Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance

Sofia Johan* (Corresponding Author), Minjie Zhang

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)


Using PitchBook’s private equity (PE) database of 4548 PE funds from 42 countries for the 2000 to 2012 period, we find that higher reporting frequency is associated with lower information asymmetry in performance reports from general partners (GPs) to limited partners. We also find that endowments are systematically associated with less reported unrealized returns as a percentage of total returns generated from GPs. Moreover, endowments receive more performance reports from their PE funds, implying more stringent governance. These findings persist after controlling for various institutional and GP characteristics and are robust to several adjustments for endogeneity concerns. This study also contributes to the finance, accounting, and business ethics literature on financial reporting quality.
Original languageEnglish
Pages (from-to)199–220
Number of pages22
JournalJournal of Business Ethics
Early online date27 Jun 2020
Publication statusPublished - Nov 2021


  • private equity
  • endowments
  • financial reporting
  • law and governance
  • culture


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