The Performance of Private Equity Funds: Does Diversification Matter?

This paper is the first systematic analysis of the impact of diversification on the performance of private equity funds. A unique data set allows the exact evaluation of diversification across the dimensions financing stages, industries, and countries. Very different levels of diversification can be observed across sample funds. While some funds are highly specialized others are highly diversified. The empirical results show that the rate of return of private equity funds declines with diversification across financing stages, but increases with diversification across industries. Accordingly, the fraction of portfolio companies which have a negative return or return nothing at all, increase with diversification across financing stages. Diversification across countries has no systematic effect on the performance of private equity funds

Spectral irradiance effects on the outdoor performance of photovoltaic modules

The outdoor performance of photovoltaic modules is influenced by spectrum. Even if the irradiance level and the operating temperature is the same, performance difference of photovoltaic modules between the seasons can be increase up to 15% depending on the photovoltaic module type. In this paper, seasonal spectral irradiance effects on the outdoor photovoltaic module performance and previous studies has been summarised thoroughly. The spectrum indicators which are used for spectra characteristics, Useful Fraction and Average Photon Energy are described in detail. This study also indicates spectrum effects on PV performance and outlines the present studies investigating this effect

Effect of shading caused by dust on cadmium telluride photovoltaic modules

The effect of dust on Cadmium-Telluride photovoltaic (PV) thin film modules is investigated by the application of a spatial 3 dimensional model developed with the circuit analysis software PSPICE. The effect of dust concentration and tilt angle variation on the PV module’s performance was investigated. The probability of hotspots in different installation positions is investigated. The simulation results showed a reduction in the sample’s performance with increased dust concentration and reduced tilt angle. The variation between cell positions showed that a horizontal orientation of the cells has an increased risk of hotspots with cells with localized lower parallel resistances than cells identified with uniform high parallel resistance