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Private Equity Valuations and Public Equity Performance

By Megan Czasonis, Mark Kritzman, Baykan Pamir, David Turkington, State Street Associates

Jun 1, 2019

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.

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1.Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Doriot Award for Best Private Equity Research Paper in 2022; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012 and 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010.