资源描述：
《金融市场的非中介化金融脱媒外文文献翻译》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、外文文献翻译原文及译文标题：Thedisintermediationoffinancialmarkets:Directinvestinginprivateequity作者:VictoriaIvashina,JoshLerner期干Ll：JournalofFinancialEconomics,第116卷，第1期年份:2015原文Thedisintermediationoffinancialmarkets:DirectinvestinginprivateequityVictoriaIvashina,JoshLernerAbstractWeex
2、amine20yearsofdirectprivateequityinvestmentsbysevenlargeinstitutions.Thesedirectinvestmentsperformbetterthanpublicmarketindices,especiallybuyoutinvestmentsandthosemadeinthe1990s.Outperformancebythedirectinvestments,however,relativetothecorrespondingprivateequityfundbenchm
3、arksislimitedandconcentratedamongbuyouttransactions.Co-investmentsunderperformthecorrespondingfundswithwhichtheyco-invest,duetoanapparentadverseselectionoftransactionsavailabletotheseinvestors,whilesolotransactionsoutperformfundbenchmarks・Investors'abilitytoresolveinforma
4、tionproblemsappearstobeanimportantdriverofsolodealoutcomes.Keywords:Financialintermediation,Privateequity,Directinvestment,Co-investment1.IntroductionInrecentyears,institutionalinvestorshaveincreasinglyinvesteddirectlyinprivateequity,bypassingthetraditionalintermediatedfu
5、ndstructure.Thesedirectinvestmentsincludetransactionsinwhichaninstitutionalinvestorcoinvestsinadealthatisoriginatedbyaprivateequityfundmanager(whichwetermco-investments)andonesinwhichtheinstitutionalinvestororiginatesandinvestsinthetransactionalone(soloinvestments).Accord
6、ingtoPreqinsurveydata,in2014,52%ofinvestorsinprivateequityfundsintendedtoincreasetheirdirectinvestmentactivity,andafurther36%plannedtomaintaintheircurrentlevel.Thegrowingappetitefordirectinvestmentsisspreadacrossalltypesofinstitutionalinvestors,oftenattheexpenseofallocati
7、onstowardtraditionalprivateequityinvesting.Lowerfees一and,consequently,thepromiseofhighernetreturns一appeartobetheprimaryreasonbehindthistrend・Yet,aswewillshow,runningasuccessfuldirectinvestingprogramcanbechallenging・Ourmaincontributionisapioneeringempiricalassessmentofther
8、elativeperformanceofdirectandintermediatedinvestinginprivateequityforalargesampleofinvestmentsov
