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Explaining Buyout Industry Returns: New Evidence

By David Turkington, State Street Associates

Apr 6, 2019

By David Turkington. Published in the Journal of Investment Management, First Quarter 2019. Contrary to popular belief, levered small cap value stocks do not actually track private equity returns, but other factors such as sector exposure do. Full paper available on the Journal of Investment Management website.

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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.