Private equity has become a substantial force in the European financial system. This paper describes some of the recent developments and looks at the structural relationship between private equity investments and economic growth. The econometric analysis of a set of panel data from 20 European...

Structure and stability of private equity market risk are still nearly unknown, since market prices are mostly unobservable for this asset class. This paper aims to fill this gap by analyzing market risks of listed private equity vehicles. We show that aggregate market risk varies strongly over...

This paper investigates the initial returns and long run performance of initial public offerings (IPOs) using a sample of 38 private equity-backed IPOs and 68 non-private equity-backed IPOs in the period 1985-1998 on the Amsterdam Stock Exchange. We find that private equity-backed firms...

Standards — agreed common arrangements governing both communication of messages and business processes — play a central role in the post-trade industry. This paper examines these standards, arguing that they need to be understood not simply as technical mechanisms to lower processing costs...

This article considers the role of trust in structuring and sustaining entrepreneurial networks in Anglo-American entrepreneurial communities. Interviews with stakeholders involved in innovation investment demonstrate how shared identity and experience serve as proxies for trust in influencing...

The world of private banking is undergoing tremendous change. Regulatory pressures combined with intensive competition are forcing the world's oldest and most respected banks, the Swiss banquiers, to look beyond their national borders and concentrate on exporting their domestic success into the...

This study empirically analyzes the historical performance of defaulted debt from Moody’s Ultimate Recovery Database (1987-2010). Motivated by a stylized structural model of credit risk with systematic recovery risk, we argue and find evidence that returns on defaulted debt co-vary with...

Private equity can be a source of portfolio diversification and performance enhancement. However, in order to achieve these positive attributes, it is important to have a focused and diligent approach and build the private equity allocation overtime with a systematic and long-term perspective....

This paper provides an appraisal of how London has become the world ís largest market for asset management and evaluates whether it possesses the attributes necessary to sustain success in the future. We find that most of the growth in the London market has come from the institutional asset...

Considering the attention placed on SMEs in the new Basel Capital Accord, we propose a set of Bayesian and classical longitudinal models to predict SME default probability, taking unobservable firm and business sector heterogeneities as well as analysts’ recommendations into account. We...