Private equity portfolio company fees

被引：25

作者：

Phalippou, Ludovic ^{[1
]}

Rauch, Christian ^{[2
]}

Umber, Marc ^{[3
]}

机构：

[1] Univ Oxford, Said Business Sch, Pk End St, Oxford OX1 1HP, England

[2] Amer Univ Sharjah, Sch Business Adm, POB 26666, Sharjah, U Arab Emirates

[3] HighTech Gruenderfonds, Schlegelstr 2, D-53115 Bonn, Germany

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2018年 / 129卷 / 03期

关键词：

Private equity; Monitoring fees; Transaction fees; Compensation; Corporate governance; BUSINESS GROUPS; EMPIRICAL-ANALYSIS; INCOMPLETE CONTRACTS; CORPORATE GOVERNANCE; LEVERAGED BUYOUTS; MECHANISM DESIGN; FUND MANAGERS; AGENCY COSTS; PERFORMANCE; COLLUSION;

D O I：

10.1016/j.jfineco.2018.05.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In private equity, general partners (GPs) receive fee payments from companies whose boards they control. Fees amount to $20 billion evenly distributed over time, representing over 6% of equity invested by GPs. They do not vary with business cycles, company characteristics, or GP performance. Fees vary significantly across GPs and are persistent within GPs, even after accounting for fee rebates to limited partners (LPs). GPs charging the least raise more capital postfinancial crisis and are backed by more skilled LPs. GPs increase fees prior to going public. We discuss how these results could be explained by optimal contracting and tax arbitrage. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：559 / 585

页数：27

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