibbotson (Yale University) compare real estate investment returns to those from traditional investments like stocks and bonds. Their key focus is on real estate’s total returns—not just capital gains from rising land prices. The authors find that during the study period (1991–2018), farmland had an annualized total return of 11.4%—outperforming stocks—while residential real estate returned 9.0% and commercial real estate returned 8.5%. Most importantly, they find that rents provide the majority of investment returns from all real estate. They therefore warn investors and financial advisors not to base their investment decisions solely on how much real estate prices go up. However, they say real estate investment risk is hard to gauge because the methods used to track real estate price changes cause artificial smoothing. Real estate’s performance also shows a low correlation with that of stocks and bonds—so financial advisors and institutional investors may wish to consider adding real estate to traditional investment portfolios to help with diversification.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":"23 1","pages":"1-6"},"PeriodicalIF":0.7,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45179078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Practical Applications of Cryptocurrencies as an Asset Class? An Empirical Assessment 加密货币作为一种资产类别的实际应用?实证评估

IF 0.7

Journal of Alternative Investments Pub Date : 2020-11-05 DOI: 10.3905/jai.23.s1.036

Daniele Bianchi

{"title":"Practical Applications of Cryptocurrencies as an Asset Class? An Empirical Assessment","authors":"Daniele Bianchi","doi":"10.3905/jai.23.s1.036","DOIUrl":"https://doi.org/10.3905/jai.23.s1.036","url":null,"abstract":"Practical Applications In Cryptocurrencies as an Asset Class?An Empirical Assessment from the Fall 2020 issue of TheJournal of Alternative Investments, author Daniele Bianchi of Queen Mary University of London explores how cryptocurrencies (for example, Bitcoin) relate to traditional asset classes such as stocks and bonds. Bianchi posits that cryptocurrencies are global investments because they are not tied to any country. He therefore matches the performance and volume of cryptocurrency against that of global stock, bond, and other indexes. He also explores the driving factors behind cryptocurrency market activity. Bianchi finds no significant correlation between the performance of cryptocurrencies and that of traditional assets, except for a slight correlation with commodities, especially precious metals. He also finds no correlation between the volatility of cryptocurrencies and traditional assets. Finally, he finds that cryptocurrency trading volumes are not affected by macroeconomic events; their main driver is past performance—meaning investors trade cryptocurrency based on gut feelings rather than analysis. Like gold, cryptocurrencies can act as a hedge against stock market losses—but they do not have gold’s perceived intrinsic value, since their value is based only on the platforms and projects with which they are associated.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42869607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 96