Private equity demystified
... Private Equity Demystified provides an objective explanation of private equity, recognising that for public scrutiny of this sector to be effective it must be conducted on an informed basis. This is recognised by the work featuring on reading lists of leading business schools. Since the publication ...
... Private Equity Demystified provides an objective explanation of private equity, recognising that for public scrutiny of this sector to be effective it must be conducted on an informed basis. This is recognised by the work featuring on reading lists of leading business schools. Since the publication ...
Short Guide to Impact Investing
... Entrepreneur in Residence at the Case Foundation. In this role he supported the Foundation’s efforts to identify new approaches to inspire, educate and mobilize capital in the impact investing space. Greene currently serves as a Managing Director at Siguler Guff, a multistrategy private equity firm, ...
... Entrepreneur in Residence at the Case Foundation. In this role he supported the Foundation’s efforts to identify new approaches to inspire, educate and mobilize capital in the impact investing space. Greene currently serves as a Managing Director at Siguler Guff, a multistrategy private equity firm, ...
Do Private Firms Perform Better than Public Firms?
... between public and private firms in the UK using the FAME database for 1993-2003 and Michaely 1 Issues that have been addressed include the link between: corporate governance and performance (e.g. Gompers, Ishii and Metrick (GIM, 2003), Bebchuk , Cohen, and Ferrell (2009), Bebchuk, Cohen, and Wang ( ...
... between public and private firms in the UK using the FAME database for 1993-2003 and Michaely 1 Issues that have been addressed include the link between: corporate governance and performance (e.g. Gompers, Ishii and Metrick (GIM, 2003), Bebchuk , Cohen, and Ferrell (2009), Bebchuk, Cohen, and Wang ( ...
Rise of Cross-Asset Correlations
... Below we consider the impact of cross-asset correlation on the risk and reward of multi-asset portfolios. The volatility of a multi-asset portfolio increases with the level of cross-asset correlation and the volatility of the assets in the portfolio.3 Hence, the higher the cross-asset correlation, t ...
... Below we consider the impact of cross-asset correlation on the risk and reward of multi-asset portfolios. The volatility of a multi-asset portfolio increases with the level of cross-asset correlation and the volatility of the assets in the portfolio.3 Hence, the higher the cross-asset correlation, t ...
The University of Akron Investment Policy Statement for Endowment Funds
... growth in principal and current income sufficient to support the University’s needs, while at the same time preserve the purchasing power of the Fund’s assets. It is recognized that the equity portion entails the assumption of greater market variability and risk. 6. The equity portion shall normally ...
... growth in principal and current income sufficient to support the University’s needs, while at the same time preserve the purchasing power of the Fund’s assets. It is recognized that the equity portion entails the assumption of greater market variability and risk. 6. The equity portion shall normally ...
Venture Capita Report
... 1.5 The most fundamental definitional sensitivity in the study relates to the term ‘venture capital’. The term, at least as it has been employed in the UK, has historically encapsulated the full spectrum of private equity activity; the provision of equity finance to private businesses in return for ...
... 1.5 The most fundamental definitional sensitivity in the study relates to the term ‘venture capital’. The term, at least as it has been employed in the UK, has historically encapsulated the full spectrum of private equity activity; the provision of equity finance to private businesses in return for ...
Implications of Behavioural Economics for Mandatory
... Researchers have attempted to determine whether extending the range of choices increases or decreases participation and contribution rates. In sum, the findings indicate that too many investment options can cause information overload, resulting in greater use of the default option and even declines ...
... Researchers have attempted to determine whether extending the range of choices increases or decreases participation and contribution rates. In sum, the findings indicate that too many investment options can cause information overload, resulting in greater use of the default option and even declines ...
Urgent Notice for non-EU issuers of Securities
... and quasi-sovereign issuers) who, at any time in the future, may wish to issue or already have issued in the EU any type of (i) equity securities including convertible bonds of any denomination or (ii) non-equity securities in a denomination of below €1,000 (or its near equivalent in any other curre ...
... and quasi-sovereign issuers) who, at any time in the future, may wish to issue or already have issued in the EU any type of (i) equity securities including convertible bonds of any denomination or (ii) non-equity securities in a denomination of below €1,000 (or its near equivalent in any other curre ...
Siding with the Angels
... Business angel investing is an essential source of funding and support for a huge number of earlystage and start-up businesses. This research is the largest of its type attempted in the UK and greatly improves our understanding of angels’ investment approach and experience, what returns are being ma ...
