Fang, Lily; Ivashina, Victoria; Lerner, Josh - In: Review of Financial Studies 26 (2013) 9, pp. 2139-2173
Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing...