We compare the characteristics of conglomerates and private equity entities. This is done by examining the differences among their business models. We analyze the relations of the two entity types to their investors on the one hand and to their investments on the other hand. The distinguishing...

The ownership nationality of large US multinational companies plays an implicit but important role in the current debate over how such companies should be taxed. This paper identifies that role and investigates what is actually known about where these companies’ shareholders reside

In Jones v. Harris Associates, the Supreme Court interpreted investment advisers' fiduciary duty regarding compensation for services under Section 36(b) of the Investment Company Act of 1940. The Court endorsed an open-ended Second Circuit standard over a more determinate Seventh Circuit test...

As of 31 December 2016 investment fund managers in the European Union (EU) and the European Economic Area (EEA) managed more than €14trillion, equivalent to 33.2% of worldwide investment fund assets. More importantly all asset classes and fund types experience significant growth for more than...

This chapter encapsulates the most recent findings on sovereign wealth fund (SWF) investment activity globally. The key research proposals addressed herein relate to the position of global SWFs among conventional and alternative asset managers, SWF allocation strategies, their recent investment...

Theory predicts that capping brokers' compensation exacerbates the exploitation of retail investors. We show that regulated caps on mutual fund 12b-1 fees, effectively sales commissions, are associated with negative equity fund performance, but only after a structural shift toward maximum...

This study assesses the effects of Dodd-Frank Act compliance costs on the private fund industry. Using hand-selected compliance cost estimates from private fund advisers (N=94) the study shows with two independent datasets that the number of funds managed by private fund advisers is associated...

Title IV of the Dodd-Frank Act introduced the most significant regulatory change in the history of the private fund industry. To analyze the effect of Title IV on the private fund industry, we use five years of private fund performance data with over 7,000 reporting private funds. Our findings...

The prolonged stagnation bank credit expansion, especially after the outbreak of recent economic and financial crises, has produced a significant impact on the availability of new and long-term sources of business financing, mainly related to mid and large-size companies, but also to start-ups....

The importance of private fund investor due diligence in the investment allocation process, in capital formation, and in private fund litigation has reached unprecedented levels and is further increasing. To provide the industry with data, data trend analyses, and guidance on applicable legal...