Valuing Private Equity
---- Acknowledgements ----
We thank Andrew Ang, Ulf Axelson, Peter DeMarzo, Phil Dybvig, Wayne Ferson, Larry Glosten, Stefan Hirth, Jingzhi Huang, Xiaojie Huang, Ravi Jagannathan, Yingcong Lan, Alexander Ljungqvist, Bob McDonald, Andrew Metrick, Berk Sensoy, Rene Stulz, Suresh Sundaresan, Ling Tie, Mike Weisbach, Mark Westerfield, Youchang Wu, and seminar participants at Allied Social Science Association (ASSA) 2012, Cheung Kong Graduate School of Business, Columbia Business School, CUFE, European Finance Association 2012, Kunwu Jiuding Capital, London Business School, Northwestern University Kellogg School of Management, Norwegian School of Economics, Ohio State University, Peking University, SMU-SUFE Finance Conference (2013), UIBE, University of Rochester Simon School of Business, University of Oregon Finance Conference (2013), Stanford Graduate School of Business, Zhejiang University, and Nanhu Private Equity Summit for helpful discussions and comments. Neng Wang acknowledges research support by the Chazen Institute of International Business at Columbia Business School. Jinqiang Yang acknowledges support by Natural Science Foundation of China (# 71202007), Innovation Program of Shanghai Municipal Education Commission (# 13ZS050) and ``Chen Guang" Project of Shanghai Municipal Education Commission and Shanghai Education Development Foundation (# 12CG44). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.