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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/10003749598
Bank-affiliated private equity (PE) groups account for 30% of all PE investments. These affiliated groups' market share is highest during peaks of the PE market, as is the fraction of transactions where the parent bank leads the loan syndicate (parent-financed deals). Bank-affiliated deals are...
Persistent link: https://www.econbiz.de/10012940655
The importance of private fund investor due diligence in the investment allocation process, in capital formation, and in private fund litigation has reached unprecedented levels and is further increasing. To provide the industry with data, data trend analyses, and guidance on applicable legal...
Persistent link: https://www.econbiz.de/10012986548
We survey the academic literature about the impact of private equity investments in the broader economy. Private equity fund managers respond to high-powered incentives and seek to maximize shareholder values via a variety of channels. The literature identifies two broad approaches to value...
Persistent link: https://www.econbiz.de/10013290764
The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...
Persistent link: https://www.econbiz.de/10013321792
Controversy rages about how to tax carried interest. One view sees carry as compensation that should be taxed like other labor income. Another sees carry as a reward for financial risk-taking that should be taxed like capital income. A third sees carry as creating a costly tax arbitrage. In this...
Persistent link: https://www.econbiz.de/10012980305
The prolonged stagnation bank credit expansion, following the outbreak of recent economic and financial crises of 2008, and now the complex situation during the pandemic, has produced a significant impact on the availability of new and longterm sources of business financing, mainly related to...
Persistent link: https://www.econbiz.de/10013229494
Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of …This paper is the national report for Germany prepared for the to the 20th General Congress of the International … the relevant rules in prudential banking regulation and capital market law. It highlights disclosure requirements that …
Persistent link: https://www.econbiz.de/10011793078
This paper analyzes the impact of the Dodd-Frank Act on hedge fund performance, risk, and fund flows. The data indicate that, relative to non-US hedge funds, US hedge funds that are regulated under Dodd-Frank have experienced greater decline in fund alphas, return standard deviation, and...
Persistent link: https://www.econbiz.de/10013005645
A common complaint suggests that compliance with financial regulation brings increasing returns to scale and … findings are inconsistent with the hypothesis that the cost of financial regulation predominantly affects smaller firms. To …
Persistent link: https://www.econbiz.de/10013059651