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La vérité sur les performances dans le capital-investissement

Listed author(s):
  • Oliver Gottschalg

    ()

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Ludovic Phalippou

    (UvA - University of Amsterdam [Amsterdam])

Depuis quelques années, la croyance en une surperformance du capital-investissement est alimentée par les articles élogieux sur les rendements de cette classe d'actifs qui paraissent régulièrement dans la presse économique et financière. Les statistiques de mesure des performances publiées par Thomson Venture Economics, qui servent de standard dans la profession, suggèrent que, sur longue période, les performances du capital-investissement se comparent favorablement à celles des indices boursiers. En dépit de ce consensus apparent, le point de vue d'une surperformance du capitalinvestissement vis-à-vis d'un placement dans le coté est erroné. En utilisant les données les plus complètes sur le capital-investissement en Amérique du Nord et en Europe, nous montrons que les performances du capital-investissement ont été, en moyenne, inférieures de près de 3 % par an à celles des grands indices de marché.

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Paper provided by HAL in its series Post-Print with number hal-00758556.

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Date of creation: Nov 2008
Publication status: Published in Revue d'économie financière, Association d'économie financière 2008, n° 93, pp. 201-211
Handle: RePEc:hal:journl:hal-00758556
Note: View the original document on HAL open archive server: https://hal-hec.archives-ouvertes.fr/hal-00758556
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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