The disintermediation of financial markets: Direct investing in private equity

Abstract

the disintermediation of financial markets: direct investing in private equity citation fang, lily, victoria ivashina, and josh lerner. "the disintermediation of financial markets: direct investing in private equity." journal of financial economics (forthcoming). published version doi.org/10.1016/j.jfineco.2014.12.002 link nrs.harvard.edu/urn-3:hul.instrepos:14010999 terms of use this article was downloaded from harvard university’s dash repository, and is made available under the terms and conditions applicable to open access policy articles (oap), as set forth at harvardwiki.atlassian.net/wiki/external/ngy5nde4zjgzntc5ndqzmgizzwzhmgflowi2m2ewytg accessibility accessibility.huit.harvard.edu/digital-accessibility-policy share your story the harvard community has made this article openly available. please share how this access benefits you. submit a story the disintermediation of financial markets: direct investing in private equity* lily fang insead victoria ivashina** harvard university and nber josh lerner harvard university and nber this draft: september 3, 2014 forthcoming in journal of financial economics abstract we examine twenty years of direct private equity investments by seven large institutions. these direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. outperformance by the direct investments, however, relative to the corresponding private equity fund benchmarks is limited and concentrated among …

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