Working Paper

01 December 2013

Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts

The fastest growing segment of private equity deals are secondary buyouts - sales from one PE fund to another. Using a comprehensive sample of leveraged buyouts we investigate whether SBOs are value-maximizing, or reflect...

Sridhar Arcot | Zsuzsanna Fluck | José-Miguel Gaspar | Ulrich Hege
01 March 2005

The Corporate Governance of Defined Benefit Pension Plans: Evidence from the United Kingdom

This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance measure, equal to the proportion of trustees of the pension plan who are also executive directors of the sponsoring...

João F. Cocco | Paolo Volpin


The Specter of the Giant Three

The world’s largest three investment managers—BlackRock, Vanguard, and State Street Global Advisors—control a large, and steadily growing,...Read more

Lucian Bebchuk
Scott Hirst
08 July 2019