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Tekijä: | Cumming, D. Johan, S. |
Otsikko: | Is it the law or the lawyers? Investment covenants around the world |
Lehti: | European Financial Management
2006 : SEP, VOL. 12:4, p. 535-574 |
Asiasana: | finance law lawyers investment funds Europe |
Vapaa asiasana: | private equity |
Kieli: | eng |
Tiivistelmä: | In this paper, a new dataset from 50 private investment (hereafter as: inv.) funds from 17 countries around the world is introduced. Analyzed is the frequency of use (as: f-of-use) of inv. covenants (here as: covts.) imposed by institutional investors governing the activities of private inv. fund managers in areas of inv. decisions, inv. powers, types of inv., fund operations etc. Through the data, a role for country legality in affecting the f-of-use of fund covts. is indicated. In addition, it is indicated that the presence of legally trained managers has a more pronounced role in affecting the use of covts. As private equity and venture capital inv. increases across Europe and elsewhere, legal practice factors are found to be going to matter more than the legal setting for the establishment of covts. governing new funds. |
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