Banking on innovation: Listed and non-listed equity investing, evidence from société générale de Belgique, 1850–1934
研究了全球首家全能银行——比利时通用银行在1850-1934年间投资非上市股权的创新策略，发现该策略带来了显著的正风险调整收益，弥补了上市股票和债券组合的平庸表现，为其他金融机构投资非上市资产奠定了基础。
Société Générale de Belgique was the world's first universal bank. It pioneered another innovation: investing in non-listed equity. We use hand-collected data to show that the bank earned significant positive risk-adjusted returns from 1850 to 1934. This offset its flat return on the listed equity portfolio and underperforming bond portfolio. Other Belgian universal banks followed this strategy. As such, we argue that this innovation laid the groundwork for other financial institutions to invest in listed and non-listed assets.