Working Paper

01 March 2012

Private Equity and the Resolution of Financial Distress

We examine the role private equity (PE) firms play in the resolution of financial distress using a sample of 2,151 firms that borrow in the leveraged loan market between 1997 and 2010. Controlling for leverage, PE-backed firms are no more...

Edie Hotchkiss | David Smith | Per Strömberg
18 September 2017

The Promise and Perils of Crowdfunding: Between Corporate Finance and Consumer Contracts

‘Crowdfunding’ — raising capital through large numbers of small contributions — is a burgeoning phenomenon, spurred by the internet’s capacity to reduce communication costs. Its still-evolving status is reflected in...

John Armour | Luca Enriques
01 September 2004

Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital

Financial intermediaries can choose the extent to which they want to be active investors, providing valuable services like advice, support and corporate governance. We examine the determinants of the decision to become an active...

Laura Bottazzi | Marco Da Rin | Thomas Hellmann