【第203期雙周論壇】Mutual Fund Investments in Private Firms

一、主題：Mutual Fund Investments in Private Firms

二、主講人：QIAN Yiming，美國愛荷華大學Tripple College of Business金融系副教授（終身）。她在紐約大學Stern商學院獲得金融學博士學位，Fordham大學獲得經濟學碩士學位，南開大學獲得經濟學本科學位。她的研究領域為公司金融與金融市場。其學術論文曾發表於許多國際頂尖學術期刊，包括Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Corporate Finance等。

三、時間：2017年6月23日（周五），13:00-14:00

四、地點：學院南路校區主教學樓910會議室

五、主持人：顧弦，中央財經大學金融學院講師

 

Abstract: Historically a key advantage of being a public firm was broader access to capital, from a disperse group of shareholders. In recent years such capital has increasingly become available to private firms as well. We document a dramatic increase over the past twenty years in the number of mutual funds participating in private markets and in the dollar value of these private firm investments. Consistent with the greater availability of capital changing the trade-off between private and public listing status, we find that mutual fund investments enable companies to stay private an average one to two years longer. Back-of-the-envelope calculations suggest that mutual funds』 returns on these investments are both economically meaningful and beneficial as asource of diversification relative to publicly traded firms.