... Business angel investing is an essential source of funding and support for a huge number of earlystage and start-up businesses. This research is the largest of its type attempted in the UK and greatly improves our understanding of angels’ investment approach and experience, what returns are being ma ...
The Relationship Between Competition and Innovation: How
... Innovation projects are by definition risky, complex, involve intangible assets and their outcome is realized in the long-run. As competition increases, firms’ profits decrease, so firms are less able to both self finance their innovation projects and have access to the necessary external funds due ...
... Innovation projects are by definition risky, complex, involve intangible assets and their outcome is realized in the long-run. As competition increases, firms’ profits decrease, so firms are less able to both self finance their innovation projects and have access to the necessary external funds due ...
Empirical Evidence of Risk Shifting in Financially Distressed Firms
... on disposition of assets, and secured debt help mitigate the risk-shifting problem. The relation between secured debt and potential agency costs has been investigated empirically in several studies, with mixed results (see Titman and Wessels (1988), Friend and Lang (1988), and Barclay and Smith (199 ...
... on disposition of assets, and secured debt help mitigate the risk-shifting problem. The relation between secured debt and potential agency costs has been investigated empirically in several studies, with mixed results (see Titman and Wessels (1988), Friend and Lang (1988), and Barclay and Smith (199 ...
wiiw FDI Database – detailed description (June 2015)
... The main difference between the two presentational styles (A/L and DP) stems from the treatment of ‘reverse investments’, i.e. receivables of a foreign subsidiary vis-à-vis the parent (in the reporting country). According to the assets/liabilities concept, these receivables are added to the payables ...
... The main difference between the two presentational styles (A/L and DP) stems from the treatment of ‘reverse investments’, i.e. receivables of a foreign subsidiary vis-à-vis the parent (in the reporting country). According to the assets/liabilities concept, these receivables are added to the payables ...
Superannuation funds and alternative asset investment
... to assess the prevalence of this issue across the spectrum of superannuation fund investments in alternative assets, it is inevitable that in some instances, some funds will overpay for some assets. This could be as a consequence of the difficulties of measuring the performance, and hence value, of ...
... to assess the prevalence of this issue across the spectrum of superannuation fund investments in alternative assets, it is inevitable that in some instances, some funds will overpay for some assets. This could be as a consequence of the difficulties of measuring the performance, and hence value, of ...
The Going-Public Decision and the Product Market
... Section 2) not only for the relationship between a firm’s ex ante product market characteristics and its going-public decision, but also for the dynamics of these characteristics before and after a firm’s IPO. Chemmanur and Fulghieri (1999) model the going-public decision in an environment of asymme ...
... Section 2) not only for the relationship between a firm’s ex ante product market characteristics and its going-public decision, but also for the dynamics of these characteristics before and after a firm’s IPO. Chemmanur and Fulghieri (1999) model the going-public decision in an environment of asymme ...
Cooperative Equity and Ownership: An Introduction
... control of that enterprise. Ownership is also linked to what in finance are called “residual claimant rights”, which are rights to a particular share of company net income while operating, or a claim of divided assets if the company is dissolved. In most companies, the more money a person invests, t ...
... control of that enterprise. Ownership is also linked to what in finance are called “residual claimant rights”, which are rights to a particular share of company net income while operating, or a claim of divided assets if the company is dissolved. In most companies, the more money a person invests, t ...
- Columbia Business School
... of sophisticated mutual fund investors in the market. Mutual fund flows, on average, have been considered to proxy for investor sentiments. Teo and Woo (2004) and Frazzini and Lamont (2008) show the “dumb money” effect where investors’ reallocation of wealth across different mutual funds reduce the ...
... of sophisticated mutual fund investors in the market. Mutual fund flows, on average, have been considered to proxy for investor sentiments. Teo and Woo (2004) and Frazzini and Lamont (2008) show the “dumb money” effect where investors’ reallocation of wealth across different mutual funds reduce the ...
Summary of Investment Objectives
... Fixed Income Investments Intermediate-term Government/Corporate Bonds: A portfolio consisting primarily of fixed income securities rated investment grade or better having a weighted average maturity of less than 10 years. The portfolio also may include, but is not limited to, other fixed income inve ...
... Fixed Income Investments Intermediate-term Government/Corporate Bonds: A portfolio consisting primarily of fixed income securities rated investment grade or better having a weighted average maturity of less than 10 years. The portfolio also may include, but is not limited to, other fixed income inve ...
