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We analyze the determinants of buyout funds' investment decisions. We argue that when the supply of capital is lsquo;sticky' in the short run, the timing of funds' investment decisions, their risk-taking behavior, and their subsequent returns depend on changes in the demand for private equity,...
Persistent link: https://www.econbiz.de/10012706782
We analyze the determinants of buyout funds' investment decisions. We argue that when the supply of capital is lsquo;sticky' in the short run, the timing of funds' investment decisions, their risk-taking behavior, and their subsequent returns depend on changes in the demand for private equity,...
Persistent link: https://www.econbiz.de/10012706864
We analyze the determinants of buyout funds' investment decisions. We argue that when the supply of capital is lsquo;sticky' in the short run, the timing of funds' investment decisions, their risk-taking behavior, and their subsequent returns depend on changes in the demand for private equity,...
Persistent link: https://www.econbiz.de/10012706866
Persistent link: https://www.econbiz.de/10012214881
Persistent link: https://www.econbiz.de/10012265630
We derive conditions for when having a "busy" director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their co-directors' choices and to experience positive or negative monitoring synergies across firms....
Persistent link: https://www.econbiz.de/10012453824
We provide evidence on the value of patents to startups by leveraging the random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the...
Persistent link: https://www.econbiz.de/10012455413
We analyze dynamic trading by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology, including both binary and continuous outcomes. Variation in parameters can produce either positive or negative...
Persistent link: https://www.econbiz.de/10012455787
Persistent link: https://www.econbiz.de/10012588161
Persistent link: https://www.econbiz.de/10012815925