Explore the vast range of titles available.

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 according to fund type and is consistent with the conjecture that capital market segmentation contributes to private equity returns.

This study employs a randomized field experiment to causally identify what type of signal is likely to complement another signal in the context of financing technology ventures. The study examines the effect of product certification by expert intermediaries, prominent customers, and social proof (that is, others’ interest in investing in a venture) on interest in investing. These three signals are primarily signals of a venture’s product, market, and investment characteristics, respectively. The study finds that signals of product certification and prominent customers, and product certification and social proof are complements. In particular, investors who were able to view the combined product certification and prominent customer signals have a 72% higher likelihood of indicating an interest in making an equity investment than those who did not receive any of the three signals. Similarly, investors who were able to view the combined product certification and social proof signals have a 65% higher likelihood of indicating an interest in investing. These results suggest that in the context of technology ventures, a signal about product characteristics is the key to unlocking the value of signals of market or investment characteristics. This paper was accepted by Gustavo Manso, finance.

This paper compares how recent waves of private equity real estate investment have reshaped the rental housing markets in New York and Berlin. Through secondary analysis of separate primary research projects, we explore financialisation's impact on tenants, neighbourhoods, and urban space. Despite their contrasting market contexts and investor strategies, financialisation heightened existing inequalities in housing affordability and stability, and rearranged spaces of abandonment and gentrification in both cities. Conversely cities themselves also shaped the process of financialisation, with weakened rental protections providing an opening to transform affordable housing into a new global asset class. We also show how financialisation's adaptability in the face of changing market conditions entails ongoing, but shifting processes of uneven development. Comparative studies of financialisation can help highlight geographically disparate, but similar exposures to this global process, thus contributing to a critical urban politics of finance that crosses boundaries of space, sector and scale.

In response to the new U.S. Supreme Court ban on race-conscious admissions, medical schools have an opportunity to refocus on affirmative action’s original vision.

Key PointsHealth Implications of Climate Change and Extreme HeatHeat waves are increasing in frequency, duration, and intensity and are already a substantial threat to human health.Health risks from heat include cardiovascular events, respiratory conditions, kidney disease, adverse pregnancy outcomes, increased anxiety and depression, increased suicidality, and aggressive behavior and violence.Heat exposure is a serious health threat in terms of both the level of heat and the increase from the historical temperature baseline.Multisectoral research is needed to better understand direct and indirect health consequences of a warmer world, with increased heat extremes, and to identify effective strategies for improving resilience.Particular attention is needed to develop effective strategies for adaptation among those at highest risk, such as older populations, members of marginalized racial or ethnic groups, persons with low socioeconomic status, and those with coexisting conditions.

Digital health innovations have been rapidly implemented and scaled to provide solutions to health delivery challenges posed by the coronavirus disease (COVID-19) pandemic. This has provided people with ongoing access to vital health services while minimizing their potential exposure to infection and allowing them to maintain social distancing. However, these solutions may have unintended consequences for health equity. Poverty, lack of access to digital health, poor engagement with digital health for some communities, and barriers to digital health literacy are some factors that can contribute to poor health outcomes. We present the Digital Health Equity Framework, which can be used to consider health equity factors. Along with person-centered care, digital health equity should be incorporated into health provider training and should be championed at the individual, institutional, and social levels. Important future directions will be to develop measurement-based approaches to digital health equity and to use these findings to further validate and refine this model.

We examine how corporate environmental responsibility (CER) affects the cost of equity capital for manufacturing firms in 30 countries. Using several approaches to estimate firms' ex ante equity financing costs, we find in regressions that control for firm-level characteristics as well as industry, year, and country effects that the cost of equity capital is lower when firms have higher CER. This finding is robust to addressing endogeneity through instrumental variables, to using alternative specifications and proxies for the cost of equity capital, and to accounting for noise in analyst forecasts. We conclude that investment in CER reduces firms' equity financing costs worldwide.