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Incentives to Innovate and the Decision to Go Public or Private
Ferreira, Daniel; Manso, Gustavo; Silva, André C. - C.E.P.R. Discussion Papers - 2010
. Innovation requires the exploration of new ideas with potential advantages but unknown probability of success. We show that it is … equity to innovation and creative destruction and also generates new predictions concerning the determinants of going public …
Persistent link: https://www.econbiz.de/10008468600
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Monitoring Managers: Does it Matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008491717
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More Insiders, More Insider Trading: Evidence from Private Equity Buyouts
Acharya, Viral V; Johnson, Tim - C.E.P.R. Discussion Papers - 2007
Recent takeover activity has been characterized by broader participation in acquiror financing on both debt and equity sides. We focus on private equity buyouts, and investigate whether the number of financing participants is related to the likelihood of insider trading prior to the bid...
Persistent link: https://www.econbiz.de/10005498160
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Where Experience Matters: Asset Allocation and Asset Pricing with Opaque and Illiquid Assets
Buss, Adrian; Uppal, Raman; Vilkov, Grigory - C.E.P.R. Discussion Papers - 2015
Alternative assets, such as private equity, hedge funds, and real assets, are illiquid and opaque, and thus pose a challenge to traditional models of asset allocation. In this paper, we study asset allocation and asset pricing in a general-equilibrium model with liquid assets and an alternative...
Persistent link: https://www.econbiz.de/10011184079
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Are LPs Funds of Funds? Relationship Building in the Private Equity Industry
Massa, Massimo; Zhang, Hong; Zhou, Xiaolan - C.E.P.R. Discussion Papers - 2015
We investigate an informal yet important mechanism in the private equity industry that helps to reduce uncertainty: relationship building. Based on a large sample of private equity funds over the 1980-2010 period, we find that the general partners strategically allocate good funds to loyal...
Persistent link: https://www.econbiz.de/10011186612
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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts
Axelson, Ulf; Jenkinson, Tim; Strömberg, Per Johan; … - C.E.P.R. Discussion Papers - 2012
Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the...
Persistent link: https://www.econbiz.de/10011083386
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Buying to Sell: Private Equity Buyouts and Industrial Restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim Ingemar - C.E.P.R. Discussion Papers - 2012
We investigate how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined partly by buyers' incentives to block rivals from obtaining assets. These...
Persistent link: https://www.econbiz.de/10011083585
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Why are Buyouts Leveraged? The Financial Structure of Private Equity Firms
Axelson, Ulf; Strömberg, Per Johan; Weisbach, Michael - C.E.P.R. Discussion Papers - 2007
This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...
Persistent link: https://www.econbiz.de/10005661723
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R&D, Socio-Economic Conditions and Regional Innovation in the United States
Crescenzi, Riccardo; Rodriguez-Pose, Andres - C.E.P.R. Discussion Papers - 2012
This paper looks at the genesis of innovation in the United States from a territorial perspective. The analysis aims to … disentangle the impact of local R&D expenditure from other contextual conditions supportive of the process of innovation …. Particular emphasis is devoted to the role of socio-economic factors and systems of innovation conditions (‘social filter …
Persistent link: https://www.econbiz.de/10011083285
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Innovation and spatial inequality in Europe and USA
Lee, Neil; Rodriguez-Pose, Andres - C.E.P.R. Discussion Papers - 2012
Innovation is a crucial driver of urban and regional economic success. Innovative cities and regions tend to grow … small body of innovators gain relative to others, innovation may lead to inequality. The evidence on this point is … first comparative evidence on the link between innovation and inequality in a continental perspective. Using micro data from …
Persistent link: https://www.econbiz.de/10011083831