This article examines the post-financial crisis trends in the private equity industry. Although most research has followed the pre-crisis trends, we show that investors are
demanding the inclusion of more investor-favorable compensation terms in limited partnership agreements.
Our findings suggest that these new terms not only provide the
investors with more favorable management fee and profit distribution arrangements, but
also give them more control over the fund?s investment decisions. Importantly, the new
pattern also reveals the inclusion of more straightforward co-investment rights. Besides
the contractual ?improvements?, we observe that investors want to see more skin in the
game from the managers/general partners.
We use a unique dataset to examine the link between ESG disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and the quality...Read more
The last decade has challenged the paradigm of the hedge fund industry as a unique performer. We identify three main factors that have affected the operation of hedge funds: competition from mutual funds, the market environment, and tighter...Read more
We are witnessing a quiet but quick transformation of corporate governance. The rise of digital technologies and social media are forcing companies to reconsider how they organize themselves and structure firm governance.
What is...Read more
The last twenty years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of firms to change over time. This framework highlights the benefits and costs of a public...Read more