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How stable are the selected risk factors in your model? Is there a need to change them in the future?


Our model has been calibrated using the broadest set of available information in private markets and over 25 years of transaction prices. The selected set of factors satisfactorily explains observed prices. Through our dynamic estimation that allows these factor prices to change, their predictive abilities will likely evolve and stay relevant.

However, if private markets become much more transparent and troves of additional financial and nonfinancial information on private companies become available, our models can be enhanced with additional factors, and our framework remains flexible for such changes.

Further Reading

The research supporting the choice of these factors is provided in our paper here.

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