Using PitchBook’s private equity 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 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. (shrink)

. The defects in macro traffic model research are pointed out firstly. In order to remedy these defects, traffic movements at the grid intersection were analyzed, and with the basic framework of the traffic transmission model, the new macro traffic model used in the paper for control simulation and evaluation has been proposed. Secondly, the bi-level optimization control model is proposed, using minimal delay and maximal throughput as its upper objectives, and optimal traffic coordination on both sides as the lower (...) objective. A corresponding heuristic ant algorithm is subsequently designed to solve the control model. Finally, the proposed method is tested at a suppositional road network, under three different demand scenarios, compared with Transyt-7F. The results show that the proposed method has better performance, especially under high demand scenarios. (shrink)