Kathryn Judge of Columbia University documents how financial intermediaries persistently impose high fees compared to … virtually no transaction costs while KKR feasts on multiple and lavish fees. The contrast reflects broader differences between … Berkshire and private equity on several dimensions, including not only direct fees but also indirect costs from their respective …

intermediary to impose redemption fees or gates in a crisis - a form of suspension of convertibility - can lead to preemptive runs … uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem … preemptively if fees or gates are possible. Second, we show that for the intermediary, which maximizes the expected utility only of …

-stress situation an improvement of local fiscal capacity can be achieved from the increase of fees. Four European countries were chosen …