Persistent Blessings of Luck: Theory and an Application to Venture Capital
Author: Cong, Lin William, Xiao, Yizhou on Aug 06, 2018
Financial economists have long debated whether or not investment managers differ in the skills they have. While studies of individual stocks, mutual funds, and other fund classes generally find that investors do not consistently outperform passive benchmarks after-fee and out-performance is not persistent, an important exception is the private equity…
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