J-Curve Exposure

Managing a Portfolio of Venture Capital and Private Equity Funds

Author: Pierre-Yves Mathonet,Thomas Meyer

Publisher: John Wiley & Sons

ISBN: 9780470723401

Category: Business & Economics

Page: 476

View: 696

Building on the success of the author’s previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable. Factors that can sometimes cause institutions to shy away from venture capital are the industry’s opaque track record, unclear valuations and risks, perceived lack of transparency as well as the significant entry barriers to overcome before tangible results show. These issues are all addressed in details with practical solutions to the problems. Among other topics J-Curve Exposure includes discussions of: Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS. Approaches for splitting and prioritizing distributions from private equity funds. Techniques for track record analysis and other tools to help limited partners in their due diligence. Approaches to dealing with uncertainty, the relevance of real options, and co-investments and side funds as advanced portfolio management techniques. Questions related to limited partner decision making fallacies and how to manage portfolios of VC funds. Securitization backed by portfolios of investments in private equity funds. Real life case studies illustrate the issues relevant for the practitioner.

The J Curve Exposure Analysis of the Effective Exchange Rates

Evidence from Sri Lanka

Author: Achinthya Koswatta,Selliah Sivarajasingham

Publisher: LAP Lambert Academic Publishing

ISBN: 9783659687747

Category:

Page: 84

View: 6646

This study aims to find the relationship between real effective exchange rate and trade balance in Sri Lanka in order to find out the J curve phenomenon by using its 10 major trading partners. This paper first constructed the Nominal Effective Exchange Rate (NEER)and Real Effective Exchange Rate (REER)for Sri Lanka and then applied the Engle-Granger technique to investigate the long run cointegration relation between Balance of Trade (BOT) and REER, and finally employed the Error Correction Mechanism to explore the short-run linkage. Estimate results demonstrated that the REER has not a significant influence on Sri Lankan Trade Balance. The Granger Causality test suggests that the REER does not Granger cause the trade balance. We found that the Marshal-Lerner condition does not exist in Sri Lanka. Therefore, no evidence found to support the J curve theory in Sri Lanka. This implies that exchange rate policy is not an efficient policy tool in Sri Lanka. In order to improve the trade balance, Sri Lanka has to follow some other methods. Import tax policies can be imposed to reduce imports on selective basis and export promotion to increase the government revenue.

Beyond the J Curve

Managing a Portfolio of Venture Capital and Private Equity Funds

Author: Thomas Meyer,Pierre-Yves Mathonet

Publisher: John Wiley & Sons

ISBN: 047001198X

Category: Business & Economics

Page: 384

View: 6611

In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to ‘go for top quartile funds’. Beyond the J Curve provides the answers to key questions, including: Why ‘top-quartile’ promises should be taken with a huge pinch of salt and what it takes to select superior fund managers? What do limited partners need to consider when designing and managing portfolios? How one can determine the funds’ economic value to help addressing the questions of ‘fair value’ under IAS 39 and ‘risk’ under Basel II or Solvency II? Why is monitoring important, and how does a limited partner manage his portfolio? How the portfolio’s returns can be improved through proper liquidity management and what to consider when over-committing? And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment? Beyond the J Curve takes the practitioner’s view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.

International Private Equity

Author: Eli Talmor,Florin Vasvari

Publisher: John Wiley & Sons

ISBN: 9781119973881

Category: Business & Economics

Page: 764

View: 5522

Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. Examples are drawn from Europe the Middle East, Africa and America with major case studies from a wide range of business sectors, from the prestigious collection of the London Business School’s Coller Institute of Private Equity. Much more than a simple case book, however, International Private Equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. Covering all the main aspects of the private equity model, the book includes treatment of fund raising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.

International Investments in Private Equity

Asset Allocation, Markets, and Industry Structure

Author: Peter Klaus Cornelius

Publisher: Academic Press

ISBN: 9780123785824

Category: Business & Economics

Page: 328

View: 4042

How can private equity investors exploit investment opportunities in foreign markets? Peter Cornelius uses a proprietary database to investigate and describe private equity markets worldwide, revealing their levels of integration, their risks, and the ways that investors can mitigate those risks. In three major sections that concentrate on the risk and return profile of private equity, the growth dynamics of discrete markets and geographies, and opportunities for private equity investments, he offers hard-to-find analyses that fill knowledge gaps about foreign markets. Observing that despite the progressive dismantling of barriers investors are still home-biased, he demonstrates that a methodical approach to understanding foreign private equity markets can take advantage of the macroeconomic and structural factors that drive supply and demand dynamics in individual markets. Foreword by Josh Lerner Teaches readers how to investigate and analyze foreign private equity markets Forecasts private equity investment opportunities via macroeconomic and structural factors in individual markets Draws on data from a proprietary database covering 250 buyout and VC funds and 7,000 portfolio companies.

Mastering Illiquidity

Risk management for portfolios of limited partnership funds

Author: Thomas Meyer,Peter Cornelius,Christian Diller,Didier Guennoc

Publisher: John Wiley & Sons

ISBN: 1119952816

Category: Business & Economics

Page: 304

View: 9991

Arms investors with powerful new tools for measuring and managing the risks associated with the various illiquid asset classes With risk-free interest rates and risk premiums at record lows, many investors are turning to illiquid assets, such as real estate, private equity, infrastructure and timber, in search of superior returns and greater portfolio diversity. But as many analysts, investors and wealth managers are discovering, such investments bring with them a unique set of risks that cannot be measured by standard asset allocation models. Written by a dream team of globally renowned experts in the field, this book provides a clear, accessible overview of illiquid fund investments, focusing on what the main risks of these asset classes are and how to measure those risks in today's regulatory environment. Provides solutions for institutional investors in need of guidance in today's regulatory environment Offers detailed descriptions of risk measurement in illiquid asset classes, illustrated with real life case studies Helps you to develop reliable risk management tools while complying with the regulations designed to contain the individual and systemic risks arising from illiquid investments Features real-life case studies that capture an array of risk management scenarios you are likely to encounter

International Finance

Author: Maurice D. Levi

Publisher: Psychology Press

ISBN: 9780415309004

Category: Business & Economics

Page: 585

View: 2452

Intended for students who already have a basic knowledge of economics, this book is written from the perspective of someone who wishes to learn about the financial management of an internationally oriented business.

Beyond the J Curve

Managing a Portfolio of Venture Capital and Private Equity Funds

Author: Thomas Meyer,Pierre-Yves Mathonet

Publisher: John Wiley & Sons

ISBN: 9781119995029

Category: Business & Economics

Page: 384

View: 7230

In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to 'go for top quartile funds'. Beyond the J Curve provides the answers to key questions, including: Why 'top-quartile' promises should be taken with a huge pinch of salt and what it takes to select superior fund managers? What do limited partners need to consider when designing and managing portfolios? How one can determine the funds' economic value to help addressing the questions of 'fair value' under IAS 39 and 'risk' under Basel II or Solvency II? Why is monitoring important, and how does a limited partner manage his portfolio? How the portfolio's returns can be improved through proper liquidity management and what to consider when over-committing? And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment? Beyond the J Curve takes the practitioner's view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.

Guide to Elliptic Curve Cryptography

Author: Darrel Hankerson,Alfred J. Menezes,Scott Vanstone

Publisher: Springer Science & Business Media

ISBN: 0387218467

Category: Computers

Page: 312

View: 2372

After two decades of research and development, elliptic curve cryptography now has widespread exposure and acceptance. Industry, banking, and government standards are in place to facilitate extensive deployment of this efficient public-key mechanism. Anchored by a comprehensive treatment of the practical aspects of elliptic curve cryptography (ECC), this guide explains the basic mathematics, describes state-of-the-art implementation methods, and presents standardized protocols for public-key encryption, digital signatures, and key establishment. In addition, the book addresses some issues that arise in software and hardware implementation, as well as side-channel attacks and countermeasures. Readers receive the theoretical fundamentals as an underpinning for a wealth of practical and accessible knowledge about efficient application. Features & Benefits: * Breadth of coverage and unified, integrated approach to elliptic curve cryptosystems * Describes important industry and government protocols, such as the FIPS 186-2 standard from the U.S. National Institute for Standards and Technology * Provides full exposition on techniques for efficiently implementing finite-field and elliptic curve arithmetic * Distills complex mathematics and algorithms for easy understanding * Includes useful literature references, a list of algorithms, and appendices on sample parameters, ECC standards, and software tools This comprehensive, highly focused reference is a useful and indispensable resource for practitioners, professionals, or researchers in computer science, computer engineering, network design, and network data security.

Intelligence, Genes, and Success

Scientists Respond to The Bell Curve

Author: Bernie Devlin,Stephen E. Fienberg,Daniel P. Resnick,Kathryn Roeder

Publisher: Springer Science & Business Media

ISBN: 1461206693

Category: Social Science

Page: 376

View: 8847

A scientific response to the best-selling The Bell Curve which set off a hailstorm of controversy upon its publication in 1994. Much of the public reaction to the book was polemic and failed to analyse the details of the science and validity of the statistical arguments underlying the books conclusion. Here, at last, social scientists and statisticians reply to The Bell Curve and its conclusions about IQ, genetics and social outcomes.

TID

Author: N.A

Publisher: N.A

ISBN: N.A

Category:

Page: N.A

View: 6790

The J Curve

A New Way to Understand Why Nations Rise and Fall

Author: Ian Bremmer

Publisher: Simon & Schuster

ISBN: 9780743274722

Category: Political Science

Page: 336

View: 1382

What Freakonomics does for understanding the economy, The J Curve does for better understanding how nations behave. Bremmer's tour of the nations of the world -- our friends, our foes, and others in between -- shows us how to see the world fresh, get rid of shopworn attitudes, and discover a new and useful way of thinking.

CAIA Level II

Advanced Core Topics in Alternative Investments

Author: CAIA Association

Publisher: John Wiley & Sons

ISBN: 111844728X

Category: Business & Economics

Page: 720

View: 3747

CAIA Association has developed two examinations that are used to certify Chartered Alternative Investment Analysts. The Level I curriculum builds a foundation in both traditional and alternative investment markets--for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. The readings for the Level II exam focus on the same strategies, but change the context to one of risk management and portfolio optimization. Level II CAIA exam takers have to work through the following agenda: asset allocation & portfolio oversight style analysis risk management alternative asset securitization secondary market creation performance and style attribution indexation and benchmarking

The Bell Curve

Intelligence and Class Structure in American Life

Author: Richard J. Herrnstein,Charles Murray

Publisher: Simon and Schuster

ISBN: 9781439134917

Category: History

Page: 912

View: 3499

The controversial book linking intelligence to class and race in modern society, and what public policy can do to mitigate socioeconomic differences in IQ, birth rate, crime, fertility, welfare, and poverty.

CAIA Level II

Advanced Core Topics in Alternative Investments

Author: Melissa Donohue,Urbi Garay,Ernest Jaffarian,Francois Lhabitant,Pierre-Yves Mathonet,Thomas Meyer,Richard Spurgin,Simon Stevenson

Publisher: John Wiley & Sons

ISBN: 0470685115

Category: Business & Economics

Page: 480

View: 4689

Health Effects of Exposure to Radon:

Time for Reassessment?

Author: Committee on Health Effects of Exposure to Radon (BEIR VI),National Research Council,Division on Earth and Life Studies,Commission on Life Sciences

Publisher: National Academies Press

ISBN: N.A

Category: Science

Page: 114

View: 1364

This book evaluates recently published data related to the risk associated with human exposure to radon and radon progeny and assesses whether sufficient and appropriate new information is available to deem necessary a reassessment of health risks due to exposure to radon.

Handbook of Computer Aided Geometric Design

Author: Gerald E. Farin,Josef Hoschek,Myung-Soo Kim

Publisher: Elsevier

ISBN: 0444511040

Category: Computers

Page: 820

View: 7432

This book provides a comprehensive coverage of the fields Geometric Modeling, Computer-Aided Design, and Scientific Visualization, or Computer-Aided Geometric Design. Leading international experts have contributed, thus creating a one-of-a-kind collection of authoritative articles. There are chapters outlining basic theory in tutorial style, as well as application-oriented articles. Aspects which are covered include: Historical outline Curve and surface methods Scientific Visualization Implicit methods Reverse engineering. This book is meant to be a reference text for researchers in the field as well as an introduction to graduate students wishing to get some exposure to this subject.

Alcohol and Cardiovascular Disease

Author: Novartis Foundation

Publisher: John Wiley & Sons

ISBN: 0470515554

Category: Medical

Page: 280

View: 2231

Both timely and topical, this book examines the most important aspects of the relationship between alcohol consumption and health. Drawing together much new and exciting work in this area, it reviews this emotive subject from a dispassionate perspective. It will provide a firm base for further research into the effects of alcohol on the cardiovascular system, and into public health attitudes to what is both a universal pleasure and problem.

Advances and Controversies in Prostate Cancer, An Issue of Urologic Clinics - E-Book

Author: William K. Oh,James C. Hu

Publisher: Elsevier Health Sciences

ISBN: 1455700746

Category: Medical

Page: 159

View: 6183

An estimated 234,000 new cases of prostate cancer will be diagnosed in the United States this year, making it one of the most common cancers affecting American men; however, it can be a controversial disease to diagnose and treat now that there is research abounding for both “watchful waiting and aggressive treatments. Dr. Oh supplies balanced information, with articles on: Prostate Cancer: To Screen or Not To Screen?; High Intensity Focused Ultrasound: Ready for Primetime?; The Case for Open vs. Robotic Assisted Laparoscopic Radical Prostatectomy; Primary and Salvage Prostate Cancer Cryotherapy; and The Case for Open vs. Robotic Assisted Laparoscopic Radical Prostatectomy, to name a few. The state-of-the art information presented in this issue make is must-have for all urologists.

Private Equity as an Asset Class

Author: Guy Fraser-Sampson

Publisher: John Wiley & Sons

ISBN: 0470970537

Category: Business & Economics

Page: 280

View: 6667

Unfairly reviled, and much misunderstood, private equity differs from all other asset classes in various important respects, not least the way in which its fund mechanisms operate, and the way in which its returns are recorded and analysed. Sadly, high level asset allocation decisions are frequently made on the basis of prejudice and misinformation, rather than a proper appreciation of the facts. Guy Fraser-Sampson draws upon more than twenty years of experience of the private equity industry to provide a practical guide to mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as ’what is private equity?’ and progresses to detailed consideration of different types of private equity activity such as venture capital and buyout. Rapid and significant changes in the environment during the recent financial crisis have prompted the need for a new edition. Separate chapters have been added on growth and development capital, as well as secondary investing. Newly emergent issues are considered, such as lengthening holding periods and the possible threat of declining returns. Particular problems, such as the need to distinguish between private equity and hedge funds, are addressed. The glossary has also been expanded. In short, readers will find that this new edition takes their understanding of the asset class to new heights. Key points include: A glossary of private equity terms Venture capital Buyout Growth capital Development capital Secondary investing Understanding private equity returns Analysing funds and returns How to plan a fund investment programme Detailed discussion of industry performance figures