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  • Fall 2017
  • Article
  • Journal of Private Equity

An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity

By: Josh Lerner and Mark Baker
  • Format:Print
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Abstract

The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find evidence suggesting that the distribution of transaction-level TVPI has lower variance within EMs than within DMs, although with some caveats. The results suggest opportunities for further research exploring the relative riskiness of EM PE.

Keywords

Private Equity; Emerging Markets; Investment Return; Analysis

Citation

Lerner, Josh, and Mark Baker. "An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity." Journal of Private Equity 20, no. 4 (Fall 2017): 15–24.
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About The Author

Josh Lerner

Entrepreneurial Management
→More Publications

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More from the Authors
  • The Diffusion of New Technologies By: Aakash Kalyani, Marcela Carvalho, Nicholas Bloom, Tarek Hassan, Josh Lerner and Ahmed Tahoun
  • Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation By: Kyle Herkenhoff, Josh Lerner, Gordon M. Phillips, Francisca Rebelo and Benjamin Sampson
  • Impact Investing and Worker Outcomes By: Josh Lerner, Markus Lithell and Gordon M. Phillips
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