Private Equity, Asset Allocation and Risk Perception - Entrepreneur Spirit and Asset Allocation From A Risk Perspective

Name: Private Equity, Asset Allocation and Risk Perception - Entrepreneur Spirit and Asset Allocation From A Risk Perspective
Brand: VDM Verlag
SKU: 9783639114966
Price: 304.08 RON
Availability: InStock

Autor: Xiaoli Wang

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Editura: VDM Verlag

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Modern finance is based upon investors receiving §greater expected returns from undertaking greater...

Informații despre carte

Autor

Xiaoli Wang

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2008

Pagini

140

EAN

9783639114966

ISBN

3639114965

Enbook ID

06820361

Editura

VDM Verlag

Greutate

195

Dimensiuni

152 x 229 x 8

Descriere completă

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.

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Private Equity, Asset Allocation and Risk Perception - Entrepreneur Spirit and Asset Allocation From A Risk Perspective

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