WEFI

Register for the Wei Yang Tham seminar 10/9

WEFI

Ayako Yasuda (UC Davis)

September 25, 2023 (Register) Paper: Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds (pdf) We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% per share …