U.S. High-Yield Bonds: Head Fake or Bull Market?
Will high-yield bonds post outsized gains as they did in 1991 when they returned nearly 50%?
Research Publications Archive
U.S. Buyouts Investing
This report examines the recent market environment for buyout investing using the following criteria: fund raising and commitments, financing, valuations, and exit opportunities. Exhibits cover capital commitments, LBOs, M&As, and returns to limited partners of private equity firms.
Promises and Challenges of the New European Union
What are the economic and investment implications of admitting ten emerging European countries to the European Union?
Unrelated Business Income Tax (UBIT): An Introduction
A primer on UBIT including a clarification of rules governing its application and circumstances when this tax may be incurred.
The Debate About Japanese Banking Reform
Why has the Japanese government’s recent burst of activity about finally cleaning up its banking system generated so much controversy?
The Fallacy of the Fed Model
Why is the Fed Model conveying such different notions about equity valuations compared to other measures?
Asian Buyouts
An overview of the Asian private equity market since the 1997 financial crisis, using criteria such as deal flow, operational experience, management teams, debt availability, currency risk, valuations, and exit environment.
Germany-Caught in Deflation’s Undertow
Fueled by the lethal cocktail of domestic constraints, regional impediments, and the global economic slowdown, Germany may be in for a prolonged period of economic malaise and deflationary pressures.
Endowment Spending in a Bear Market
Three suggestions for institutions whose spending rules now dictate a cut in spending.
After the Crisis: Asian Private Equity Investing
Typically, private equity investors interested in Asia have been more impressed with its potential than with the tangible opportunities—but this may be about to change.