This study demonstrates that the ownership of private equity (PE) funds influences investment performance. The analysis focuses on the universe of PE investments made by Italian closed-end funds from 1999 to 2005. We find that bank-owned funds generally engage in weaker monitoring of the firms...

In this paper we consider the role of private equity for growth and restructuring processes, through the analysis of a comprehensive dataset of European going private deals during the period 1998-2007, for which we explore the post-transaction operating performance of companies gone private and...

Exploiting a unique opportunity offered by the Italian private equity (PE) market, we examine the hitherto largely unexplored internal rate of return (IRR) of PE investments. Our database covers the entire universe of transactions sponsored by Italian PE investors in Italy up to 2007 and offers...

This study investigates the determinants of spread on structured finance issues backed by project finance (PF) loans. We find that credit rating is the most important variable in determining tranche spread at issue. We also document how factors that are important for pricing in the case of...

Recourse to independent directors by private equity investors is not tied to performance increases. We draw this conclusion from analyzing a unique data set representative of the European context: all deals made by Italian closed-end funds from 1999 to 2003. Our study shows, in fact, that...

We investigate the effect of board connections on the debt structure of private firms. Using a comprehensive panel data set from Italy, our empirical evidence indicates that independent directors who sit on multiple boards facilitate firms' access to external debt, mostly in the form of trade...

In this paper we present a model that demonstrates the effect of debt on cost of capital and value for banks with risky assets. Using a static partial equilibrium setting, both in a steady state and steady growth scenario, we derive a bank- specific valuation metric which separately attributes...