The Investment Behavior of Buyout Fund: Theory and Evidence
The Investment Behavior of Buyout Fund: Theory and Evidence
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并购基金的投资行为：理论与证据
DOI：
10.2139/ssrn.478061
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Daniel Wolfenzon
中科院分区：
文献类型：
--
作者：
Alexander Ljungqvist;M. Richardson;Daniel Wolfenzon
本文分析了并购基金投资决策的决定因素。我们认为，当私募股权基金存在不完全竞争时，基金投资决策的时机、风险承担行为以及随后的回报取决于对私募股权需求的变化、信贷市场的条件以及基金经理影响人们对其才能看法的能力。我们使用207个美国收购基金的专有数据集来调查这些假设，这些基金在30年内投资了1,957个收购目标。我们的数据集包含每个投资组合公司精确标注日期的现金流入和流出，将每个收购目标与可识别的收购基金联系起来，并且不存在报告和幸存者偏见。因此，我们能够描述每个收购基金的精确投资选择。我们的研究结果如下。首先，当投资机会改善、交易流量竞争缓和、信贷市场条件放松时，成熟基金的投资流动会加快，获得更高的回报。其次，首次基金的投资行为对市场状况不太敏感。第三，较年轻的基金投资于风险较高的收购，以建立良好的业绩记录。最后，在业绩良好的时期之后，基金会变得更加保守，这种效应对首次上市的基金更为明显。
We analyze the determinants of buyout funds’ investment decisions. We argue that when there is imperfect competition for private equity funds, the timing of funds’ investment decisions, their risk‐taking behavior, and their subsequent returns depend on changes in the demand for private equity, conditions in the credit market, and fund managers’ ability to influence perceptions of their talent. We investigate these hypotheses using a proprietary dataset of 207 U.S. buyout funds that invested in 1,957 buyout targets over a 30‐year period. Our dataset contains precisely dated cash inflows and outflows in every portfolio company, links every buyout target to an identifiable buyout fund, and is free from reporting and survivor biases. Thus, we are able to characterize every buyout fund's precise investment choices. Our findings are as follows. First, established funds accelerate their investment flows and earn higher returns when investment opportunities improve, competition for deal flow eases, and credit market conditions loosen. Second, the investment behavior of first‐time funds is less sensitive to market conditions. Third, younger funds invest in riskier buyouts, in an effort to establish a track record. Finally, following periods of good performance, funds become more conservative, and this effect is stronger for first‐time funds.