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- W3178539869 abstract "We examine the investing behavior of foreign and domestic investors in Private Equity (PE) funds who invest in China. The Chinese PE market can be considered a quasi-segmented market due to information constraints and legal barriers. It is also characterized by information asymmetries between domestic and foreign investors and differing investor risk appetites. The results show a clear distinction between the investment attitudes of domestic and foreign investors in PE funds in China. We find that offshore investors are more likely to invest with firms that are more experienced and not government-affiliated. Foreigners are also more likely to invest in larger funds and funds that allocate a smaller portion of their commitments to China, which supports the view that they seek fund characteristics that lessen information asymmetry and provide additional diversification. We show that the size of an investor’s commitment amount is determined by fund characteristics such as size, sequence, and stage, but not by the location of the investor. In terms of performance, we find some evidence that domestic investor-backed PE funds exit a greater number of companies, and that their exited investments deliver higher returns relative to exits executed by PE funds supported by foreign investors." @default.
- W3178539869 created "2021-07-19" @default.
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- W3178539869 date "2015-02-14" @default.
- W3178539869 modified "2023-09-24" @default.
- W3178539869 title "The Investment Decisions of Foreign and Local Investors in Private Equity Funds in China" @default.
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