Using a unique dataset of private equity funds over the last two decades, this paper analyzes the cash flow, return, and risk characteristics of private equity. Unlike previous studies, we have detailed cash flow data for each fund, rather than aggregate or accounting returns. We also know the exact timing of investments and capital returns to investors and the number and types of companies eac...

Using detailed quarterly cash flow data for a large sample of private equity funds from 1984-2010, we examine cross-sectional and time-series cash flow performance of private equity funds across a range of asset classes, including venture capital, buyout, real estate, distressed debt, and funds-of-funds. Our data also include key features of the management contracts, specifically carried intere...

Hyperplane arrangements are very interesting combinatorial objects and many results can be found in the literature. For instance, several papers [1, 2, 6, 7] are concerned with the characteristic polynomials and the number of regions of a hyperplane arrangement. In his paper [9], Stanley reviewed various hyperplane arrangements raising interesting questions, one of which is related to the follo...

One of the most rapidly growing technologies in the cash management industry is the Automated Clearing House ("ACH") system.' The ACH system is the electronic equivalent to the paper check processing system.' The primary benefits of the system, for both banks and their customers, result from reducing the processing time and costs associated with paper check systems! Although other types of elec...

The financing structure of any large public service system both reveals the priorities held by policymakers and drives the delivery of services. Of the $11.2 billion in public funds for child welfare services, somewhat less than half is federal. As this article explains, federal funds for child welfare overwhelmingly go to support out-of-home care (foster care and adoption services), and these ...

The major purpose of this paper is to apply a stochastic single-period inventory management approach to analyze optimal cash management policies with fuzzy cash demand based on fuzzy integral method so that total cost is minimized. We will find that, after defuzzification, the cash-raising amounts and the total costs between the fuzzy case and the crisp case are slightly different when the vari...

In 2002, Austria has reformed its severance pay legislation. In the new system (Abfertigung Neu) individual savings accounts are managed by so-called employee provision funds (“Mitarbeitervorsorgekassen”). The system is funded by employers via a monthly untaxed payment of 1.53 % of gross wages. Accumulated entitlements rest in the employee’s account until retirement, unless the work contract ha...