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Lai, Richard Kum-yew - EconWPA - 2005

Private equity funds of funds (FOFs) have become big business. Today, FOFs form 14% of new money raised. I test six explanations for the rise of FOFs. First, I find that FOFs do not generally deliver superior returns. They do, however, do well enough for the limited partners (LPs) that hire...

Persistent link: https://www.econbiz.de/10005134791

A Note on Non-Discriminatory Access to Railroad Infrastructure

Pittman, Russell - EconWPA - 2003

The setting of user prices for enterprises with large fixed costs and marginal costs below average costs – “natural monopolies” – raises important policy questions regarding both efficiency and equity. It has become well accepted among economists that, in a variety of settings, welfare...

Persistent link: https://www.econbiz.de/10005076868

Financial Conditions and Investment during the Transition: Evidence from Czech Firms

Lizal, Lubomir; Svejnar, Jan - EconWPA - 2001

In this paper, we examine net investment during the early stages of transition using micro data on the population of medium and large industrial firms in the Czech Republic during the 1992-95 period. We examine the relevance of alternative models of investment and test if investment behavior...

Persistent link: https://www.econbiz.de/10005407697

The Employment and Social Consequences of Vietnam's International Economic Integration

McCarty, Adam - EconWPA - 2001

The social consequences of restructuring can largely be understood in terms of the net employment impact and the imapct … on government expenditures and revenues. When restructuring entails unemployment, government expenditure can mitigate the … welfare spending). Restructuring, however, doesn't cause unemployment per se. Restructuring involves chnages to the 'rules of …

Persistent link: https://www.econbiz.de/10005408340

Railway Competition: Options for the Russian Federation

Pittman, Russell - EconWPA - 2001

corporate restructuring of a kind favored by many students of railway reform throughout the world: some kind of separation of …

Persistent link: https://www.econbiz.de/10005412919

Restructuring the Polish Railway for Competition

Ordover, Janusz; Pittman, Russell - EconWPA - 2001

The Polish government is considering methods of the privatizing and possible restructuring of the Polish National …

Persistent link: https://www.econbiz.de/10005412942

Were the Acquisitive Conglomerates Inefficient?

Klein, Peter G. - EconWPA - 1997

This paper challenges the conventional wisdom that the 1960s conglomerates were inefficient. I offer valuation results consistent with recent event-study evidence that markets typically rewarded diversifying acquisitions. Using new data, I compute industry-adjusted valuation, profitability,...

Persistent link: https://www.econbiz.de/10005412958

Privatization and Regulatory Reform in Brazil: The Case of Freight Railways

Estache, Antonio; Goldstein, Andrea; Pittman, Russell - EconWPA - 2001

infrastructure reform, has recently taken large steps in restructuring its railroad system. This paper analyzes Brazil's ongoing …

Persistent link: https://www.econbiz.de/10005556074

Railroad Restructuring in Russia and Central and Eastern Europe: One Solution for All Problems?*

Pittman, Russell; Guriev, Sergei; Friebel, Guido; … - EconWPA - 2005

Railways restructuring takes place under very different circumstances and with very different goals in Western Europe … separation in Western Europe are not certain to be replicated following similar restructuring in transition economies, especially … proposal for restructuring in Russia. …

Persistent link: https://www.econbiz.de/10005561434

Toward a Theory of Asset Subscription

Xie, Danyang - EconWPA - 2003

asset that is too large or too risky for a single individual or financial institution so that an auction method is not … and a SS is provided. The difference between an auction scheme and a subscription scheme is discussed. …

Persistent link: https://www.econbiz.de/10005134756