Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments
---- Acknowledgements -----
We are grateful to Ed Glaeser, Victoria Ivashina, Josh Pollet, and Jules van Binsbergen for very helpful comments and discussions, as well as seminar participants at Northwestern University, Oxford University, the Federal Reserve Bank of Chicago, DePaul University, the University of Florida, Michigan State University, the University of British Columbia, Yale University, and the University of Hong Kong. Hochberg and Rauh gratefully acknowledge funding from the Zell Center for Risk Research at the Kellogg School of Management. Hochberg gratefully acknowledges funding from the Heizer Center for Private Equity and Venture Capital at the Kellogg School of Management. Address correspondence to: firstname.lastname@example.org (Hochberg), email@example.com (Rauh). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.