作者：Ang, Andrew; Chen, Bingxu; Goetzmann, William N.; Phalippou, Ludovic
作者单位：Yale University; National Bureau of Economic Research; University of Oxford
摘要：We introduce a methodology to estimate the historical time series of returns to investment in private equity funds. The approach requires only an unbalanced panel of cash contributions and distributions accruing to limited partners and is robust to sparse data. We decompose private equity returns from 1994 to 2015 into a component due to traded factors and a time-varying private equity premium not spanned by publicly traded factors. We find cyclicality in private equity returns that differs ac...
作者：Baugh, Brian; Ben-David, Itzhak; Park, Hoonsuk
作者单位：University of Nebraska System; University of Nebraska Lincoln; University System of Ohio; Ohio State University; National Bureau of Economic Research; Nanyang Technological University
摘要：For years, online retailers have maintained a price advantage over brick-and-mortar retailers by not collecting sales tax at the time of sale. Recently, several states have required that online retailer Amazon collect sales tax during checkout. Using transaction-level data, we document that households living in these states reduced their Amazon purchases by 9.4% following the implementation of the sales tax laws, implying elasticities of -1.2 to -1.4. The effect is stronger for large purchases...
