\u65e9\u7a32\u7530\u5927\u5b66 \u65e9\u7a32\u7530\u30ad\u30e3\u30f3\u30d1\u30b9 11\u53f7\u9928 11\u968e 1112\u6559\u5ba4<\/a><\/p>\n\u4e3b\u3000\u65e8 \/ Outline<\/h5>\n
“Private Company Valuations by Mutual Funds”<\/p>\n
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\u2019s deal-over-deal valuation change).<\/p>\n
\u203b\u82f1\u8a9e\u3067\u306e\u8b1b\u6f14\u3067\u3059\u3002<\/p>\n
\u30d7\u30ed\u30b0\u30e9\u30e0 \/ Schedule<\/h5>\n
13:00\uff5e13:05 \u958b\u4f1a\u306e\u6328\u62f6\uff08\u5bae\u5cf6 \u82f1\u662d \u65e9\u7a32\u7530\u5927\u5b66 \u9ad8\u7b49\u7814\u7a76\u6240\u9577 \uff0f \u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09
\n13:05\uff5e14:05 \u8b1b\u6f14
\n14:05\uff5e14:25 \u8cea\u7591\u5fdc\u7b54
\n14:25\uff5e14:30 \u9589\u4f1a\u306e\u6328\u62f6\uff08\u5bae\u5cf6 \u82f1\u662d\uff09<\/p>\n
\u5bfe\u3000\u8c61 \/ Prospected Audience<\/h5>\n
\u5b66\u90e8\u751f\u30fb\u5927\u5b66\u9662\u751f\u30fb\u7814\u7a76\u8005\u30fb\u6559\u8077\u54e1\u3000\u7b49<\/p>\n
\u4e3b\u3000\u50ac \/ Organizer<\/h5>\n
\u65e9\u7a32\u7530\u5927\u5b66 \u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240
\n\u65e9\u7a32\u7530\u5927\u5b66 \u9ad8\u7b49\u7814\u7a76\u6240<\/p>\n
\u7533\u8fbc\u307f \/ Registration<\/h5>\n
\u4e8b\u524d\u7533\u8fbc\u307f\u4e0d\u8981\u3067\u3059\u3002\u76f4\u63a5\u4f1a\u5834\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
Waseda Organizational and Financial Economics Seminar: “Private Company Valuations by Mutual Funds” […]<\/p>\n","protected":false},"author":6,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24,26,28],"class_list":["post-5420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-events","tag-general","tag-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/5420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=5420"}],"version-history":[{"count":0,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/5420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=5420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=5420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=5420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}