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This study investigates the private equity funds’ performances and persistence by fund type. Diversification benefit exists between public equity and private equity and among different types of private equity funds. The net IRR of private equity funds depends on fund type, economic growth, stock market performance, inflation and interest rate. Fund performance was negatively correlated with capital inflow to private equity market and fund size. Fund size and series are positively correlated. Performance persistency exists in private equity fund managers. Fund type is very important factor in analyzing private equity fund performance and persistency.

The purpose of this study is to examine the relationship between the participation in commercially- and socially-oriented Academics' Societal Engagement (ASE) activities, partnership choices, and funding preferences of academics working in public and private universities from Chile and Turkey. Chile represents a private-dominant higher education system (HES), while Turkey is public-dominant. This article presents the results of an international survey, the Academic Profession in Knowledge-based Society (APIKS), applied to academics from over 20 countries, including Chile and Turkey.

Through a quantitative analysis the authors analyse how the dominant institutional type influences ASE activities, partnership choices, and funding preferences.

Results from the analysis show that being part of a public or private university does not solely explain the activity type that academics engage with. Moreover, the rate of Chilean academics participating in ASE activities is more than twice that of Turkish academics regardless of the public-private distinction.

Further research about the academic life and ASE activities using a qualitative approach can complement this study. Applying further in-depth interviews to obtain more information from external partners can provide different perspectives and help to better understand the ASE activities. Additional analysis could compare external activities by higher education institution (HEI) type regarding vocational/technical centres since the Chilean and Turkish private HEIs included in this study received a mix of public-private funds and are considered not-for-profit, so extending this research to include for-profit private HEIs may be worthwhile for additional comparison.

More support and funding for the development of commercially-oriented ASE activities is recommended for Chile and Turkey's HES. In Turkey, a law-update in 2017 facilitates the establishment of technology transfer offices (TTOs) as companies within universities (Author, 2019). Though it is too early to know its effects, a positive contribution is anticipated. Centred Chile's private dominant HES, it would be appropriate for this type of system to also create different support structures to incentivise socially-oriented external activities and partnership opportunities. As done in other universities, the establishment of a community engagement office may provide professional guidance for partnership creations. Regardless of a country's HE public/private dominance, diverse sources of funding and support mechanisms can also be created to strengthen organisational and financial autonomy facilitating academics' participation in ASE activities. For example, universities can develop institutional policies to support academic establishment, lead or join in administration of non-governmental organisations, or form institutional media to deliver academics' viewpoints of social issues to the larger and non-academic audience. University managers should also empower the connection between academics and industry and business sector through different organisational structures such as Research Office, Science Park Incubators, Career Centre, while guiding and financially supporting academics' research commercialisation by their TTO experience and sources.

The literature has studied the public-private higher education distinction in vast aspects, however, no empirical studies have explored it concerning ASE. Chile and Turkey propose interesting cases since they represent opposite ends considering the public-private predominance of higher education systems. Turkey exhibits a heavy public predominance, whereas Chile has a significantly strong private system.

This chapter describes the evolution of the Brazilian investment fund industry and the impact of domestic and international crises on investors, managers and the main types of funds offered in Brazil. In particular, it explores the effect of the subprime crisis and shows that the first wave of this crisis had very little impact, but the second wave with the collapse of Lehman Brothers did have a major impact on risk, returns and flows of the mutual fund industry in Brazil.

This paper analyzes the impact of economic downturns on the revenue and expense sides of city financing for the period 2003 to 2009 using a convenience sample of the audited end of year financial reports for thirty midsized US cities. The analysis focuses on whether and how quickly and how extensively revenue and spending directions from past years are altered by recessions. A seven year series of Comprehensive Annual Financial Report (CAFR) data serves to explore whether citiesʼ revenues and spending, especially the traditional property tax and core functions such as public safety and infrastructure withstood the brief 2001 and the persistent 2007 recessions? The findings point to consumption (spending) over stability (revenue minus expense) for the recession of 2007, particularly in 2008 and 2009.

The purpose of this paper is to investigate the dynamics of mutual fund investment flows across the business cycle. To account for the differences in the flow patterns of funds catered for institutional investors and those focusing on retail investors, the author conducts this investigation separately for flows of institutional and retail funds.

The author uses the sample of US equity mutual funds for the period between 1999 and 2012. For the samples of each type of fund, the author performs separate analyses for expansion and recession periods. Following Sirri and Tufano (1998), the author implements the Fama MacBeth (1973) approach.

The author finds that flow patterns of both fund types vary across the business cycle. For example, the results reveal that during bad times, institutional investors demonstrate weaker return-chasing behavior, while paying higher attention to Jensen’s α, than during good times. In addition, the author reports results on the effect of fund exposure to various systematic risk factors. For instance, the author observes that during economic downturns, investors of both fund types tend to punish managers with higher market exposure. During expansions, the fund’s market exposure positively affects flows of institutional funds, while its effect on the flows of retail funds remains negative.

To the best of the author’s knowledge, this is the first study that investigates mutual fund investment flow patterns across the business cycle, while simultaneously accounting for differences in flow patterns between retail and institutional funds. A further contribution of this paper is that it explores the previously overlooked relationships between fund flows and their exposure to various systematic risk factors.

