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Consistent with the boom and bust pattern in private equity, the more capital committed to private equity, the lower the return to investors. As returns decline, committed capital declines as well. Thus, boom and bust cycles are related to the following:
I. Past returns earned by investors.
II. The cost to borrow relative to earnings.
III. Forecasted returns expected by economists. A. I only. B. II only. C. I and II only. D. I, II, and III. |