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Diverging views on the new Asian Infrastructure Investment Bank (AIIB) in the US and Europe

22-04-2015

Infrastructure investments are an important element in international economic cooperation. Besides bilateral agreements, European donor countries often use the institutional platform given by the World Bank or the International Monetary Fund (IMF) to negotiate the terms of financial assistance with recipient countries. However, the dominance of these Western development and investment institutions is challenged by China, which has launched the Asian Infrastructure Investment Bank (AIIB). While the ...

Infrastructure investments are an important element in international economic cooperation. Besides bilateral agreements, European donor countries often use the institutional platform given by the World Bank or the International Monetary Fund (IMF) to negotiate the terms of financial assistance with recipient countries. However, the dominance of these Western development and investment institutions is challenged by China, which has launched the Asian Infrastructure Investment Bank (AIIB). While the US has taken a critical stance on this Chinese influenced infrastructure bank, some EU Member States have announced that they will support the AIIB.

Reforming European banks' structures

27-06-2013

Complementing ongoing regulatory reforms in the European banking sector, the EU has started to consider possible changes to banks' structures.

Complementing ongoing regulatory reforms in the European banking sector, the EU has started to consider possible changes to banks' structures.

Private Equity and Leveraged Buy-outs

06-11-2007

Executive Smmary The present study looks at a range of questions related to the social and economic consequences of private equity/LBO activity raised by the European Parliament. Overall, we find private equity to be a well-functioning, established industry that fulfils a crucial role in our economy by providing corporate financing and governance services for the efficient revitalization of underperforming mature businesses. Through long-term controlling investments, Private Equity Firms trigger ...

Executive Smmary The present study looks at a range of questions related to the social and economic consequences of private equity/LBO activity raised by the European Parliament. Overall, we find private equity to be a well-functioning, established industry that fulfils a crucial role in our economy by providing corporate financing and governance services for the efficient revitalization of underperforming mature businesses. Through long-term controlling investments, Private Equity Firms trigger predominantly growth-oriented changes in the acquired businesses with a positive impact on their short- and long-term competitiveness. Private Equity activity creates value beyond the pure effect of leverage. Historically, private equity funds have generated annual returns approximating 3% above the performance of broad stock market indices gross-of-fees. However the fee structure of Private Equity Firms is such that institutional investors in their funds are left with an average underperformance of 3% relative to these same broad stock market indices. We find no sign of a negative impact of buyouts on the growth or competitiveness of the sectors in which they occur. Also, there is no empirical support for the claim that Private Equity makes the financial and economic system less stable. Finally, we found no evidence of harmful conflicts of interest between Private Equity Firms and their advisors.

Išorės autorius

Oliver Gottschalg

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