In Germany, open‐ended funds represent the prevailing form of indirect real estate investment for retail and institutional investors. The purpose of this paper is to address whether significant performance differences occur between retail and institutional funds.

The relative fund performance of 137 funds investing in Germany and abroad are each measured against tailored Investment Property Databank performance benchmarks of direct property investments. Such benchmarks shall mimic the asset allocation of any particular fund. Data on retail fund performance are retrieved from the fund association BVI, the data on institutional fund performance are derived from the individual statements of accounts for each fund.

German open‐ended funds show significant differences in mean relative returns. The differences are mainly driven by the respective asset allocation of the funds, although relative returns against tailored benchmarks as dependent variables are supposed to offset country‐specific return fluctuations. Institutional investors tend to be better‐off than retail investors.

Liquidity holdings are not (and can not be) extracted from fund performance with the given data. In this regard, it must be acknowledged that retail funds by nature are induced to carry more liquidity. Second, the high significance of the factor asset allocation may indicate that country‐specific benchmarks could still be tailored more effectively. However, the conclusions from this paper remain unaffected. Ex post variations in the grouping of funds explain additional fund performance variance. In particular, it would be interesting to analyze the performance patterns of single‐investor funds and the influence or control that is being exercised by single‐investors in institutional funds.

Results give new insights into the performance of open‐ended real estate funds. The analysis helps explaining performance patterns and contributes to an improved understanding of the German indirect real estate investment market.

In this paper, we examine whether fund market reactions are affected by the characteristics of categorized features of fund. To investigate the goal of the paper, we consider macroeconomic factors as well as financial characters. We classify fund flow into four groups depending upon type of fund and fund characters to determine which category is better to increase fund flow for capital market after these financial occurrence. In this regard, our research suggests important evidence about the effect of financial factor on fund flow with a case of an detailed situation in Emerging market. In order to test the hypothesis, we use seemingly unrelated regression (SUR) model to choose significant factors among various types of fund market-related changes. Our sample consisted of fund flows from 2006 to 2016 collected by Korean Financial Association and Bank of Korea. The empirical results are summarized as follows : First, we find that capital market index, exchange rate affect fund flows with time-lagged value changes. Second, the stock index fund and banking sector fund sales show strong positive relations with the fund flow changes. Third, values of the fund flow are significantly related with fund sales by asset management’s affiliated financial institution. These results are consistent with the hypotheses that the increase and decrease in the fund flows due to capital market situation are more pronounced as the financial factors fit. Our results suggest that it is necessary to consider the fundamental characteristics of fund flow changes as well as the external economic environment to get a more efficient market performance and supervision.

Sustainable entrepreneurs face additional challenges in fundraising. Crowdfunding is emerging as a compelling alternative to traditional sources of capital with a growing body of research outlining its characteristics and discussing mainly its antecedents. Yet little is known about the crowdfunding behaviour of sustainable entrepreneurs. The purpose of this paper is to explore sustainable entrepreneurs' crowdfunding landscape namely the relation between motivation and different crowdfunding types.

Based on a unique dataset of French sustainable entrepreneurs, this paper adopts a qualitative case study approach by conducting in-depth interviews with the entrepreneurs. This was complemented by secondary data collected from company websites and crowdfunding platforms.

This study presents a conceptual framework that outlines and maps the drivers that lead sustainable entrepreneurs to engage with different crowdfunding types (donation, reward, mixed and equity) by unravelling a more granular understanding of the key and condition-based additional drivers within the context of sustainable entrepreneurial crowdfunding.

Entrepreneurs are taking advantage of crowdfunding in order to raise funds. This manuscript offers empirical insights into the under-investigated question of what drives sustainable entrepreneurs to engage in crowdfunding and to what ends. This research also adds texture to prior findings about general motivations of entrepreneurs to seek crowdfunding. These insights inform research and practice on sustainable entrepreneurial crowdfunding, and entrepreneurial crowdfunding in general.

The purpose of this study is to evaluate the performance of mutual funds during the COVID-19 pandemic with environmental, social and governance (ESG) criteria. The main research question is whether mutual fund performance differs with respect to the level of the mutual fund’s ESG score.

The data set contains global fund data, and mutual fund performance is analyzed using two types of data envelopment analysis (DEA) models: the DEA portfolio index (DPEI) and the range direction measure (RDM) DEA. Propensity score matching and logistic regression are also applied.

The results reveal that: nonequity mutual funds present significantly higher performance compared to the performance of equity mutual funds; mutual funds with high ESG scores are associated with significantly higher performance compared to those with low to medium ESG scores; funds with high ESG scores experience higher performance irrespective of their type; and efficiency scores derived from the RDM DEA are significantly higher than those derived from the DPEI model.

Investors, fund managers and market participants can benefit from the findings of this study and improve their investment decision-making process, including more sustainable funds in their portfolios. Regulators and policymakers should further promote or even require the inclusion of more sustainable investments in the financial products offered by institutional investors. The main limitation of the study is related to data availability regarding the ESG score of mutual funds.

To the best of the authors’ knowledge, this is the first study that provides robust evidence in support of a positive association between ESG scores and mutual fund performance during the pandemic-induced crisis applying a DEA methodology.