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Guidelines on state aid to promote risk finance investments
Member guides
15 Jan 2014
Member Only
Debt-related Tax Shields and Private Equity: Myth or Reality?
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.
External resources
01 Jan 2014
Member Only
The Impact of Venture Capital on Innovation Behaviour and Firm Growth
"I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data."
External resources
20 Dec 2013
Technical report on long-term investments
Technical Report on Standard Formula Design and Calibration for Certain Long-Term Investments.
Member guides
19 Dec 2013
Delegated regulation RTS determining types of AIFM
Commission Delegated Regulation supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards determining types of alternative investment fund managers.
Member guides
17 Dec 2013
AIFMD Third Country Guide
A straightforward introduction to the impact of the EU’s Alternative Investment Fund Managers Directive (AIFMD) on non-European general partners and limited partners.
Member guides
02 Dec 2013
Position paper on the EC proposal for a regulation on ELTIF
EVCA - PAE Position paper on the European Commission proposal for a Regulation on European Long-term Investment Funds (2013/0214(COD)).
Positions & consultation responses
15 Nov 2013
Briefing: In Pursuit of Prosperity
How Europe can climb the growth curve.
Briefings
14 Nov 2013
Quarterly Activity Indicator Q1 2007 - Q3 2013
A review of quarterly fundraising, investment and divestment trends in European private equity and venture capital activity since Q1 2007. Please note that this data covers a representative sample surveyed for the Quarterly Indicator.
Data and insight
01 Nov 2013
Response to consultation on insolvency
Response to the European Commission Consultation on a new European approach to business failure and insolvency.
Positions & consultation responses
11 Oct 2013
Response to consultative document Basel Committee
Response to the Consultative Document "Capital requirements for banks' equity investments in funds".
Positions & consultation responses
04 Oct 2013
Response to the Consultative Document “Capital Requirements for Banks’ Equity Investments in Funds"
Positions & consultation responses
04 Oct 2013
Response to EBA consultation on own funds requirements for investment firms based on fixed overheads
Response to EBA Consultation on draft Regulatory Technical Standards on own funds requirements for investment firms based on fixed overheads (EBA/CP/2013/30).
Positions & consultation responses
30 Sep 2013
Consultation response on revision of Guidelines on state aid
Response to Consultation on the revision of the Guidelines on State aid to support SME access to risk capital.
Positions & consultation responses
18 Sep 2013
Response EC consultation EU merger control
Response to the Consultation 'Towards more effective EU merger control'.
Positions & consultation responses