This paper investigates the performance and capital inflows of private equity partnerships.
Average fund returns (net of fees) approximately equal the S&P 500 although substantial …

We compare the characteristics of real-world financial contracts to their counterparts in financial
contracting theory. We do so by studying the actual contracts between venture capitalists …

In a leveraged buyout, a company is acquired by a specialized investment firm using a
relatively small portion of equity and a relatively large portion of outside debt financing. The …

We study how firm characteristics evolve from early business plan to initial public offering (IPO)
to public company for 50 venture capital (VC)‐financed companies. Firm business lines …

No. This paper investigates the relationship between financing constraints and investment-cash
flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as …

This paper studies thirty‐one highly leveraged transactions (HLTs) that become financially,
not economically, distressed. The net effect of the HLT and financial distress (from …

We study the investment analyses of 67 portfolio investments by 11 venture capital (VC)
firms. VCs describe the strengths and risks of the investments as well as expected …

This paper investigates the determinants of appointments of outsiders — directors previously
employed by banks (bank directors) or by other nonfinancial firms (corporate directors) — …

This paper studies top executive turnover and compensation, and their relation to firm
performance in the largest Japanese and US companies. Japanese executive turnover and …

Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence
that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari…