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How Much for a Haircut? Illiquidity, Secondary Markets, and the Value of Private Equity

“Bollen, Nicolas P. B. and Sensoy, Berk A., How Much for a Haircut? Illiquidity, Secondary Markets, and the Value of Private Equity (May 17, 2015). Fisher College of Business Working Paper No. 2015-03-08. Available for download at SSRN: http://ssrn.com/abstract=2608549

“Limited partners (LPs) of private equity funds commit to invest with significant uncertainty regarding the timing of capital calls and payoffs and extreme restrictions on liquidity. Secondary markets have emerged which alleviate some of the associated cost. This paper develops a subjective valuation model incorporating these institutional features. Private equity values are sensitive to the discount in secondary market transactions, especially for more risk averse LPs. Model-implied breakeven returns generally exceed empirically observed returns. However, highly risk tolerant LPs may find private equity attractive at portfolio allocations observed in practice, especially if they can access above-average funds and an efficient secondary market.”

What Do Private Equity Firms Say They Do?

Gompers, Paul A. and Kaplan, Steven N. and Mukharlyamov, Vladimir, What Do Private Equity Firms Say They Do? (April 27, 2015). Harvard Business School Finance Working Paper No. 15-081; Harvard Business School Entrepreneurial Management Working Paper No. 15-081. Available for download at SSRN: http://ssrn.com/abstract=2600524 or http://dx.doi.org/10.2139/ssrn.2600524 “We survey 79 private equity investors with combined AUMContinue Reading

EIA China Country Analysis Brief

China is the world’s most populous country with a fast-growing economy that has led it to be the largest energy consumer and producer in the world. Rapidly increasing energy demand, especially for petroleum and other liquids, has made China influential in world energy markets. China is the world’s second-largest consumer of oil and moved fromContinue Reading

New GAO Reports – Federal Home Loan Banks, Medicare

Federal Home Loan Banks: Collateral Requirements Discourage Some Community Development Financial Institutions from Seeking Membership, GAO-15-352: Published: Apr 23, 2015. Publicly Released: May 22, 2015: “Collateral requirements rather than membership requirements discouraged some nondepository community development financial institutions (CDFI)—loan or venture capital funds—from seeking membership in the Federal Home Loan Bank (FHLBank) System. CDFIs areContinue Reading

OCLC Research Library Linked Data in the Cloud

“Librarians, archivists, computer scientists, and other professionals interested in modeling bibliographic descriptions as linked data are invited to attend this webinar in which the authors will describe the conceptual and technical challenges involved in publishing linked data derived from traditional library metadata. This transformation is urgent because it is now common knowledge that most searchesContinue Reading

Open Bitcoin Privacy Project assesses wallet privacy in new report

“The Open Bitcoin Privacy Project (OBPP) – an open-source, international organization whose goal is to improve financial privacy within the Bitcoin ecosystem – has released its Spring 2015 Wallet Privacy Rating Report. In the report, the OBPP rates the 10 most popular Bitcoin wallets by measuring the wallets’ effectiveness at protecting users’ privacy. Each walletContinue Reading

Inspector General Warns: Significant Oversight of Section 215 Required

EPIC – “The DOJ’s Office of the Inspector General released a report this month detailing the FBI’s use of Section 215 and warning that “significant oversight” is required. The Inspector General describes the FBI’s expanding use of 215 to collect electronic information in bulk and criticized the agency for taking seven years to develop minimizationContinue Reading

Quantitative Analysis of Writing Style on the U.S. Supreme Court

Carlson, Keith and Livermore, Michael A. and Rockmore, Daniel, A Quantitative Analysis of Writing Style on the U.S. Supreme Court (March 11, 2015). Washington University Law Review, Vol. 93, No. 6, 2016; Virginia Public Law and Legal Theory Research Paper No. 3. Available for download at SSRN: http://ssrn.com/abstract=2554516 “This paper presents the results of aContinue Reading

CRS – Tracking Federal Funds: USAspending.gov and Other Data Sources

Tracking Federal Funds: USAspending.gov and Other Data Sources. Merete F. Gerli, Information Research Specialist. May 13, 2015. “Finding data on federal grants and contracts awarded to states and congressional districts, local governments, nonprofit organizations, contractors, and other eligible entities may present challenges. The official website, USAspending.gov, at http://www.usaspending.gov, collects data on grants, loans, insurance, assistance,Continue Reading

The City Energy Efficiency Scorecard

“Mayors and local lawmakers in America’s largest cities continue to take innovative steps to lower energy costs for consumers and businesses, increase their resilience, and reduce pollution through increased energy efficiency, according to the 2nd edition of the City Energy Efficiency Scorecard, released today by the American Council for an Energy-Efficient Economy (ACEEE).  Available onlineContinue Reading

Tweets now appear in Goggle mobile search results

Via Twitter Blog – “We’re excited to team up with Google to bring Twitter’s unique, real-time content to Google’s search results. Starting today, U.S. users searching in English will see relevant Tweets in their search results within the Google app (iOS and Android) and mobile web. The desktop web version is coming shortly, and weContinue Reading

Improving job quality and reducing gender gaps are essential to tackling growing inequality

“Income inequality has reached record highs in most OECD countries and remains at even higher levels in many emerging economies. The richest 10 per cent of the population in the OECD now earn 9.6 times the income of the poorest 10 per cent, up from 7:1 in the 1980s and 9:1 in the 2000s, accordingContinue Reading