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We appreciate your taking the time to explore the concepts behind what we do. These papers cover the fundamentals along with a number of other subjects of relevance to private equity investing. All papers are authored by Sand Hill Econometrics founder and chief economist, Susan Woodward, Ph.D., unless otherwise noted.
Sand Hill Fundamentals
White Paper
“Benchmarking the Returns to Venture”
A good overview of how Sand Hill Econometrics uses modern finance theory to build a benchmark for venture-type investments, this paper is written for the general audience. November 2003, 17 pp. (PDF 528 K)
Academic White Paper
“Benchmarking the Returns to Venture” (with Robert Hall, Ph. D.)
This version is for the more technical reader, one who is familiar with statistical topics such as regression and serial correlation, and describes in more detail how the index was built and the technical issues involved in the effort. December 2003, 32 pp. (PDF 233K)
Short White Paper
July 2004, 3 pp. (PDF 75 K)
Other Private Equity-Related Papers
GARP Magazine: Measuring Risk of Alternative Assets
Alternative assets present a variety of challenges to risk managers. Indeed,it is difficult to evaluate the risks of these complex instruments,particularly for assets that are illiquid and opaque. But there is hope. Dr. Susan Woodward provides a risk metrics-friendly blueprint for effective alternative assets measurement.
May/June 2005, 4 pp. (PDF 104 K)
Measuring Risk and Performance for Private Equity
This paper offers an approach to measuring risk and performance of assets in the two major sectors of private equity and discusses the implications. August 2004, 27 pp. (PDF 353 K)
Benchmarks for Alternative Assets
This article is a concise and lucid overview of the history and practice of benchmarking, and the various approaches private equity portfolio managers may be familiar with. 6 pp. (PDF 40 K)
Thoughts on the PEIGG Guidelines – Short Version
This briefly considers the implications of the recently proposed guidelines for valuing illiquid interests in private equity and how the methodology behind the Sand Hill Index may have a role to play. December 2003, 3 pp. (PDF 64 K)
Thoughts on the PEIGG Guidelines – Shorter Version
2 pp. (PDF 60 K)
Other Topics of Interest
Consumer Confusion In the Mortgage Market
In many ways the US mortgage market is highly efficient, but there is evidence that many borrowers are very confused by this complex transaction. July 2004, 52 pp. (PDF 256 K)
Regulatory Capture at the U.S. Securities and Exchange Commission
The SEC is not unique: It is just as captured by those it regulates as other Federal agencies. March 1998, 19 pp. (PDF 288 K)
Letter to the Editor of the Wall Street Journal,
The unedited letter to the editor written in response to Howard Husock's editorial "Credit Where It's Not Due." Appeared February 2004. 2 pp. (PDF 12 K)
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