Title:Mutual Fund Investments in Private Firms
Lecturer：Prof.Yiming Qian，University of Iowa
Host：Prof.Deng Lu
Time：2017.7.5 15:00-17:00
Location：A618
Abstract:Historically a key advantage of being a public firm was broader access to capital, from a disperse group of shareholders. In recent years, such capital has increasingly become available to private firms as well. We document a dramatic increase over the past twenty years in the number of mutual funds participating in private markets and in the dollar value of these private firm investments. Consistent with the greater availability of capital changing the trade-off between private and public listing status, we find that mutual fund investments enable companies to stay private an average one to two years longer.Mutual funds’ returns on these investments appear to be both economically meaningful and beneficial as a source of diversification, relative to investments in publicly traded firms. About the lecturer:Yiming Qian is an Associate Professor of Finance at the Henry B. Tippie College of Business, University of Iowa. She completed her PhD in Finance at New York University in 2002. Her major areas of research include Corporate Finance,IPOs, Mergers and Acquisitions, Corporate Governance, and Capital Market. Her work has been published inReview of Financial Studies, Journal of Financial and Quantitative Analysis, Quarterly Journal of Finance, Management Science,Financial Management, Review of Accounting & Finance, Journal of Corporate Finance, Journal of International Money and Finance, Economic Policy Review.
Now, she is an Associate Editor ofAsia-Pacific Journal of Financial Studies. And she is referee ofJournal of Finance, Review of Financial Studies, Management Science, Review of Economic Studies, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Money Credit and Banking, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Financial Intermediation, Financial Management, Journal of Banking and Finance,and et al.
