English, Article edition: Style Drift in Private Equity Douglas Cumming; Grant Fleming; Armin Schwienbacher

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Style Drift in Private Equity
Author
  • Douglas Cumming
  • Grant Fleming
  • Armin Schwienbacher
Physical Description
  • article
Notes
  • We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are less likely among younger fund managers. We also show ways in which changes in market conditions can affect style drifts, and differences for funds committed to early-stage investments compared to funds committed to late-stage investments. We find some evidence of a positive relation between style drifting and investment performance. Copyright (c) 2009 The Authors Journal compilation (c) 2009 Blackwell Publishing Ltd.
  • RePEc:bla:jbfnac:v:36:y:2009-06:i:5-6:p:645-678
Language
  • English
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