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The Journal of Alternative Investments

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Private Equity and the Leverage Myth

Megan Czasonis, William Kinlaw, Mark Kritzman and David Turkington
The Journal of Alternative Investments Winter 2021, 23 (3) 21-31; DOI: https://doi.org/10.3905/jai.2020.1.117
Megan Czasonis
is a managing director at State Street Associates in Cambridge, MA
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William Kinlaw
is a senior managing director at State Street Associates in Cambridge, MA
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Mark Kritzman
is a founding partner at State Street Associates, CEO of Windham Capital Management, and a faculty member at MIT’s Sloan School of Management in Cambridge, MA
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David Turkington
is a senior managing director at State Street Associates in Cambridge, MA
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Article Information

vol. 23 no. 3 21-31
DOI 
https://doi.org/10.3905/jai.2020.1.117

Published By 
Pageant Media Ltd
Print ISSN 
1520-3255
Online ISSN 
2168-8435
History 
  • Published online January 4, 2021.

Article Versions

  • Latest version (December 1, 2020 - 02:32).
  • You are viewing the most recent version of this article.
Copyright & Usage 
© 2020 Pageant Media Ltd

Author Information

  1. Megan Czasonis
    1. is a managing director at State Street Associates in Cambridge, MA. (mczasonis{at}statestreet.com)
  2. William Kinlaw
    1. is a senior managing director at State Street Associates in Cambridge, MA. (wbkinlaw{at}statestreet.com)
  3. Mark Kritzman
    1. is a founding partner at State Street Associates, CEO of Windham Capital Management, and a faculty member at MIT’s Sloan School of Management in Cambridge, MA. (kritzman{at}mit.edu)
  4. David Turkington
    1. is a senior managing director at State Street Associates in Cambridge, MA. (dturkington{at}statestreet.com)
  1. To order reprints of this article, please contact David Rowe at d.rowe{at}pageantmedia.com or 646-891-2157.
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The Journal of Alternative Investments: 23 (3)
The Journal of Alternative Investments
Vol. 23, Issue 3
Winter 2021
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Private Equity and the Leverage Myth
Megan Czasonis, William Kinlaw, Mark Kritzman, David Turkington
The Journal of Alternative Investments Dec 2020, 23 (3) 21-31; DOI: 10.3905/jai.2020.1.117

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Private Equity and the Leverage Myth
Megan Czasonis, William Kinlaw, Mark Kritzman, David Turkington
The Journal of Alternative Investments Dec 2020, 23 (3) 21-31; DOI: 10.3905/jai.2020.1.117
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  • Article
    • Abstract
    • LITERATURE REVIEW
    • THE PRIVATE EQUITY LEVERAGE PUZZLE
    • SIMULATED EFFECT OF LEVERAGE ON VOLATILITY
    • THE EFFECT OF LEVERAGE ON VOLATILITY IN THE PUBLIC EQUITY MARKET
    • ANECDOTAL EVIDENCE
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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