June 1, 2019
Journal Articles
Complimentary CONTENT
Private Equity Valuations and Public Equity Performance
By: Megan Czasonis, Mark Kritzman, David Turkington, State Street Associates
June 1, 2019
By: Megan Czasonis, Mark Kritzman, David Turkington, State Street Associates
By Megan Czasonis, Mark Kritzman, and David Turkington
Published in the Journal of Alternative Investments, Summer 2019
We find persuasive evidence that private equity managers produce positively biased valuations that appear to be rationalized by information that should not be relevant.
Author Bios
Megan Czasonis
Megan Czasonis is Managing Director and Head of Portfolio Management at State Street Markets
Mark Kritzman
Mark Kritzman is a senior lecturer at MIT Sloan School of Management and a founding partner of State Street Associates
David Turkington
David Turkington is Senior Managing Director and Head of State Street Associates at State Street Markets
State Street Associates
1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.