Direct investments are the preferred vehicle for large institutional investors to have control over their portfolio investments. We study the deal structure of direct investments by sovereign wealth funds (SWFs) in private equity transactions. We find that SWFs shift from investing in private...

In US derivative cases, plaintiffs' lawyer fees and monetary awards have a distorting effect on shareholder value. We evaluate the benefits of corporate litigation without these externalities using a dataset for the Netherlands between 2002 and 2013. We find significant abnormal returns within a...

For the last decade economists have been preoccupied with the decline in bank financing to small businesses and entrepreneurs. This effort has produced a better understanding of the obstacles to external financing. We examine the market and policy instruments that in some sense encourage more...

The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies' corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business...

Against the backdrop of an ever-changing financial landscape sometimes characterized by an abundance of funding and start-up opportunities, but usually characterized by down rounds and decreasing valuations (leading to funding, investment and liquidity gaps), “venture capital” has taken on a...

There are numerous studies on the effectiveness of boards that primarily focus on legal formalities, including gender diversity, board size, remuneration, board evaluation and the role of the chairman of the board. While attempting to design a one-size-fits-all framework, scholars approaching...

The recent global turbulence in the credit markets had a severe impact on all aspects of the private equity industry. In response, lawmakers introduced legislation that subjects fund managers to a registration requirement and provisions targeted at improving fund monitoring and accountability....

This paper evaluates the primary legal and financial mechanisms that help support the development of a venture capital market. Specifically, we argue that emulating the organization and contractual pattern of the US venture capital market could enhance the development of the European venture...

While small and medium-sized enterprises (SMEs) are important for economic growth and employment, they face numerous obstacles in accessing external finance. In this article, we review recent developments in the availability of financing for SMEs in Brazil, focusing on the greater use of equity...