1,720,969 research outputs found
Private equity and venture capital in Europe: markets, techniques, and deals
No full textGlobal financial markets might seem as if they increasingly resemble each other, but a lot of peculiar aspects qualify different markets with different levels of development. Private equity investors can take advantage of these variations. Structured to provide a taxonomy of the business, Private Equity and Venture Capital in Europe, Second Edition introduces private equity and venture capital markets while presenting new information about the core of private equity: secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated, and new data, cases, examples, sections, and chapters illuminate elements unique to the European model. With the help of new pedagogical materials, this Second Edition provides marketable insights about valuation and deal-making not available elsewhere
Private equity and venture capital in Europe : markets, techniques, and deals
No full texthe book introduces private equity, investments and venture capital markets while also presenting new information surrounding the core of private equity, including secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated with new data, cases, examples, sections and chapters that illuminate elements unique to the European model. With the help of new pedagogical materials, this updated edition provides marketable insights about valuation and deal-making not available elsewhere.
As the private equity world continues to undergo many challenges and opportunities, this book presents both fundamentals and advanced topics that will help readers stay informed on market evolution
Private equity deals
No full textIn the aftermath of the insolvency of 2007 and 2008, supervisors harshened regulations in terms of capital requirements. If previous version of the Basel Framework proposed specific rules with reference to “investment in private equity and venture capital” in art. 80 of Part 2, this article totally changed in Basel III when that section was completely revised. In the new version, this article mentions “Equity investments in funds” and allegedly it should include investment in VBCs as the investment in venture capital or private equity occurs typically via a fund . However, the new format initiated an ongoing debate between Invest Europe, the European Association of Private Equity and Venture Capital, and the Basel Committee.According to the new version of the article, equity investments in funds must be treated in a manner consistent with one or more of the following three approaches, which vary in their risk sensitivity and conservatism: the “look-through approach” (LTA), the “mandate-based approach” (MBA), and the “fall-back approach” (FBA) . The LTA, like the name itself suggests, requires a bank to risk-weight the underlying exposures of a fund as if the exposures were held directly by the bank. This is the most granular and risk-sensitive approach. It must be used when:
• there is sufficient and frequent information provided to the bank regarding the underlying exposures of the fund and
• such information is verified by an independent third party.
To satisfy the first condition above, the frequency of financial reporting of the fund must be the same as, or more frequent than, that of the bank’s and the granularity of the financial information must be sufficient to calculate the corresponding risk weights. To satisfy the second condition above, there must be verification of the underlying exposures by an independent third party, such as the depository or the custodian bank or, where applicable, the management company. Under the LTA banks must risk weight all underlying exposures of the fund as if those exposures were directly held. So the same applies, theoretically, for private equity investments, that are typically participated via funds. According to the LTA, the percentage that could be set aside, could correspond to 150%. The second approach, the MBA, provides a method for calculating regulatory capital that can be used when the conditions for applying the LTA are not met and information is not available. In this case, banks may use the information contained in a fund's mandate or in the national regulations governing such investment funds. Where neither the LTA nor the MBA is feasible, banks are required to apply the FBA. The FBA applies a 1250% risk weight to the bank’s equity investment in the fund. Despite it may be inferred that private equity investments are grouped in the equity investments via funds, in an issue of December 2017, the Basel Committee describes that banks must assign a risk weight of 400% to “speculative unlisted equity exposures” and a risk weight of 250% to all other equity holdings. This issue describes “speculative unlisted equity exposures” as the investments with short-term perspective or with resale purposes or that are considered venture capital or similar, and that are acquired in anticipation of significant future capital gains . On the one hand, bodies like Invest Europe dread that such high-risk weights may discourage banks in supporting the private equity deals as direct investors
The audit mandatory rotation rule: the state of the art
No full textMandatory audit rotation imposes periodical breaks to audit engagements and is intended to avoid excessively long relationships between the auditor and the client. The E.U. has finally introduced mandatory rotation for the audit firm in addition to the already existing audit partner rotation rules. The U.S., however, has for now decided to retain the partner rotation rule without introducing mandatory audit firm rotations. After an overview of the experience of a number of countries, we summarize the pros and cons of a compulsory change in the audit firm. Moreover, we focus on the empirical evidence collected on the benefits and costs of the rule. So far, investigations into the impact of the rule at corporate and market level have not been able to prove that the benefits outweigh the costs
La frontiera della sostenibilità italiana
No full textAlla luce di un’attenzione sempre crescente da parte dei mercati verso i temi di sviluppo sostenibile, JP Morgan Private Bank, PwC, Thomson Reuters e il Gruppo 24 Ore hanno iniziato, nel 2017, una partnership con SDA Bocconi volta a premiare le migliori aziende italiane che si distinguono non solo per eccellenti risultati economico-finanziari, ma anche per l’attenzione verso i dipendenti e l’ambiente e per l’approccio all’innovazione. Dopo un’analisi della letteratura, nell’articolo viene esaminato il processo di selezione dei vincitori, facendo anche riferimento alla metodologia della «distance-to-frontier», utilizzata dalla Banca Mondiale per elaborare il ranking Doing Business Index e qui adattata a livello aziendale
Do shareholders really matter for firm performance? Evidence from the ownership characteristics of Italian listed companies
No full textThis paper studies the impact of the features of the shareholder base on the performance of a large sample of Italian listed firms between 2007 and 2019, both within and across firms. We expand the empirical evidence on the relation between shareholder type and different dimensions of firm performance by dividing shareholders into six categories, and further differentiating between domestic and foreign investors. We provide extensive evidence on the relation between firm performance and different types of shareholders, showing how diverse performance metrics are correlated with the voting rights of specific types of shareholders. Consistent with previous studies, the picture that emerges from our analysis shows that the ownership structure of Italian listed companies is characterized by a high degree of concentration. In this context, we find that ownership concentration or the presence of a controlling shareholder is in general associated with better performance. Moreover, a positive relation exists between diverse firm performance metrics and the voting rights of family shareholders, founders and foreign investors, while government ownership is detrimental in the short-term
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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