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| Title: | Pay Now or Pay Later? The Economics within the Private Equity Partnership |
| Publisher: | Elsevier BV |
| Description: | The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the allocation of fund economics to individual partners is divorced from past success as an investor, being instead critically driven by status as a founder; (b) that the underprovision of carried interest and ownership—and inequality in fund economics more generally—leads to the departures of senior partners; and (c) the departures of senior partners have negative effects on the ability of funds to raise additional capital. Accepted Manuscript |
| URI: | http://lib.yhn.edu.vn/handle/YHN/284 |
| Other Identifiers: | Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87. 0304-405X http://nrs.harvard.edu/urn-3:HUL.InstRepos:41845080 10.1016/j.jfineco.2018.07.017 |
| Appears in Collections | Tài liệu ngoại văn |
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