Private equity capital is playing a large and growing role in the funding of small to medium-sized, high-growth businesses. Today's private equity investment typically takes the form of purchase of a minority interest in a post-start-up, high-technology company followed by an IPO a few years...

In light of the recent currency crises in East Asia, this article questions the accepted wisdom that emerging market securities deserve to be included in global portfolios primarily because of their low correlations with more conventional asset classes. The authors suggest that the basic cycle...

The last two decades of the 20th century were extraordinary ones for the investment banking industry. For most of this period, the value of financial services transactions grew at approximately twice the rate of the real economy, creating unprecedented boom times for investment banks. Several...