Investment Decision

Working Paper

01 March 2013

Ownership, Investment and Governance: The Costs and Benefits of Dual Class Shares

In this paper we show that dual-class shares can be an answer to agency conflicts rather than a result of agency conflicts. When a firm issues voting shares to raise funds, an incumbent manager?s control rights are diluted. This increases...

Suman Banerjee | Ronald Masulis
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
19 September 2019

Getting Tired of Your Friends: The Dynamics of Venture Capital Relationships

Does doing more deals together always strengthen investor relationships? Based on the relationships of the top 50 US venture capital firms, this paper focuses on the strengths of relationships and their dynamic evolution. Empirical...

Qianqian Du | Thomas Hellmann