Arbeitspapiere zu Private Equity

13. Dezember 2018

The Capital Gains Tax - A Curse but also a Blessing for Venture Capital Investment
Achleitner, Ann-Kristin; Bock, Carolin; Watzinger, Martin

Equity Crowdfunding
Ahlers, Gerrit; Cumming, Douglas; Günther, Christina; Schweizer, Denis

How Persistent is Private Equity Performance? Evidence from Deal-Level Data
Braun, Reiner; Jenkinson, Tim; Stoff, Ingo

The Limited Partnership Model in Private Equity: Deal Returns over a Fund's Life
Braun, Reiner; Schmidt, Maximilian

Portfolio Optimization with Private Equity Funds
Buchner, Axel

Private Equity Funds: Valuation, Systematic Risk and Illiquidity
Buchner, Axel; Kaserer, Christoph; Wagner, Niklas

The Systematic Risk of Private Equity
Buchner, Axel; Stucke, Rüdiger

Disentangling Crowdfunding from Fraudfunding
Cumming, Douglas J. and Hornuf, Lars and Karami, Moein and Schweizer, Denis
Max Planck Institute for Innovation & Competition Research Paper No. 16-09 (August 24, 2016).

Portfolio Optimization with Private Equity.

Cumming, Douglas J. and Hass, Lars Helge and Schweizer, Denis
Journal of Banking and Finance, 2013, Vol. 37, 3515-3528.

Is the Crowd Sensitive to Distance? — How Investment Decisions Differ by Investor Type

Günther, Christina and Johan, Sofia and Schweizer, Denis
Small Business Economics, Forthcoming. (January 31, 2016).

Buy and Build Strategies in Private Equity: Boost or Transformation?
Hammer, Benjamin and Hinrichs, Heiko and Schweizer, Denis (October 31, 2016).

The Value-Destroying Behavior of Managers in Tax-Subsidized Funds
Jacob, Martin; Johan, Sofia; Schweizer, Denis; Zhan, Feng

Private Equity Debt Investors
Liebscher, Roberto und Mählmann, Thomas (April 2017)
We provide an economic rationale for the expansion of private equity (PE) groups into the business of private debt investing. We argue and show empirically that combining PE with private debt provides dual benefits for the parent entity. On the one hand, in the primary loan market, the parent uses its debt management division as a source of cheap funding for the PE funds’ portfolio companies which boosts the funds’ equity returns. On the other hand, there is information spillover from the PE to the debt division, enabling the debt manager to profitably trade on this information in the secondary loan market. Our results suggest that PE firms with affiliated debt management arms benefit from competitive advantages relative to their single-market peers.

Hedge Funds versus Private Equity Funds as Shareholder Activists in Germany - Differences in Value Creation
Mietzner, Mark; Schweizer, Denis

Intra-Industry Effects of Shareholder Activism in Germany - Is there a Difference between Hedge Fund and Private Equity Investments?
Mietzner, Mark; Schweizer, Denis; Tyrell, Marcel

Why do some Venture Capitalists Cash Out while others Retain Their Stakes? - How Fund Dynamics Influence Venture Capital Exit Decisions
Schmidt, Maximilian; Bock, Carolin

The Cost of Private Equity
Stoff, Ingo; Braun, Reiner

Top Management Turnover Under the Influence of Activist Investors
Voussem, Barbara and Schäffer, Utz and Schweizer, Denis
Journal of Management and Governance, 2015, Vol. 19, 709-739. (September 5, 2015)