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dc.contributor.authorFang, Lily H.
dc.contributor.authorIvashina, Victoria
dc.contributor.authorLerner, Josh
dc.date.accessioned2013-11-25T18:55:17Z
dc.date.issued2013-11-25
dc.identifier.citationFang, Lily H., Victoria Ivashina, and Josh Lerner. "Unstable Equity: Combining Banking with Private Equity Investing." Review of Financial Studies (forthcoming).en_US
dc.identifier.issn0893-9454en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:11337407
dc.description.abstractBank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing terms and ex-post performance, we show that overall banks do not make superior equity investments to those of standalone private equity groups. Instead, they appear to expand their private equity engagement to take advantage of the credit market booms while capturing private benefits from cross-selling of other banking services.en_US
dc.language.isoen_USen_US
dc.publisherOxford University Press (OUP)en_US
dash.licenseOAP
dc.subjectprivate equityen_US
dc.subjectleveraged buyoutsen_US
dc.subjectbanks and bankingen_US
dc.subjectbanking industryen_US
dc.subjectregulationen_US
dc.titleUnstable Equity: Combining Banking with Private Equity Investingen_US
dc.typeJournal Articleen_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalReview of Financial Studiesen_US
dash.depositing.authorIvashina, Victoria
dc.date.available2013-11-25T18:55:17Z
dash.contributor.affiliatedLerner, Joshua
dash.contributor.affiliatedIvashina, Victoria


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