on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity …

several aspects of corporate financing behavior, including the tendency to rely on internal sources of funds, and to prefer … debt to equity if external financing is required. Extensions and applications of the model are discussed …

investors. We show that the optimal financing arrangement is consistent with a number of characteristics of the private equity …

Much of corporate finance is concerned with the impact of financing constraints on firms. However, the literature on … financing constraints largely ignores the intertemporal implications of those constraints; in particular, how future financing … constraints affect current investment decisions. We present a model in which future financing constraints lead firms to have a …

This paper examines the extent to which investment financing and market-timing explanations motivate public equity …. These results suggest that market timing as well as investment financing is a motivation for equity offers …

provision, asymmetric information and hold-up problems. We explore several financing scenarios, including first …-best, monopolistic, syndicated and fully competitive financing. We solve numerically for the entrepreneur's effort, the terms of … financing, the venture capitalist's investment decision and NPV. We find significant value losses due to holdup problems and …

in deals that are more likely to be associated with financing improvements. These findings are consistent with the view …