135 research outputs found
The development and performance of European private equity
No full textPrivate equity represents one of the most interesting and important developments in the provision of capital to companies. Definitions of private equity vary, but in this paper we consider the entire asset class including early stage venture capital (VC), expansion financing and buy-outs
Private Equity.
No full textThe credit crunch was most likely viewed as a mixed blessing by many private equity executives. On the one hand, it signalled the end of the most favourable set of economic conditions the private equity industry had ever witnessed: abundant capital, low interest rates, increasing stock market values and a truly amazing willingness amongst banks and other investors to provide debt financing on a scale and on terms never previously observed. But the clouds that have descended since August 2007 have at least one silver lining: the intense public scrutiny of the private equity industry has been, to some extent, diverted into other areas of the financial system, in particular the investment banks, rating agencies, imploding hedge funds and structured vehicles etc. During this crisis, private equity funds have attracted little attention, except for their activities in taking advantage of banks’ desire to sell debt backing private equity deals. But the private equity industry remains active, having attracted large amounts of committed capital, and is continuing to invest – albeit not in the headline grabbing purchases of large public companies. And public scrutiny is redeveloping
IPO Pricing and Allocation: A Survey of the Views of Institutional Investors
No full textDespite the central importance of investors to all initial public offering (IPO) theories, relatively little is known about their role in practice. This article is based on a survey of how institutional investors assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe influence allocations. We find that investor characteristics, in particular brokerage relationships with the bookrunner, are perceived to be the most important factors influencing allocations, which supports the view that IPO allocations are part of implicit quid pro quo deals with investment banks. The survey raises doubts as to the extent of information production or revelation. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: [email protected]., Oxford University Press.
Rozumienie ciała według ks. prof. Janusza S. Pasierba
No full textThe purpose of the article is to present the thought of a great Polish humanist, prof. Janusz Stanisław Pasierb about his understanding of the body and the conclusions drawn from it for a man living in the twenty-first century. Sources of the article are collections of essays, sermons and articles. The author of the text showed understanding of the body as soma i.e. corporeal nature of every human being, with particular emphasis on Jesus Christ. Then the author presented the content of the experience of the body in the liturgy. The Church has been also described as Mystici Corporis Christi. In conclusion, the content is summarized and itsrelevance for a twenty-first century man is shown.Celem artykułu jest przedstawienie myśli wybitnego polskiego humanisty, ks. prof. dr. hab. Janusza S. Pasierba, w kontekście rozumienia przez niego pojęcia ciała oraz wniosków stąd płynących dla człowieka XXI wieku. Źródła badań stanowią wybrane zbiory esejów, kazania i artykuły. Autorka omówiła rozumienie ciała jako soma, tj. fizyczność, cielesność każdego człowieka, ze szczególnym uwzględnieniem Jezusa Chrystusa, następnie przedstawiła treści dotyczące doświadczenia ciała w liturgii, kolejno ukazała przedstawienie Kościoła pojmowanego jako Mistyczne Ciało Chrystusa. W zakończeniu autorka ukazała aktualność przedstawionych treści dla człowieka XXI wieku
Competitive IPOs.
No full textCompetition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. Although information revelation theories justify giving the underwriters influence over pricing and allocation, this creates the potential for conflicts of interest. In this clinical paper we analyse an interesting innovation that has been used in recent European IPOs whereby issuers separate the preparation and distribution roles of investment banks, and keep competitive pressure on the banks throughout the issue process. These ‘competitive IPOs’ allow the issuer greater control and facilitate more contingent fee structures that help to mitigate against ‘bait and switch’. But unlike more radical departures from traditional bookbuilding - such as auctions - the competitive IPO is an incremental market-based response to potential conflicts of interest that retains many of the advantages of investment banks’ active involvement in issues
An Estimation of the Entomological Inoculation Rate for Ifakara: A Semi-Urban Area in a Region of Intense Malaria Transmission in Tanzania.
No full textAn entomological study on vectors of malaria and their relative contribution to Plasmodium falciparum transmission in the semi-urban area of Ifakara, south-eastern Tanzania, was conducted. A total of 32 houses were randomly sampled from the area and light trap catches (LTC) performed in one room in each house every 2 weeks for 1 year. A total of 147 448 mosquitoes were caught from 789 LTC; 26 134 Anopheles gambiae s.l., 615 A. funestus, 718 other anophelines and 119 981 culicines. More than 60% of the total A. gambiae s.l. were found in five (0.6%) LTCs, with a maximum of 5889 caught in a single trap. Of 505 A. gambiae s.l. speciated by polymerase chain reaction, 91.5% were found to be A. arabiensis. Plasmodium falciparum sporozoite enzyme-linked immunosorbent assay tests were performed on 10 108 anopheles mosquitoes and 39 (0.38%) were positive. Entomological inoculation rate (EIR) estimates were generated using a standard method and an alternative method that allows the calculation of confidence intervals based on a negative binomial distribution of sporozoite positive mosquitoes. Overall EIR estimates were similar; 31 vs. 29 [95% confidence interval (CI): 19, 44] infectious bites per annum, respectively. The EIR ranged from 4 (95% CI: 1, 17) in the cool season to 108 (95% CI: 69, 170) in the wet season and from 54 (95% CI: 30, 97) in the east of the town to 15 (95% CI: 8, 30) in the town centre. These estimates show large variations over short distances in time and space. They are all markedly lower than those reported from nearby rural areas and for other parts of Tanzania
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