This paper provides a first look at newly available data on the holdings of private equity (PE) funds. Because research has been hampered by the lack of comprehensive, high-quality data on portfolio companies, this new source offers the potential for a wide range of research. Provided by...

This note links pro forma forecasting of financial statements with project valuation of cash flows. Students are shown the link among income statements, balance sheets, and cash flows. The exercise affords practice in forecasting and project analysis, including effects of inflation, changes in...

This paper investigates the effects of corporate taxation on foreign direct investment by examining tax differentials between U.S. and foreign buyers of U.S. firms. Unlike prior literature, the paper simultaneously considers tax codes in both the U.S. and foreign countries as well as tax...

This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts...

This paper examines means of payment in over 2,500 acquisitions in the UK and US over the period 1955 to 1985. Data on financing proportions, bid premia and postmerger performance are used to test the validity of tax and information hypotheses. It is difficult to explain many of the results in...

Using expectational data from financial analysts, we estimate a market risk premium for US stocks. Using the Samp;P 500 as a proxy for the market portfolio, the average market risk premium is found to be 7.14% above yields on long-term US government bonds over the period 1982-1998. This risk...

Our empirical investigation of announced split factors, split announcement returns, and revisions of analysts' earnings forecasts shows that a firm's past history of stock splits plays a crucial role in both the design and effect of current splits. Managers appear to design splits to return...

This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. For North American funds, our results echo recent research findings: buyout funds have outperformed public equities over long periods of time; in...

This paper examines private equity (both buyout and venture funds) performance around the globe using four data sets from leading commercial sources. For North American funds, our results echo recent research findings: buyout funds have outperformed public equities over long periods of time; in...