Unstable Equity: Combining Banking with Private Equity Investing
研究发现银行附属私募股权集团占所有私募股权投资的30%，其市场份额在私募股权市场高峰期最高，但银行并未比独立私募股权集团做出更优的股权投资，而是利用信贷市场繁荣扩张业务并获取交叉销售利益。
Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing terms and ex-post performance, we show that overall banks do not make superior equity investments to those of standalone private equity groups. Instead, they appear to expand their private equity engagement to take advantage of the credit market booms while capturing private benefits from cross-selling of other banking services.