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Private Equity, Asset Allocation and Risk Perception - Entrepreneur Spirit and Asset Allocation from a Risk Perspective

Xiaoli Wang

ISBN 10: 3639114965 / ISBN 13: 9783639114966
Published by VDM Verlag
New Condition: New Soft cover
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140 pages. Dimensions: 8.7in. x 5.9in. x 0.3in.Modern finance is based upon investors receiving greater expected returns from undertaking greater risks. However, literature has well documented entrepreneurs undertake larger risks than their returns could justify. In this book, a new theory is developed to explain the above entrepreneurial riskreturn puzzle. In my framework, I argue that entrepreneurs or people investing in private equity usually place a higher value on personally held information or assets under personal control as compared to general public information and these beliefs lead them to assess lower risk regarding such assets. Correspondingly, they require lower returns as compensation and they tilt their investments toward such assets. A heterogeneous CAPM model is thus derived to investigates how the heterogeneity in the risk perception influences investors portfolio choices. The model also provides explanations for other financial puzzles including size premium puzzle, investors local biashome bias puzzle, investors under- diversification puzzle, and different entrepreneurial behavior patterns in different market regimes, etc. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Bookseller Inventory # 9783639114966

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Bibliographic Details

Title: Private Equity, Asset Allocation and Risk ...

Publisher: VDM Verlag

Binding: Paperback

Book Condition:New

Book Type: Paperback

About this title

Synopsis:

Modern finance is based upon investors¿ receiving greater expected returns from undertaking greater risks. However, literature has well documented entrepreneurs undertake larger risks than their returns could justify. In this book, a new theory is developed to explain the above entrepreneurial risk/return puzzle. In my framework, I argue that entrepreneurs or people investing in private equity usually place a higher value on personally held information or assets under personal control as compared to general public information and these beliefs lead them to assess lower risk regarding such assets. Correspondingly, they require lower returns as compensation and they tilt their investments toward such assets. A heterogeneous CAPM model is thus derived to investigates how the heterogeneity in the risk perception influences investors¿ portfolio choices. The model also provides explanations for other financial puzzles including size premium puzzle, investors¿ local bias/home bias puzzle, investor¿s under- diversification puzzle, and different entrepreneurial behavior patterns in different market regimes, etc.

About the Author:

Dr. Xiaoli Wang is currently a partner at Hagin Investment Mangement. Before that, she was an analyst at Bear Stearns and a VP at Bank of America Securities. Dr. Wang has a Ph.D. and an MBA in Finance from Rutgers University.

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