Publications
& Policy

A closer look at the AIFMD depositary regimes across Europe.

Response to OECD consultation on Public Discussion Draft BEPS Action 2: Neutralise the effects of Hybrid Mismatch Arrangements.

Response to Consultation on Public Discussion Draft BEPS Action 6: Preventing the Granting of Treaty Benefits in Inappropriate Circumstances.

Communication on long-term financing of the European economy

"We reconcile the major approaches in the literature to benchmark cash flow-based returns of private equity investments against public markets, a.k.a. 'Public Market Equivalent' methods. We show that the existing methods to calculate annualized excess returns are heuristic in nature, and propose an advanced approach, the 'Direct Alpha' method"

EVCA position paper on the European Commission proposal for a Directive on enhanced cooperation implementing a Financial Transaction Tax.

An introduction to the European Venture Capital Fund Regulation.

Response to the consultation on draft General Block Exemption Regulation (the GBER) on state aid measures.

The conventional wisdom for investors in private equity funds is to invest in partnerships that have performed well in the past. This is based on the belief that performance in private equity persists cross funds of the same partnership. We present new evidence on the persistence of U.S. private equity (buyout and venture capital) funds using a research-quality dataset from Burgiss, sourced from over 200 institutional investors.

Proposal for a Regulation of the European Parliament and of the Council on structural measures improving the resilience of EU credit institutions.

A report commissioned by the EVCA on the implications of the proposed financial transaction tax for private equity.

State aid: Commission adopts new rules on risk finance.

In this paper we address the magnitude of debt-related tax shields employing a proprietary data set of 56 German leveraged buyouts (LBOs) completed between 1997 and 2011. In particular we examine the relevance and performance contribution of tax shields under different financing policies, and the economic impact of limiting tax-deductible interest based on the new tax code introduced in 2008 in Germany. We highlight that LBO tax shields are significant in terms of size, but there is little evidence for a significant performance contribution. Our results suggest that the economic impact from limiting tax-deductible interest in Germany is low for LBOs.

"I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data."