Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012
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States from 1991 onwards. Using these monthly data, we document a statisti-
cally significant smart money effect in the United States whose magnitude is
comparable to that of the United Kingdom. However, even at the quarterly data
frequency, the post-1990 period is suggestive of the presence of smart money in
the United States (whereas the 1970 to 1990 period is not). These conclusions
hold irrespective of whether the momentum factor is taken into consideration.
Thus, Sapp and Tiwari’s results are due to the weight they put on the pre-1991
period, and to their use of quarterly data. The conclusions of Gruber and Zheng
about the presence of smart...
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Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012
Nội dung trích xuất từ tài liệu:
Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012
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