Our study shows that the ownership of private equity funds influences the investments' performances. Our analysis focuses on the universe of PE investments, made by Italian closed-end funds, from 1999 to 2005. We find that bank-owned funds are able to carry into effect a weaker monitoring of the...

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...

The paper investigates the performances of Italian private equity industry, either at investment or fund level.The analysis considers all the investments which were realized by Italian closed-end funds, from 1999 to 2003. At investment level, the performance is positively correlated with the...

In this paper, we propose a measure of riskiness of PE assets alternative to the CAPM derived beta coefficient usually suggested in the literature on performance of PE Funds. We assume that at any given point in time there exist alternative investment opportunities that may be classified into a...

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...

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...

We analyze the relationship between contracts and returns in private equity (PE) investments. Contractual control in the form of covenants tends to be employed to identify good deals. Better quality firms are more likely to have covenant-rich contracts, as they are less concerned by the...