WorldCat Identities

Sorensen, Morten

Works: 6 works in 34 publications in 1 language and 272 library holdings
Genres: Filmed lectures  Nonfiction films 
Roles: Author
Classifications: HB1, 330
Publication Timeline
Most widely held works by Morten Sorensen
Which CEO characteristics and abilities matter? by Steven N Kaplan( )

9 editions published in 2008 in English and held by 66 WorldCat member libraries worldwide

We study the characteristics and abilities of CEO candidates for companies involved in buyout (LBO) and venture capital (VC) transactions and relate them to hiring decisions, investment decisions, and company performance. Candidates are assessed on more than thirty individual abilities. The abilities are highly correlated; a factor analysis suggests there are two primary factors with intuitive characterizations - one for general ability and one that contrasts team-related, interpersonal skills with execution skills. Both LBO and VC firms are more likely to hire and invest in CEOs with greater general abilities, both execution- and team-related. Success, however, is more strongly related to execution skills than to team-related skills. Success is, at best, only marginally related to incumbency, holding observable talent and ability constant
Private equity and long-run investment : the case of innovation by Joshua Lerner( )

9 editions published in 2008 in English and held by 58 WorldCat member libraries worldwide

A long-standing controversy is whether LBOs relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as measured by patenting activity. We find no evidence that LBOs are associated with a decrease in these activities. Relying on standard measures of patent quality, we find that patents granted to firms involved in private equity transactions are more cited (a proxy for economic importance), show no significant shifts in the fundamental nature of the research, and are more concentrated in the most important and prominent areas of companies' innovative portfolios
Estimating loan-to-value and foreclosure behavior by Arthur Korteweg( )

6 editions published in 2012 in English and held by 56 WorldCat member libraries worldwide

Abstract: We develop and estimate a unified model of house prices, loan-to-value ratios (LTVs), and trade and foreclosure behavior. House prices are only observed for traded properties, and trades are endogenous, creating sample-selection problems for traditional estimators. We develop a Bayesian filtering procedure to recover the price path for each individual property and produce selection-corrected estimates of historical LTVs and foreclosure behavior, both showing large unprecedented changes since 2007. Our model reduces the index revision problem by nearly half, and has applications in economics and finance (e.g., pricing mortgage-backed securities)
Valuing private equity by Morten Sorensen( )

4 editions published in 2013 in English and held by 45 WorldCat member libraries worldwide

We investigate whether the performance of Private Equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management and incentive fees charged by the general partner (GP). We analyze the LP's portfolio-choice problem and find that management fees, carried interest and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic. On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity
Are CEOs different? : characteristics of top managers by Steven N Kaplan( )

5 editions published in 2017 in English and held by 43 WorldCat member libraries worldwide

We use a dataset of over 2,600 executive assessments to study thirty individual characteristics of candidates for top executive positions - CEO, CFO, COO and others. We classify the thirty candidate characteristics with four primary factors: general ability, execution vs. interpersonal, charisma vs. analytic, and strategic vs. managerial. CEO candidates tend to score higher on these factors; CFO candidates score lower. Conditional on being a candidate, executives with greater interpersonal skills are more likely to be hired, suggesting that such skills are important in the selection process. Scores on the four factors also predict future career progression. Non-CEO candidates who score higher on the four factors are subsequently more likely to become CEOs. The patterns are qualitatively similar for public, private equity and venture capital owned companies. We do not find economically large differences in the four factors for men and women. Women, however, are subsequently less likely to become CEOs, holding the four factors constant
Skill and luck in private equity performance by Morten Sorensen( Visual )

1 edition published in 2014 in English and held by 1 WorldCat member library worldwide

We evaluate the performance of private equity (PE) funds using a variance decomposition model that separates long-term, investable, and spurious persistence. We find a large amount of long-term persistence: the spread in the expected returns of top- and bottom-quartile PE firms is 7 to 8 percentage points annually. Performance is noisy, however, and top-quartile past performance does not imply top-quartile expected future returns, especially for VC firms. Based on past performance alone, an investor needs to observe an excessive number of funds to identify the PE firms with top-quartile expected returns, implying low investable persistence
Audience Level
Audience Level
  Kids General Special  
Audience level: 0.67 (from 0.64 for Are CEOs d ... to 0.74 for Skill and ...)

Alternative Names
Sorensen, Morten

English (34)