Combining Banking with Private Equity Investing
研究发现银行附属私募股权集团占私募投资30%，但其投资业绩并不优于独立私募，银行更多是利用信贷市场繁荣期扩大业务并交叉销售其他服务。
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 overall that banks do not make superior equity investments to those of stand-alone 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. The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.