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Private equity performance under extreme regulation
Cumming, Douglas; Zambelli, Simona - In: Journal of Banking & Finance 37 (2013) 5, pp. 1508-1523
This study investigates the impact of excessive regulation on private equity (PE) returns and firm performance. History … shows that extreme regulation and prohibition reduce the supply of capital and raise returns (e.g., as with drugs and … diamonds). However, for value-added investors such as PE funds, extreme regulation also reduces the quality of capital and fund …
Persistent link: https://www.econbiz.de/10010741774
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Private equity entities and conglomerates: what are the differences?
Achleitner, Ann-Kristin; Müller, Kay - Fakultät für Wirtschaftswissenschaften, Technische … - 2008
We compare the characteristics of conglomerates and private equity entities. This is done by examining the differences among their business models. We analyze the relations of the two entity types to their investors on the one hand and to their investments on the other hand. The distinguishing...
Persistent link: https://www.econbiz.de/10009219918
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The Role of Corruption, Culture, and Law in Investment Fund Manager Fees
Najar, Dorra; Johan, Sofia - Université Paris-Dauphine (Paris IX) - 2011
This article considers an international sample of venture capital and private equity funds to assess the role of law, corruption, and culture in setting fund manager fees. With better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share...
Persistent link: https://www.econbiz.de/10010708367
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The Role of Law Corruption and Culture in Investment Fund Manager Fees
Johan, Sofia; Najar, Dorra - Université Paris-Dauphine (Paris IX) - 2011
This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share...
Persistent link: https://www.econbiz.de/10010708368
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The Role of Law Corruption and Culture in Investment Fund Manager Fees.
Johan, Sofia; Najar, Dorra - Université Paris-Dauphine
This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share...
Persistent link: https://www.econbiz.de/10008871981
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Non-bank finance for firms. The role of private equity funds in north-western Italy
Coin, Daniele; Vacca, Valerio - European Regional Science Association - 2014
Using fund-, firm- and bank-level data we investigate the investments of private equity (PE) funds in the north-western regions of Italy. Both the private equity fund managers and the PE investments are heavily concentrated in this most developed area of the country. The average size of the...
Persistent link: https://www.econbiz.de/10011076037
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On the origins of a Conflict of Interest in the Mutual Fund Industry
Lemeunier, Sébastien M. - ESSEC Business School - 2010
This article discusses conflicts of interest existing between investors and their financial advisors. Several contributions in this field treated this question in relation either with invested amount or with expected holding period of the mutual fund. Our paper considers an approach globalizing...
Persistent link: https://www.econbiz.de/10009142699
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Performance benefits of tight control
Gill, Andrej; Visnjic, Nikolai - Research Center SAFE (Sustainable Architecture for … - 2013
This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...
Persistent link: https://www.econbiz.de/10010955138
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Insight private equity
Gill, Andrej; Visnjic, Nikolai - Research Center SAFE (Sustainable Architecture for … - 2013
We are able to shed light on the black box of restructuring tools private equity investors use to improve the operational performance of their portfolio companies. By building on previous work considering performance evaluation of PE backed companies, we analyze whether private equity improves...
Persistent link: https://www.econbiz.de/10010955147
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The disintermediation of financial markets: Direct investing in private equity
Fang, Lily; Ivashina, Victoria; Lerner, Josh - In: Journal of Financial Economics 116 (2015) 1, pp. 160-178
We examine 20 years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however, relative to the corresponding...
Persistent link: https://www.econbiz.de/10011263122