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    Is destiny worth the distance? On private equity in emerging markets

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    Publication type
    Working paper
    Author
    Darolles, Serge
    Ain Tommar, Sara
    Jurczenko, Emmanuel
    Publication Year
    2018
    Publication Number of pages
    52
    
    Metadata
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    Abstract
    We study the performance determinants of private equity investing in emerging markets (EM) compared to developed markets (DM) using a novel dataset. Using a multilevel linear model specification, our results suggest that performance in emerging markets in highly dependent on geographical and cultural proximity. The effect is significantly higher for GPs investing in both markets compared to pure DM- and EM-players respectively. Cross-cultural and geographical effects are enhanced when the GP investment teams are also culturally close using different measures. Our results also show that the realized returns are highly dependent on the investment period, the investment style and the GP’s experience on each market.
    Keyword
    Private Equity Investing, Private Equity Performance, Emerging Markets
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.2139/ssrn.3190239
    URI
    http://hdl.handle.net/20.500.12127/6369
    ae974a485f413a2113503eed53cd6c53
    10.2139/ssrn.3190239
    Scopus Count
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    Research Communication

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