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The Center for Financial Studies is a nonprofit research organization, supported by an association of more than 120 banks, insurance companies, industrial corporations and public institutions. Established in 1968 and closely affiliated with the University of Frankfurt, it provides a strong link between the financial community and academia. The CFS Working(More)
"According to traditional trade theory (Heckscher-Ohlin), free trade and free migration are equivalent measures of economic integration leading both to an equalization of factor prices. This prediction is in sharp opposition to the observed preference of rich countries for free trade over free migration. We provide an explanation for this inconsistency: the(More)
We adopt a real options approach to analyse the value of recently auctioned UMTS-licenses, focussing on Germany as the largest European market. For that purpose we develop a real options model with an abandonment as well as a growth option. Not having an appropriate underlying security of the options, we pursue an indirect approach by assuming a stochastic(More)
  • Florencio Lopez-de-Silanes, Ludovic Phalippou, +27 authors Jason Zein
  • 2012
We examine the determinants of private equity returns using a newly constructed database of 7,500 investments worldwide over forty years. One in ten investments does not return any money, whereas one in four has an IRR above 50%. Performance does not appear scalable: investments held by private equity firms at times of a high number of other simultaneous(More)
sondere die Möglichkeiten der interaktiven Preisgestaltung aufgezeigt. Summary: This article discusses revenue sources and pricing models for business-to-consumer electronic commerce. We outline why revenue sources and pricing models should be separated, how pricing models can contribute to strategic and tactic goals and which pricing models the Internet(More)
Financial market liberalizations are an integral part of economic development. While initial booms in investment and output are commonly seen as signs of successful deregulation, they often reverse at a later stage as international capital flows turn negative and economic growth slows markedly. Such reversals of fortunes have commonly been attributed to(More)
Using a new dataset on worldwide private equity deals we show that physical distance considerably shapes the geographical investment patterns of these investors. However, the negative impact of long distances on private equity investors' funding decisions may be mitigated when far away investors syndicate with local partners from the recipients' countries.(More)
This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant impact on their respective IPOs. We explore this hypothesis(More)