We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or abnormal performance of the...

In this report we discuss the factors driving the growth of the global financial sector that are considered by many authors (e.g. Toporowski,1999 and Orhangazi, 2008) to have precipitated the financial crisis of 2007-2008. Our analysis focuses on the behavior of the different types of financial...

The asset allocation of defined benefit pension plans is a setting where both risk shifting and risk management incentives are likely be present. Empirically, firms with poorly funded pension plans and weak credit ratings allocate a greater share of pension fund assets to safer securities such...

In order to anticipate the future of an investment project, we must understand the past and present of an enterprise. The income and expenses budget in an investment project, is drafted based on the enterprise’s historical data, carrying out all the profitability calculations on existing cash...

The purpose of this paper is to examine the relationship between firm size and excess stock returns in Pakistani market. We construct a set of 10 portfolios based on size i.e., market capitalization, total assets and sales for the period between 2007 and 2011, and analyze the annual stock...

The main theoretical aspects of asset management are focused in this article in order to outline the features directly related to the investment portfolios of the pension funds with the largest application and significance. This approach elucidates the causes for the current state of the...

The development in Islam is sustainable and stipulates the meeting between capitals and knowledge through the moudaraba formula that gave birth to the current IF!. The Islamic Private Equity Funds are, theoretically, the solution for the failure of the IF1 in the development processes. The...

RESUMEN:Con el fin de analizar los posibles efectos de una reforma financiera dirigida a flexibilizar la regulación de los Fondos de Pensiones en Colombia, estedocumento evalúa los potenciales efectos de esta reforma sobre el bienestar delos agentes, aplicando el supuesto de individuos con...

The objective of the study is to evaluate the investment activity of the pension funds in Bulgaria. The subject of the study is the pension funds as institutional investors functioning on capital cover principle. On this basis the study examines in details: 1) the concept “interaction frame”...

This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm’s outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find that long-term bond blockholders do not discourage firms from conducting...