The entrepreneurial finance literature has highlighted that institutional investors are the main contributors to private equity funds. This paper complements these findings by documenting that institutional investors also invest directly in private equity. A major concern for such investments is...

The financial reporting and disclosure problems at Enron, as well as the high market valuations for its stock raise troubling questions about the performance of capital market intermediaries, regulators and governance experts whose are supposed to ensure the effective functioning of the stock...

Leveraged Employee Stock Ownership Plan (quot;ESOPquot;) transactions originated in the 1950s, yet there are still unresolved valuation issues that arise from a complex set of operating expenses, financing structures and contingent claims that are unique to leveraged ESOPs. Although complex,...

The article opens up a series of studies devoted to the financial system and its contemporary evolution. The aim of the articles is to review and systematize the most important issues connected with the financial system. The structure of the articles derives directly from their reviewing...

We model long-run firm performance, management compensation, and corporate governance in a dynamic, nonstationary world. We show that the relations between firm performance, managerial compensation, and governance policies, which in a single-period context can best be rationalized by managerial...

In this paper we investigate the ownership and control of British firms using recent techniques from computational graph theory. Specifically, we analyze the 'small-world' of ownership and control. A small-world is a network whose actors are linked by a short chain of acquaintances (short...

We extend our prior work on how both supply (including the emergence of OTC equity derivatives and growth in share lending) and demand (including the growth of hedge funds) factors now facilitate the large-scale, low-cost decoupling of shareholder voting rights from shareholder economic...

We test two hypotheses about the determinants of closed-end fund premia and discounts using a comprehensive sample of non-taxable and taxable funds for the period 1988 to 2002. We test whether fund premia reflect agency costs, and the potential tax liability associated with unrealized capital...

This paper examines mutual fund investors' response to mergers of Australian mutual fund companies. Findings from two matching-control techniques employed to analyse the impact of mergers on excess money in and out of open and closed funds involved in the transactions suggest that mergers are...

This paper sets forth that governance brokerage can be regarded as a natural outgrowth of the actual practice of Corporate Governance. To lay the foundations of our subject, firstly we delve into the dual nature of any transaction. Then we move on to define what the expression quot;governance...