Do Private Equity Managers Raise Funds on (Sur)real Returns? Evidence from Deal-Level Data

2019 ◽  
Author(s):  
Niklas Hüther
Keyword(s):  
Private Equity ◽  
Level Data ◽  
Real Returns

scholarly journals How persistent is private equity performance? Evidence from deal-level data

2017 ◽  
Vol 123 (2) ◽  
pp. 273-291 ◽  
Author(s):  
Reiner Braun ◽  
Tim Jenkinson ◽  
Ingo Stoff
Keyword(s):  
Private Equity ◽  
Level Data

scholarly journals Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO.

2017 ◽  
Vol 15 (1) ◽  
pp. 25
Author(s):  
Rogério Paulucci Mauad ◽  
Denis Forte
Keyword(s):  
Private Equity ◽  
Idiosyncratic Risk ◽  
Equity Fund ◽  
Public Offerings ◽  
Private Equity Fund ◽  
The Public ◽  
A Value ◽  
Methodological Tool ◽  
Vigorous Growth ◽  
Real Returns

The vigorous growth of Private Equity Industry in the world generated basic questions; as for example how to explain if companies previously invested by Private Equity generate real returns for its shareholders after the IPO event. Few studies analyzed, however, the risk of these new companies. The contribution of this paper meet specifically this gap with this innovation in the methodological tool. The Wealth Relative Methodology Buy-and-hold was adjusted by its idiosyncratic risk over the public offerings base on the BM&FBovespa between 2004-2014. When risk is not considered, the results suggest a value premium on the management of Private Equity previously invested, with average returns 36% higher than those companies without this kind of management in the first five years post IPO. However, in the presence of risk adjustment, the previous participation of a Private Equity Fund is not significant in the returns anymore. The suggestion of the authors is that other samples, different periods, and past papers run this methodology to check if the previously conclusions still stands up.

New Evidence on the Construct Validity of the ASI-3 and the Dimensional Conceptualization of Trait Anxiety Sensitivity From IRT Modeling

2017 ◽  
Vol 33 (3) ◽  
pp. 181-189 ◽  
Author(s):  
Christoph J. Kemper ◽  
Michael Hock
Keyword(s):  
Construct Validity ◽  
Anxiety Sensitivity ◽  
Latent Class ◽  
Dimensional Structure ◽  
Sensitivity Index ◽  
Response Scale ◽  
Established Risk Factor ◽  
Irt Models ◽  
Level Data ◽  
Extreme Response

Abstract. Anxiety Sensitivity (AS) denotes the tendency to fear anxiety-related sensations. Trait AS is an established risk factor for anxiety pathology. The Anxiety Sensitivity Index-3 (ASI-3) is a widely used measure of AS and its three most robust dimensions with well-established construct validity. At present, the dimensional conceptualization of AS, and thus, the construct validity of the ASI-3 is challenged. A latent class structure with two distinct and qualitatively different forms, an adaptive form (normative AS) and a maladaptive form (AS taxon, predisposing for anxiety pathology) was postulated. Item Response Theory (IRT) models were applied to item-level data of the ASI-3 in an attempt to replicate previous findings in a large nonclinical sample (N = 2,603) and to examine possible interpretations for the latent discontinuity observed. Two latent classes with a pattern of distinct responses to ASI-3 items were found. However, classes were indicative of participant’s differential use of the response scale (midpoint and extreme response style) rather than differing in AS content (adaptive and maladaptive AS forms). A dimensional structure of AS and the construct validity of the ASI-3 was supported.

Modeling Intraindividual Variability in Three-Level Multilevel Models

Methodology ◽  
2018 ◽  
Vol 14 (3) ◽  
pp. 95-108 ◽  
Author(s):  
Steffen Nestler ◽  
Katharina Geukes ◽  
Mitja D. Back
Keyword(s):  
Multilevel Model ◽  
Multilevel Models ◽  
Mixed Effects ◽  
Repeated Measurements ◽  
Scale Model ◽  
Suggested Approach ◽  
Psychological Study ◽  
Level Data ◽  
Ecological Momentary ◽  
Momentary Assessment

Abstract. The mixed-effects location scale model is an extension of a multilevel model for longitudinal data. It allows covariates to affect both the within-subject variance and the between-subject variance (i.e., the intercept variance) beyond their influence on the means. Typically, the model is applied to two-level data (e.g., the repeated measurements of persons), although researchers are often faced with three-level data (e.g., the repeated measurements of persons within specific situations). Here, we describe an extension of the two-level mixed-effects location scale model to such three-level data. Furthermore, we show how the suggested model can be estimated with Bayesian software, and we present the results of a small simulation study that was conducted to investigate the statistical properties of the suggested approach. Finally, we illustrate the approach by presenting an example from a psychological study that employed ecological momentary assessment.

Rivate Equity: Kauf und Verkauf auf dem Krankenhausmarkt

2019 ◽  
Vol 24 (03) ◽  
pp. 8-9
Author(s):  
Christoph Scheuplein
Keyword(s):  
Private Equity

Private Equity-Gesellschaften haben sich in den vergangenen Jahren stark auf dem deutschen Gesundheitsmarkt engagiert. So wurde der Gesundheitssektor im Jahr 2017 erstmals in Deutschland zum wichtigsten Anlagefeld für Beteiligungsgesellschaften. Dies umfasst auch Engagements auf dem Klinikmarkt.

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