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The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?

Опубликовано на портале: 03-10-2003
American Economic Review. 2002.  Vol. 92. No. 4. P. 745-778. 
Authors document the return to investing in U.S. nonpublicly traded equity. Entrepre neurial investment is extremely concentrated,yet despite its poor diversi cation, wend that the returns to private equity are no higher than the returns to publicequity. Given the large public equity premium, it is puzzling why households wilingly invest substantialamounts in a single privately held firm with a seemingly far worse risk-return trade-of. Authors briefly discuss how large nonpecuniary benefits, a preference for skewness, or overestimates of the probability of survival could potentialy explain investment in private equity despite these findings.

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