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首页> 外文期刊>Journal of financial economics >The liquidity cost of private equity investments: Evidence from secondary market transactions
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The liquidity cost of private equity investments: Evidence from secondary market transactions

机译：私募股权投资的流动性成本：来自二级市场交易的证据

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摘要

This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outperform sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sellers and buyers suggest that the market is one in which relatively flexible buyers earn returns by supplying liquidity to investors wishing to exit. (C) 2018 Elsevier B.V. All rights reserved.
机译：本文使用来自领先中介机构的专有数据来解释二级市场中私募股权的交易成本的大小和决定因素。大多数交易发生在资产净值折让的情况下。买家的平均年度公开市场当量为1.023，而卖家的平均为0.976，这意味着买家每年的经市场调整后的表现要比卖家高出5个百分点。交易成本的横断面模式和卖方与买方的身份都表明，市场是相对灵活的买方通过向希望退出的投资者提供流动性来获得回报的市场。 （C）2018 Elsevier B.V.保留所有权利。

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