Private Equity Fund Reporting Quality, External Monitors, and Third-Party Service Providers
研究了私募股权基金报告质量（净资产值的准确性和偏差）如何随外部监督者（投资者和审计师）和第三方服务提供商（估值专家、营销商、管理商）的类型而变化，发现审计师和第三方服务提供商的使用与报告质量相关，且这种关联在收购基金和风险投资基金中不同。
ABSTRACT We describe variation in the reporting quality (i.e., accuracy and bias of reported net asset values (NAVs)) of private equity (PE) funds across types of external monitors (investors and auditors) and third-party service providers (valuation specialists, marketers, and administrators). In contrast to public markets, we find only limited evidence that reporting quality varies with the composition and types of investors in PE funds. We observe, however, that reporting quality varies with auditor involvement and the use of third-party service providers; these associations often differ across buyout (BO) and venture capital (VC) funds and from those observed in public markets. Our evidence is important to investors and regulators, especially now that PE supersedes public markets as the main vehicle to raise capital and as regulators increase their focus on private markets. Data Availability: Data used in this study are available from public sources listed in the paper. JEL Classifications: G1; G14; G30; M4; M41.