Sovereign wealth funds have emerged as major investors in corporate and real resources
worldwide. After an overview of their magnitude, we consider the institutional arrangements …

This paper surveys the growing body of recent literature on venture capital (VC) and private
equity (PE) and formulates an agenda for future research. Specifically, it covers and …

We show that investors derive nonpecuniary utility from investing in dual-objective Venture
Capital (VC) funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) …

This survey reviews the growing body of academic work on venture capital. It lays out the
major data sources used. It examines the work on venture capital investments in companies …

The deregulation of securities laws—in particular the National Securities Markets
Improvement Act (NSMIA) of 1996—has increased the supply of private capital to late-stage …

The unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in …

Private equity (PE) performance is persistent, with PE firms consistently producing high (or
low) net-of-fees returns. We use a new variance decomposition model to isolate three …

This paper investigates why industrial firms conduct Corporate Venture Capital (CVC)
investment in entrepreneurial companies. I test alternative views on CVC by exploiting the …

The growth of the private equity industry has spurred concerns about its impact on the
economy. This analysis looks across nations and industries to assess the impact of private …

We create a novel dataset to examine the recent rise in dual-class IPOs. We document that
dual-class firms have different types of controlling shareholders and wedges between voting …