Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing...

We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however, relative to the...

We examine how alumni ties with corporate boards differentially affect male and female analysts' job performance and career outcomes. Connections improve analysts' forecasting accuracy and recommendation impact, but the effect is two to three times as large for men as for women. Connections also...

Bank-affiliated private equity (PE) groups account for 30% of all PE investments. These affiliated groups' market share is highest during peaks of the PE market, as is the fraction of transactions where the parent bank leads the loan syndicate (parent-financed deals). Bank-affiliated deals are...

The relationship between investment bank reputation and the price and quality of bond underwriting services is studied. After controlling for the endogeneity in issuer-underwriter matching, I find that reputable banks obtain lower yields, charge higher fees, while leaving issuers' net proceeds...

Exploiting a 20-year sample of leveraged buyouts matched to French administrative data, we document that target firms post-buyout experience reduced within-firm wage inequality together with increased profitability relative to control firms. Pay gaps between men and women, managers and...

Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with...

Using 1994–2009 data, we find that All-American (AA) analysts' buy and sell portfolio alphas significantly exceed those of non-AAs by up to 7% per annum after risk-adjustments for investors with advance access to analyst recommendations. For investors without such access, top-rank AAs still...