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Event Registration - Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

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Date:
Thursday, October 31, 2019
Time:
12:00 PM - 2:00 PM Eastern Daylight Time
Replicating Private Equity with Value Investing,
Homemade Leverage, and Hold-to-Maturity Accounting
featuring Erik Stafford, John. A. Paulson Professor of Business Administration


Private equity buyout funds tend to select small firms with distinct value characteristics like low EBITDA multiples and low recent net equity issuance. Public equities with these characteristics have high risk-adjusted returns after controlling for common factors. Adding the average incremental leverage used in leveraged buyouts increases both risks and mean returns in this sample. Hold-to-maturity accounting of portfolio value combined with long holding periods eliminates the majority of measured risk. Direct investments in private equity funds underperform a replicating strategy designed to passively mimic the key economic features of their investment process before adjustments for liquidity differences.

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Erik Stafford
John. A. Paulson Professor of Business Administration

Erik Stafford joined the faculty at HBS in July 1999, where he has taught finance in the required and elective curricula of the MBA Program and in the CFA Investment Management Workshop.

Erik's research efforts focus on investment management, capital markets, and the financial system. Two of his papers have won annual prizes for research excellence. "Managerial Decisions and Long-Term Stock Price Performance," written with Mark Mitchell, won the Merton Miller Prize for the paper deemed most significant in the 2000 Journal of Business , and "Limited Arbitrage in Equity Markets," written with Mark Mitchell and Todd Pulvino, won the Smith-Breeden Prize for outstanding paper in the Journal of Finance.

Erik has an undergraduate degree in Finance and Economics from the University of Maryland and a Ph.D. in Finance from the University of Chicago's Graduate School of Business.

In addition to his work at Harvard, Erik is an advisor to SummerHaven Index Management. SummerHaven designs indexes based on academic and proprietary research.

Address:
Omni Parker House
60 School Street
Press Room - 2nd Floor
Boston, MA 02108
Description:Member Registration
Early Bird until Sept. 22 | $35
Regular Reg. Sept 23 - Oct 23 | $40
Late Registration starts Oct 24 | $50

Non-Member Registration
Early Bird until Sept. 22 | $65
Regular Reg. Sept 23 - Oct 23 | $70
Late Registration starts Oct 24 | $80

Registration includes lunch. Please select your meal choice at checkout.
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