There is an extensive literature documenting a mutual fund performance deficit, whereby a large number of mutual funds underperform the market index. One possible cause is conflicts of interest between mutual funds and investors. I explore the consequences of a new regulation prohibiting funds...

This paper empirically examines the effects of LBO regulations on the structure of LBO transactions based on data from Italy from 1999-2006. We show that rendering LBOs illegal prior to 2004 reduced the frequency of LBOs in Italy but did not exclude them altogether. Rather, it inhibited...

This paper considers the structure, governance and performance of a unique class of mutual funds that receives capital only from individuals, and reinvests this contributed capital in private companies, as opposed to traditional mutual funds that invest in publicly traded companies. We consider...

Professors John C. Coates, IV, and R. Glenn Hubbard have prepared a study entitled, Competition and Shareholder Fees in the Mutual Fund Industry: Evidence and Implications for Policy. I will refer to it henceforth as quot;Coates-Hubbard.quot; The working paper was published in June of 2006 under...

This paper introduces a new dataset from 50 private investment funds from 17 countries in Africa, North and South America, Europe and Australasia. We analyze compensation in regards to fixed management fees (as a percentage of fund size), performance fees (the carried interest percentage),...

We hypothesize that supply and demand shifts occurred in the US venture capital (VC) industry during 1980 to 2002 and present the results of an empirical study about the temporal characteristics of the industry during that period. Our main conclusion is that the VC industry has gone under...

Squeezed between increasing entitlement expenditures and static or declining real revenues, state-funded urban development is increasingly an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have...

This paper introduces a new dataset from 100 Dutch institutional investors' domestic and international asset private equity allocations. The data indicate that the perceived comparative dearth of regulations of private equity funds impedes institutional investor participation in private equity...

This paper considers the structure, governance and performance of a unique class of mutual funds that receives capital only from individuals, and reinvests this contributed capital in private companies, as opposed to traditional mutual funds that invest in publicly traded companies. We consider...

This article reports the results of an experiment designed to assess the impact of last-sale trade reporting on the liquidity of BBB corporate bonds. Overall, adding transparency has either a neutral or a positive effect on liquidity. Increased transparency is not associated with greater trading...