FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2563750920> ?p ?o ?g. }

• W2563750920 endingPage "71" @default.
• W2563750920 startingPage "48" @default.
• W2563750920 abstract "One puzzling feature of domestic private equity (PE) funds in emerging markets is that such funds often have a “short fuse”, i.e., a much shorter lifespan than their developed market counterparts. Based on a simple agency model, we propose an explanation for this puzzle. We show that, under a long fuse, PE managers have incentives to game performance-based compensation schemes by opportunistically timing investments and burning money when early investments fail. Shortening the fuse restricts timing opportunism, but alleviates money-burning incentives only if managerial compensation is sufficiently concavified or the contract stipulates substantial investors' hurdle returns. Both of these options can force managers to concede rents to investors. Thus, managers face a tradeoff between rents and agency costs. In emerging markets, where agency costs are high, managers use a short fuse with incentive compatible compensation schemes to minimize agency costs. In contrast, in developed markets, where agency costs are low, managers use a long fuse to preserve rents. Based on these results, we further draw predictions on fund performance, managerial behavior, and investor rents for both long-fused developed-market funds and short-fused emerging-market funds. We also predict that, when institutional infrastructure in emerging markets improves and when domestic PE managers in emerging markets gain more experience, domestic PE funds in emerging markets will adopt the long-lifespan PE contracts typical in developed markets." @default.
• W2563750920 created "2017-01-06" @default.
• W2563750920 creator A5026674383 @default.
• W2563750920 date "2019-12-01" @default.
• W2563750920 modified "2023-10-02" @default.
• W2563750920 title "Dry powder and short fuses: Private equity funds in emerging markets" @default.
• W2563750920 cites W1966598925 @default.
• W2563750920 cites W1973054400 @default.
• W2563750920 cites W1974015403 @default.
• W2563750920 cites W1983124309 @default.
• W2563750920 cites W2027605407 @default.
• W2563750920 cites W2041249807 @default.
• W2563750920 cites W2079231246 @default.
• W2563750920 cites W2087346158 @default.
• W2563750920 cites W2087660433 @default.
• W2563750920 cites W2108491286 @default.
• W2563750920 cites W2114279083 @default.
• W2563750920 cites W2153868786 @default.
• W2563750920 cites W2164505476 @default.
• W2563750920 cites W3121165378 @default.
• W2563750920 cites W3121228680 @default.
• W2563750920 cites W3121236532 @default.
• W2563750920 cites W3121640828 @default.
• W2563750920 cites W3121865524 @default.
• W2563750920 cites W3122362577 @default.
• W2563750920 cites W3122370865 @default.
• W2563750920 cites W3122659705 @default.
• W2563750920 cites W3122873328 @default.
• W2563750920 cites W3123246097 @default.
• W2563750920 cites W3123679298 @default.
• W2563750920 cites W3124859355 @default.
• W2563750920 cites W3125065427 @default.
• W2563750920 cites W3125179018 @default.
• W2563750920 cites W3125249567 @default.
• W2563750920 cites W4214506270 @default.
• W2563750920 cites W4256499879 @default.
• W2563750920 doi "https://doi.org/10.1016/j.jcorpfin.2016.12.013" @default.
• W2563750920 hasPublicationYear "2019" @default.
• W2563750920 type Work @default.
• W2563750920 sameAs 2563750920 @default.
• W2563750920 citedByCount "4" @default.
• W2563750920 countsByYear W25637509202018 @default.
• W2563750920 countsByYear W25637509202021 @default.
• W2563750920 countsByYear W25637509202023 @default.
• W2563750920 crossrefType "journal-article" @default.
• W2563750920 hasAuthorship W2563750920A5026674383 @default.
• W2563750920 hasConcept C10138342 @default.
• W2563750920 hasConcept C106866004 @default.
• W2563750920 hasConcept C108170787 @default.
• W2563750920 hasConcept C111472728 @default.
• W2563750920 hasConcept C120757647 @default.
• W2563750920 hasConcept C121087249 @default.
• W2563750920 hasConcept C138885662 @default.
• W2563750920 hasConcept C144133560 @default.
• W2563750920 hasConcept C162324750 @default.
• W2563750920 hasConcept C175444787 @default.
• W2563750920 hasConcept C17744445 @default.
• W2563750920 hasConcept C178297102 @default.
• W2563750920 hasConcept C199539241 @default.
• W2563750920 hasConcept C199728807 @default.
• W2563750920 hasConcept C21279758 @default.
• W2563750920 hasConcept C29122968 @default.
• W2563750920 hasConcept C36673458 @default.
• W2563750920 hasConcept C39389867 @default.
• W2563750920 hasConcept C556758197 @default.
• W2563750920 hasConcept C71110296 @default.
• W2563750920 hasConceptScore W2563750920C10138342 @default.
• W2563750920 hasConceptScore W2563750920C106866004 @default.
• W2563750920 hasConceptScore W2563750920C108170787 @default.
• W2563750920 hasConceptScore W2563750920C111472728 @default.
• W2563750920 hasConceptScore W2563750920C120757647 @default.
• W2563750920 hasConceptScore W2563750920C121087249 @default.
• W2563750920 hasConceptScore W2563750920C138885662 @default.
• W2563750920 hasConceptScore W2563750920C144133560 @default.
• W2563750920 hasConceptScore W2563750920C162324750 @default.
• W2563750920 hasConceptScore W2563750920C175444787 @default.
• W2563750920 hasConceptScore W2563750920C17744445 @default.
• W2563750920 hasConceptScore W2563750920C178297102 @default.
• W2563750920 hasConceptScore W2563750920C199539241 @default.
• W2563750920 hasConceptScore W2563750920C199728807 @default.
• W2563750920 hasConceptScore W2563750920C21279758 @default.
• W2563750920 hasConceptScore W2563750920C29122968 @default.
• W2563750920 hasConceptScore W2563750920C36673458 @default.
• W2563750920 hasConceptScore W2563750920C39389867 @default.
• W2563750920 hasConceptScore W2563750920C556758197 @default.
• W2563750920 hasConceptScore W2563750920C71110296 @default.
• W2563750920 hasFunder F4320321030 @default.
• W2563750920 hasLocation W25637509201 @default.
• W2563750920 hasOpenAccess W2563750920 @default.
• W2563750920 hasPrimaryLocation W25637509201 @default.
• W2563750920 hasRelatedWork W2135666392 @default.
• W2563750920 hasRelatedWork W2328397182 @default.
• W2563750920 hasRelatedWork W2496846681 @default.
• W2563750920 hasRelatedWork W2594958193 @default.
• W2563750920 hasRelatedWork W2907801947 @default.
• W2563750920 hasRelatedWork W3014136818 @default.
• W2563750920 hasRelatedWork W3022345352 @default.
• W2563750920 hasRelatedWork W3121534898 @default.

• next