Finance Seminar（2017-10）

Topic: Mutual Fund Investments in Private Firms

Speaker: Yiming Qian, University of Iowa

Time: Monday, 3 July, 10:00-11:30

Place: Room 216, Guanghua Building 2

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.

Introduction:

Dr. Yiming Qian is an Associate Professor of Finance in Henry B. Tippie College of Business, University of Iowa. Her research interests are Corporate Finance, IPOs, Mergers and Acquisitions, Corporate Governance, and Capital Market. She holds a B.A. in Economics from Nankai University, and a M.A. in Economics from Fordham University. She holds a Ph.D. in Finance from New York University.

//tippie.uiowa.edu/people/yiming-qian

Your participation is warmly welcomed!