Francesco Franzoni and Eric Nowak are at the University of Lugano and Swiss Finance Institute, via G. Buffi 13, Lugano, Switzerland. Ludovic Phalippou is at the University of Oxford Said Business School and Oxford-Man Institute, OX1 1HP, Oxford, UK. We are especially grateful to the Editor, Cam Harvey, and anonymous Associate Editor and referee for greatly contributing to the final version of the paper. We are also grateful to Philipp Krohmer and Daniel Schmidt of CEPRES GmbH for their support and for giving us access to their database. We thank Viral Acharya; Fernando Anjos; Giovanni Barone-Adesi; Alessandro Beber; Dion Bongaerts; Andrea Caprara; Joost Driessen; Frank de Jong; Patrick Gagliardini; Tim Jenkinson; Christian Julliard; Marcin Kacperczyk; Aditya Kaul; Laurence Lescourret; Hanno Lustig; Roni Michaely; Adair Morse; Tarun Ramadorai; Christian Rauch; Diego Ronchetti; Elvira Sojli; Per Stromberg; Fabio Trojani; Marno Verbeek; Anette Vissing-Jorgensen; and conference participants at ESSEC; Erasmus University; ISCTE; the CEPR Symposium in Gerzensee; the German Finance Association Meeting; Argentum PE conference; and seminar participants at the Universities of Amsterdam, Oxford, and Tilburg for helpful comments. We thank Alexander Eisele for excellent research assistance. We are also grateful to Vera Baranouskaya. This project is financially supported by NETSPAR, NCCR-FINRISK, and RICAFE II (European Commission contract no. 028942.)
Private Equity Performance and Liquidity Risk
Version of Record online: 19 NOV 2012
© 2012 the American Finance Association
The Journal of Finance
Volume 67, Issue 6, pages 2341–2373, December 2012
How to Cite
FRANZONI, F., NOWAK, E. and PHALIPPOU, L. (2012), Private Equity Performance and Liquidity Risk. The Journal of Finance, 67: 2341–2373. doi: 10.1111/j.1540-6261.2012.01788.x
- Issue online: 19 NOV 2012
- Version of Record online: 19 NOV 2012
- Initial submission: June 17, 2010; Final version received: February 14, 2012
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