NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows: The Case of Private Equity Funds

Joost Driessen, Tse-Chun Lin, Ludovic Phalippou

NBER Working Paper No. 14144
Issued in June 2008

---- Acknowledgements -----

We thank Michael Brennan, Gurdip Bakshi, Magnus Dahlquist (AFA discussant), Frank de Jong, Thomas Dangl, Steve Kaplan, Rainer Lauterbach (EFA discussant), André Lucas, Tarun Ramadorai (SIFR discussant), Lubos Pástor, Per Stromberg, Marno Verbeek, Annette Vissing-Jorgensen (NBER

discussant), Bas Werker, and seminar participants at Bergen, BI Oslo, HEC Paris, Tilburg, SIFR private equity conference, NBER meetings on private equity, the Vienna Symposia on Asset Management, the Rotterdam Conference on Asset Management, the EFA 2007 in Ljubljana, the NTU IEFA conference, the ECB-CFS conference, and Netspar Pension Workshop for valuable comments. We thank Inquire-UK for financial support. Views are those of authors and not that of Inquire-UK. All authors are affiliated to the University of Amsterdam Business School, Roetersstraat 11, 1018 WB Amsterdam, the Netherlands. Emails: J.J.A.G.Driessen@uva.nl, T.C.Lin@uva.nl and L.Phalippou@uva.nl. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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