Waseda Organizational and Financial Economics Seminar:
“Private Company Valuations by Mutual Funds” (6/18)
講演者 / Speaker
保田 彩子 （Associate Professor, University of California, Davis）
日 時 / Date & Time
2018年6月18日（月） 13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1112教室
主 旨 / Outline
“Private Company Valuations by Mutual Funds”
We study the effect of private start-up holdings on mutual fund NAVs and daily returns using the quarterly disclosures of mutual fund holdings. We find that the reported prices of private securities are frequently stale: nearly half of prices are not updated between quarters. We conjecture and find evidence that funds update private security prices when startups close a new funding round, which establishes a new valuation for the company. Followon funding round events generate large valuation changes for private holdings, which affect fund NAVs and lead to predictably strong fund returns in the days after the followon round, which is often anticipated by industry observers. Consistent with this interpretation, the fund returns after follow-on funding events are positively related to the economic significance of the private security valuation change for the fund (the product of the private security weight in the fund portfolio and the security’s deal-over-deal valuation change).
※英語での講演です。
プログラム / Schedule
13:00～13:05 開会の挨拶（宮島 英昭 早稲田大学 高等研究所長 ／ 商学学術院 教授）
13:05～14:05 講演
14:05～14:25 質疑応答
14:25～14:30 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・研究者・教職員 等
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
