Abstract. This paper provides an updated survey of a burgeoning literature on testing, estimation and model specification in the presence integrated variables. Integrated variables are specific class non‐stationary which seem to characterise faithfully properties many macroeconomic time series. The analysis cointegration develops out existence unit roots offers generic route test validity equilibrium predictions economic theories. Special emphasis is put empirical researcher's point view.

ABSTRACT We study the performance of nearly 1,400 U.S. buyout and venture capital funds using a new data set from Burgiss. find better fund than previously documented—performance has consistently exceeded that public markets. Outperformance versus S&P 500 averages 20% to 27% over fund's life more 3% annually. Venture outperformed equities in 1990s, but underperformed 2000s. Our conclusions are robust various indices risk controls. Performance Cambridge Associates Preqin is qualitatively...

ABSTRACT Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining theories. Using a large, international sample of buyouts from 1980 2008, we find that buyout leverage is unrelated the cross‐sectional factors, suggested by traditional theories, drive public firm leverage. Instead, variation in economy‐wide credit conditions main determinant buyouts. Higher deal associated with higher transaction prices...

This paper presents new evidence on performance persistence for U.S. private equity (buyout and venture capital) funds. We use high quality cash-flow data from Burgiss's large sample of institutional investors (as December 2020) which allows us to examine how has changed over more than three decades fundraising. Venture capital (VC) remains remarkably persistent across funds raised by the same general partner (GP). In contrast, buyout funds' becomes noticeably weaker time. The patterns are...

We examine the costs and benefits of global integration initial public offering (IPO) markets associated with diffusion U.S. underwriting methods in 1990s. Bookbuilding is becoming increasingly popular outside United States typically twice as much a fixed-price offer. However, on its own, bookbuilding only leads to lower underpricing when conducted by banks and/or targeted at investors. For most issuers, gains outweighed additional hiring or marketing States. This suggests quality/price...

ABSTRACT This paper examines the impact of a major change in dividend taxation introduced United Kingdom July 1997. The reform was structured such way that immediate fell almost entirely on largest investor class Kingdom, namely pension funds. We find significant changes valuation income after reform, particular for high‐yielding companies. These results provide strong support hypothesis affects companies, and funds were effective marginal investors

ABSTRACT This paper uses evidence from a data set of 27 European IPOs to analyze how investors bid and the factors that influence their allocations. We also make use unique ranking investor quality, associated with likelihood flipping IPO. find perceived be long‐term holders stock are consistently favored in allocation out‐turn profits. In contrast Cornelli Goldreich (2001) , we little more informative bids receive larger allocations or higher Our results cast doubt upon extent information...

ABSTRACT Investment consultants advise institutional investors on their choice of fund manager. Focusing U.S. actively managed equity funds, we analyze the factors that drive consultants’ recommendations, what impact these recommendations have flows, and how well recommended funds perform. We find investment are driven largely by soft factors, rather than funds’ past performance, a significant effect flows. However, no evidence add value, suggesting search for winners, encouraged guided...

The ultimate performance of private equity funds is only known once all investments have been sold, and the cash returned to investors. This typically takes over a decade. In meantime, reported depends on valuation remaining portfolio companies. Private houses market their next fund basis these interim valuations current fund. this paper we analyze whether are fair, extent conservative or aggressive differ during life fund, at what stage measures predict performance. first use quarterly...

ABSTRACT We compare fees charged by investment banks for conducting IPOs in the United States and Europe. In recent years, “7% solution,” as documented Chen Ritter (2000) , has become even more prevalent States, is now norm raising up to $250 million. The same dominate both markets, but European IPO are roughly three percentage points lower, much variable, have been falling. review explanations gap spreads find evidence consistent with strategic pricing. U.S. issuers could saved over $1...

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated the cross-sectional factors – suggested by traditional theories drive public firm leverage. Instead, variation in economy-wide credit conditions main determinant while having little impact on firms. Higher deal associated...

The merits of investing in private versus public equity have generated considerable debate, often fueled by concerns about data quality. In this paper, we use cash flow derived from the holdings almost 300 institutional investors to study over 1,800 North American buyout and venture capital funds. Average fund returns for all vintage years but one before 2006 exceeded those markets; averaging 3% 4% annually. Post-2005 year been roughly equal markets. We find similar performance results a...

We study the performance of nearly 1400 U.S. buyout and venture capital funds using a new dataset from Burgiss. find better fund than has previously been documented – consistently exceeded that public markets. Outperformance versus S&P 500 averages 20% to 27% over fund’s life more 3% annually. Venture outperformed equities in 1990s, but underperformed 2000s. Our conclusions are robust various indices risk controls. Performance Cambridge Associates Preqin is qualitatively similar Burgiss,...

ABSTRACT Using data from all of the leading international investment banks on 220 initial public offerings (IPOs) raising $160 billion between January 2010 and May 2015, we test determinants IPO allocations. We compare investors’ allocations with proxies for their information production during bookbuilding broking (and other) revenues they generate bookrunners. find evidence consistent revelation theories. also strong support existence a quid pro quo whereby are significant determinant...

In this paper, we investigate whether the educational background of private equity managers, which represents an important part their human capital, impacts fund performance. particular, explore three potential channels how may influence performance: (i) institutional quality, (ii) individual performance, and (iii) academic variety. We find that a combination top-tier education work experience identifies performance in management team. addition, variety, particular among graduates...

The aims of this paper are, first, to construct a consistent comparative set data on the sources finance for investment over period 1970–94 United Kingdom, States, Germany and Japan, and, second, challenge conventional views international differences in financing patterns. We find that there is little evidence support view “bank‐financed” system nor Kingdom or States are “market financed”. Whilst bank more important has been steady decline proportion financed by banks last 25 years.

Journal Article THE ASSESSMENT:CORPORATE GOVERNANCE AND CORPORATE CONTROL Get access TIM JENKINSON, JENKINSON Keble CollegeOxford Search for other works by this author on: Oxford Academic Google Scholar COLIN MAYER University of Warwick1 Review Economic Policy, Volume 8, Issue 3, AUTUMN 1992, Pages 1–10, https://doi.org/10.1093/oxrep/8.3.1 Published: 01 October 1992