When does corporate venture capital investment
... general venture capital market. The average life span of a CVC fund is far shorter than that of independent venture capital funds. Furthermore, they found that corporate investors pay a premium to secure equity stakes in entrepreneurial ventures relative to traditional VCs, which may result in lower ...
... general venture capital market. The average life span of a CVC fund is far shorter than that of independent venture capital funds. Furthermore, they found that corporate investors pay a premium to secure equity stakes in entrepreneurial ventures relative to traditional VCs, which may result in lower ...
Private Placements, Regulatory Restrictions and Firm
... dealing with a large number of public investors. They show that discounts offered in private placements are strongly correlated with information revelation costs. In other words, firms compensate buyers for certifying the issue (Certification Hypothesis). Wu (2004), Baek et al. (2006) and Barclay et ...
... dealing with a large number of public investors. They show that discounts offered in private placements are strongly correlated with information revelation costs. In other words, firms compensate buyers for certifying the issue (Certification Hypothesis). Wu (2004), Baek et al. (2006) and Barclay et ...
proposed post card text - University of North Carolina
... an amount of choice that can be overwhelming to most investors. As part of the enhancements to the ORP, you can look forward to a new, simplified selection of ORP investment funds from which to choose. They will continue to be offered by the four current ORP carriers, AIG VALIC, Fidelity Investments ...
... an amount of choice that can be overwhelming to most investors. As part of the enhancements to the ORP, you can look forward to a new, simplified selection of ORP investment funds from which to choose. They will continue to be offered by the four current ORP carriers, AIG VALIC, Fidelity Investments ...
Li, Yu Qiong
... their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets. IIROC carries out its regulatory responsibilities through ...
... their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets. IIROC carries out its regulatory responsibilities through ...
RESEARCH DISCUSSION PAPER A Survey of Housing
... typically inject equity). The trend of increased housing equity withdrawal evident in a number of countries over the past decade or so has prompted a number of surveys to help better understand this development. Many of these had a narrow focus on housing equity withdrawal not related to property tr ...
... typically inject equity). The trend of increased housing equity withdrawal evident in a number of countries over the past decade or so has prompted a number of surveys to help better understand this development. Many of these had a narrow focus on housing equity withdrawal not related to property tr ...
Mutual Fund Assets and Flows in 1999
... The estimated number of households owning stock in 1999 is from Equity Ownership in America, Investment Company Institute and the Securities Industry Association, Washington, DC, 1999, p. 13. The estimated number of households in 1995 was 40.4 million and is from “Recent Changes in U.S. Family Finan ...
... The estimated number of households owning stock in 1999 is from Equity Ownership in America, Investment Company Institute and the Securities Industry Association, Washington, DC, 1999, p. 13. The estimated number of households in 1995 was 40.4 million and is from “Recent Changes in U.S. Family Finan ...
Examples
... This chapter overviews issues considered in Chapters 10-14, and provides supplementary issues dealing with venture capital and private equity investment activities ...
... This chapter overviews issues considered in Chapters 10-14, and provides supplementary issues dealing with venture capital and private equity investment activities ...
IMPROVING THE EFFICIENCY OF THE ANGEL FINANCE MARKET
... The small businesses that have demonstrated a capacity to create a disproportionate amount of the macroeconomic growth,14 innovation,15 and net new jobs16 in the United States are the rapid-growth start-ups.17 The classification of a company as rapid-growth does not necessarily mean the company will ...
... The small businesses that have demonstrated a capacity to create a disproportionate amount of the macroeconomic growth,14 innovation,15 and net new jobs16 in the United States are the rapid-growth start-ups.17 The classification of a company as rapid-growth does not necessarily mean the company will ...
History of private equity and venture capital
The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The early history of private equity—from 1946 through 1981—was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with the private equity industry. The first boom and bust cycle, from 1982 through 1993, was characterized by the dramatic surge in leveraged buyout activity financed by junk bonds and culminating in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s. The second boom and bust cycle (from 1992 through 2002) emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and the recession of the early 1990s. This period saw the emergence of more institutionalized private equity firms, ultimately culminating in the massive Dot-com bubble in 1999 and 2000. The third boom and bust cycle (from 2003 through 2007) came in the wake of the collapse of the Dot-com bubble—leveraged buyouts reach unparalleled size and the institutionalization of private equity firms is exemplified by the Blackstone Group's 2007 initial public offering.In its early years through roughly the year 2000, the history of the private equity and venture capital asset classes is best described through a narrative of developments in the United States as private equity in Europe consistently lagged behind the North American industry. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, the emergence of a mature European private equity market has occurred.