This article published by the European Corporate Governance and written by Tilburg University academics examines the post-financial crisis trends in the private equity industry, showing investors are demanding the inclusion of more investor-favorable compensation terms in limited partnership agreements. The findings suggest these new terms not only provide the investors with more favorable management fee and profit
Integrity will form part of the due diligence process at Mass PRIM as it looks for private equity co-investment partners for the first time.
One of the enduring areas of asset management academic study, and practitioner query, is whether or not managers have skill. In his work, professor of finance at Stanford, Jonathan Berk, shows the answer doesn’t lie in returns but in manager compensation. Determining whether active skill exists is not the same as looking at whether
A research paper by executives at the Dutch Central Bank, De Nederlandsche Bank, examines tail risk, and shows that historical tail betas are able to capture the sensitivity to future systematic tail risk. The paper can be downloaded here Systemic tail risk
A key ingredient for success in any organisation is strong leadership. It is common in the corporate world for the chief executive to change every five to 10 years as the organisation evolves. Are the same principles true for large institutional investors? Roger Urwin, global head of investment content at Towers Watson, who
The outlook for economic growth this year is markedly positive, compared to last year, but capital market integrity is not improving, according to the opinions of more than 6,000 CFA Institute members. The CFA Institute global markets sentiment survey, measures the views of its members on market integrity and economic issues. This year’s survey, which
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