This paper compares the stability of the U.S. Dual Banking system’s two bank groups, national and state banks, in light of the global financial crisis 2007/2008. The goal of the paper is to answer three distinct questions: first, is there a difference in the (balance sheet-) fragility between...

This paper analyzes the roles of corporate governance in bank defaults during the recent financial crisis. We investigate the impacts of bank ownership and management structures on the probability of default of US commercial banks. Our results suggest that defaults are strongly influenced by a...

This paper analyzes exit strategies of buyout funds in their portfolio companies following Initial Public Offerings. We use a data set of 222 buyout-backed IPOs in the United States between 1999 and 2008 including hand-collected data about each exit process to draw up a detailed road map of...

This paper analyzes Special Purpose Acquisition Companies (SPACs) in Europe. We document various aspects associated with European SPACs by using a unique and hand-collected data sample encompassing all 19 SPACs which have been listed on European stock exchanges since 2005. The paper shows that...

The presented study shows how Bain Capital and other Buyout Investment Firms applied Dividend Recap Schemes to financially benefit from their portfolio companies. The so generated distributions represented a large portion of the overall financial success from these investments. Although these...

This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies’ direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring...

We study the choice of bank nationality by foreign-born retail banking customers in the context of bank globalization. We argue theoretically that banks enter foreign markets to follow their non-corporate customers and thereby are able to exploit competitive advantages over domestic banks. Using...

What are buyout funds, how are they run, and how do they create value for investors? What is the current state of the buyout industry, and how did fund managers deal with the adversities they faced during the financial crisis of 2007−2008? Which challenges await the industry in the future?...