This paper addresses the questions whether European mutual fund managers rely on sell-side analyst information with respect to their investment decisions and whether this behavior impacts fund performance. Based on a sample of over 4,300 European mutual funds and around 1.2 million portfolio...

This study aims to analyse the provisions of the Alternative Investment Fund Managers Directive of the European Parliament and of the Council (2011/61/EU) which pertain to its scope. It is divided into two Sections:(a) Section A offers an overview of the legal framework governing alternative...

This Article explains how to create “survivor funds” — short-term investment funds that would pay more to those investors who live until the end of the fund's term than to those who die before then. For example, instead of just investing in a 10-year bond and dividing the proceeds among...

In this paper we analyze how different types of venture capital investments - private, public and indirect public - affect performance of portfolio companies. We use data on more than 20,000 VC deals in Europe between 2000 and 2018 and we hand collected a unique dataset on the institutional...

This paper examines the determinants of private equity activity across Europe. We analyze a total of 43 explanatory variables, categorized into six groups: Economy; Finance and capital markets; Quality of institutions; Life quality; Economic freedom and Globalization. We assess their impact on...

The AIFMD provides a harmonized European framework for regulating alternative investment funds. Prior to discussing its details, this chapter introduces to the AIFMD, discussing the developments that led to its adoption (Part 1), the AIFMD's principal objectives (Part 2) and its key tools for...

We explore the transmission of the ECB's public sector asset purchase programme (PSPP) via the portfolio rebalancing of investment funds and their investors. Evidence for this channel would validate several theoretical propositions and provide insights into market perceptions of intervention...

This paper first highlights the structural features of shadow banking in the euro area, focusing on investment funds. It then discusses the potential systemic risks that the recent expansion of the investment fund sector presents. While investment funds provide important intermediation services...

We study the use of “heartbeat trades” by ETFs in explaining their superior tax efficiency. By relying on the in-kind-redemption exemption rule, authorized participants help ETFs avoid distributing realized capital gains and reduce their tax overhang. In recent years, ETFs end up with 0.92%...

In this paper we propose an integrated approach to assessing risk for alternative investment funds, both at micro and macro (market) level. Building upon the experience and practice in European Supervisory Agencies and different National Competent Authorities on assessing risk for other type of...