Found 25 article(s) for author 'Josh Lerner'

The Disintermediation of Financial Markets: Direct Investing in Private Equity

The Disintermediation of Financial Markets: Direct Investing in Private Equity. Victoria Ivashina, Josh Lerner, January 13, 2014, Paper. “This is the first large-sample study of direct private equity investments by institutional investors. The analysis uses a proprietary dataset of all such investments by seven large institutional investors over twenty years. Despite the substantial fee discounts, we find little evidence of attractive relative performance by direct investments. In particular, co-investments underperform traditional fund investments…” May require purchase or user account. Link Verified October 11, 2014

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Bridging the Gap? Government Subsidized Lending and Access to Capital

Bridging the Gap? Government Subsidized Lending and Access to Capital. Josh Lerner, March 2013, Paper. “For the past two decades, fair value accounting—the practice of measuring assets and liabilities at estimates of their current value—has been on the ascent. This marks a major departure from the centuries-old tradition of keeping books at historical cost. It also has implications across the world of business, because the accounting basis—whether fair value or historical cost—affects investment choices and management decisions, with consequences for aggregate economic activity…”  Link 

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Institutions and Venture Capital

Institutions and Venture Capital. Josh Lerner, February 2013, Opinion. “We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the United States and Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlate with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared with the United States. In…”  Link verified March 28, 2014

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Doing Well by Doing Good? Community Development Venture Capital

Doing Well by Doing Good? Community Development Venture Capital. Josh Lerner, September 2012, Paper, “This paper examines the investments and performance of community development venture capital (CDVC). We find substantial differences between CDVCs and traditional VCs: CDVC investments are far more likely to be in nonmetropolitan regions and in regions with little prior venture activity. CDVC investments are likely to be in earlier stage investments and in industries outside the venture capital mainstream that have lower probabilities of successful exit. Even after controlling for this unattractive transaction mixture, the probability of a CDVC investment being successfully exited is lower. One benefit of CDVCs may be their effect in bringing traditional VCs to underserved regions — controlling for the presence of traditional VC investments, each additional CDVC investment results in an additional 0.06 new traditional VC firms in a region.Link

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New Look: Going Private with Private Equity Support

New Look: Going Private with Private Equity Support. Josh Lerner, 2010, Paper, “In July 2003, UK fashion retailer New Look was taken private with the support of Apax Partners/Permira. The management of New Look, originally listed publicly in 1998, wanted to transform the company to improve performance and take advantage of several opportunities they believed the UK and European retail sector offered. These transformations would increase business risk and require substantial investments and patience from investors.Link

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