Topics in Corporate Finance

Recent research on the investment behavior of private equity fund managers


Volume: 11 Topics in Corporate Finance

Author(s): D. Cumming, G. Fleming and A. Schwienbacher

Year: 2005

ISBN: 90-778590-2-0

Price: € 20.00

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By D. Cumming, G. Fleming and A. Schwienbacher 2005, ISBN 90-778590-2-0

The growing importance of private equity is closely related to the core mission of the Amsterdam Center for Corporate Finance, which centers around the financial management of corporations and the functioning of the financial sector. Private equity has become an indispensable part of the modern financial markets.  For these reasons, the ACCF dedicates the eleventh issue of its Topics in Corporate Finance series to this important topic.

Private equity has become an important funding source for corporations in various stages of development. Venture capital, and seed-capital in particular, are types of private equity that aim at funding new initiatives. Private equity for more established operations is much in the news as well. Almost daily we read in the newspapers that a private equity firm has taken control of a particular business activity, often in need of future expansion or restructuring. The investment behavior of these private equity investors is the subject of this booklet.

In this study, Professor Douglas Cumming (Severino Center for Technological Entrepreneurship, Rensselaer Polytechnic Institute), Grant Fleming (Wilshire Private Markets Group) and Armin Schwienbacher (University of Amsterdam) focus on the investment behavior of private equity fund managers. What drives their investment choices? What types of activities do they invest in, and what determines this. Moreover, to what extent is private equity a predictable asset class for institutional investors? We should not interpret predictability in terms of low risk but in terms of adhering to ex ante announced objectives and investment guidelines. These questions are of considerable importance for assessing the growth potential of the industry, and ultimately for the viability and availability of private equity as a source of funding.

We trust that you will find the insights interesting and hope that you enjoy reading it, so that it may contribute to bridging the gap between theory and practice.


Publications Topics in Corporate Finance

VolumeYearAuthorTitlePrice
252017Jeroen E. Ligterink en Jens K. MartinPrivate equity: waardecreatie, herverdeling en excessen€ 20.00
242015Tanju YorulmazerUnderstanding the Crisis: Bank Funding Structures as Source of Instability€ 20.00
232014Anat R. AdmatiTowards a Better Understanding of the Capitalization of Banks€ 20.00
222013Arnoud W.A. BootTransactiemaatschappij en financiële markten: op zoek naar een nieuwe balans€ 20.00
212012Lans BovenbergMacro-oplossingen gezocht: naar integrale oplossingen voor de onevenwichtigheden in wonen, pensioen, ouderenzorg en het bancaire landschap€ 20.00
202011Paul De Grauwe and Arnoud W.A. BootTowards a Fundamental Resolution of the Eurocrisis€ 20.00
192010David T. LlewellynThe Global Banking Crisis and the Post-Crisis Banking and Regulatory Scenario€ 20.00
182010Ludovic PhalippouRegulating Private Equity€ 20.00
172009Frank Partnoy, Arnoud W.A. Boot and Anjan V. ThakorTowards a Fundamental Understanding of Financial Sector Developments€ 20.00
162008Arnoud W. A. BootCorporate finance theorie en financiële crisis in breder perspectief € 20.00
152007Arnoud W.A. Boot, meerdere auteursPrivate equity en aandeelhoudersactivisme€ 20.00
142007X. Vives and V. Strauss-KahnHeadquarters and innovation: does location matter? € 20.00
132006L. Bouchez, M. Knubben, J.A. McCahery and L. Timmerman (eds)The Quality of Corporate Law and the Role of Corporate Law € 20.00
122005J. McCahery and E. VermeulenUnderstanding (Un)incorporated Business Forms € 20.00
112005D. Cumming, G. Fleming and A. SchwienbacherRecent research on the investment behavior of private equity fund managers€ 20.00
102005M.J.G.C. Raaijmakers, G. van Solinge en P. Frentrop Corporate governance: een agenda voor de toekomst€ 20.00
92004Amar BhidéEntrepreneurship and Venture Capital€ 20.00
82004V. Maksimovic, D. Brounen, A. de Jong and K. KoedijkPerspectives on the Theory and Practice of Corporate Finance € 20.00
72003J.J.A. LeenaarsSecuritisatie: Economics en Europees Perspectief€ 20.00
62003U. BhattacharyaGlobal Corporate Governance and Accounting Transparency € 20.00
52002A. Saunders and A. SchmeitsThe Role of Bank Funding for the Corporate Sector: the Netherlands in an International Perspective € 20.00
42001Todd T. MilbournManagement Compensation in the Netherlands: Theory, Evidence, and Best Practice € 12.50
32000A.W.A. Boot and J.E. LigterinkDe Efficiëntie van de Nederlandse Faillissements€ 15.00
22000E.I. Altman and A. Saunders, and A.W.A. Boot, T. Milbourn, and S. DezelanPerspectives on the Regulation of the Financial Services Industry € 12.50
11999I. Walter and A.W.A. BootThe Future of Banking: Two Essays on the Consolidation in the Financial Sector€ 15.00