- Page 1 and 2: HEDGE FUNDS AND PRIVATE EQUITY A CR
- Page 3 and 4: FOREWORD Since the 1980s the financ
- Page 5: At the same time the PES Group took
- Page 11 and 12: Our Europe In this new era of globa
- Page 13 and 14: These reports are in striking contr
- Page 15 and 16: outs of European companies, it is s
- Page 17 and 18: 3. The target company is merged wit
- Page 19 and 20: 2. Six concerns about our European
- Page 21 and 22: The effects of LBOs on infrastructu
- Page 23 and 24: 3. Lessons to be drawn for future r
- Page 25 and 26: Systemic risks and financial stabil
- Page 27: The limitation could take the form
- Page 31 and 32: The real economy is still there If
- Page 33 and 34: market itself (in terms of price tr
- Page 35 and 36: Among the above possible solutions
- Page 37 and 38: Onshore Offshore Fund Administrator
- Page 39 and 40: 1.2. Fast growing, major actor in t
- Page 41 and 42: Europe’s share of FOHFs total mar
- Page 43 and 44: The Russell Survey also hints at th
- Page 45 and 46: Based on Greenwich Associates findi
- Page 47 and 48: Whether or not these fees and trans
- Page 49 and 50: 1.8. Asset valuation - in complexit
- Page 51 and 52: The international financial authori
- Page 53 and 54: ias by comparing the annual returns
- Page 55 and 56: It goes without saying that effecti
- Page 57 and 58: 1.13 Societies’ response - curren
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Country Germany France Italy Spain
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Insufficient supervision of operati
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Let’s look at different types of
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Since private equity firms also ext
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What is a fund of funds? The fund o
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As mentioned earlier, PE-funds, in
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The illustration underlines the LBO
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Corporate investors 5% Private indi
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Venture capital is investing in a t
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Domicile of the manager For funds r
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The manager insists on being close
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there are specific fiscal scheme fo
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2.14 All in all: LBOs for good or b
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‘non-UCITS fund’ brand which wo
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Article 57 1. The provisions of Art
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3.4 Company law and corporate gover
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cial services, or the listing of se
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Article 137 1. With a view to achie
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existing framework to make it more
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4. Conclusion: New Social Europe an
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84.57 7 447.586 4789.4785 55 7845 4
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102 We are concerned about the fina
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104 The impact of capital funds on
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106 1.3 Asset extraction 36 and inn
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108 The increased level of debt res
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110 The case studies in this report
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112 2.3 Co-determination and worker
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114 2.4 Extraordinary dividends In
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116 The often highly aggressive yie
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118 3. Public sector and universal
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120 TDC case, Denmark TDC was taken
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122 Eircom case, Ireland Eircom is
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124 There are three countries where
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126 Indeed, it may well be that muc
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128 With regards to diversification
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130 4.2 The issue of pension funds
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132 5. Stability of financial marke
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134 The rising number of active hed
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136 Based on this observation, one
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138 Box 1: The LTCM case (1998) The
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140 5.5 Concentration on less liqui
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142 Generally credit derivatives se
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144 5.7 A case for systemic risks H
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146 6. Coherence, co-responsibility
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148 7. The need for change to ensur
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150 There is enormous potential for
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1. The market cannot do it alone In
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Furthermore, since their strategies
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Transparency and disclosure are sim
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3. Hedge funds We have seen from Pa
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no correlation with market indexes,
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Beside the comparability of existin
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ules should be developed to ensure
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portfolios. Possible minimum standa
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Reporting requirements should inclu
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4.1 Market transparency and disclos
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PE funds should be seriously consid
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The ARD covers only transfers from
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However, the fundamental reason the
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in the lowering of social and labou
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Corporate governance provisions Rul
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In order to prevent the crass over-
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AA 189 Autoteile Unger 191 Bulgaria
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190 2.4 Corporate governance and ec
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192 a total of €1 327 million. Si
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194 2.3 Effects on public finances
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196 The massive interference of sha
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198 the day before the general meet
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200 eircom 1. Company description E
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202 The ESOT was a key aspect of th
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204 2.4 Corporate governance and ec
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206 to be a lucrative German market
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208 References Wirtschaftswoche 02.
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210 August, Gate Gourmet announced
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212 Linde 1. Company description Li
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214 Some difficulties can be expect
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216 Märklin 1. Company description
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218 Mobilcom 1. Company description
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220 to the dispute. TPG moved that
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222 Restructurings at the expense o
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224 From the beginning of LBO owner
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226 2.3 Effects on job creation, in
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228 TDC 1. Company description TDC
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230 2.5 Management policies and sha
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232 try, in conjunction with the Mi
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234 TUI AG 1. Company description T
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236 Executives have also been affec
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238 Viterra 1. Company description
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240 sold them on to the private equ
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Absolute returns The return that an
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FED (also the Federal Reserve; info
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MiFID The Markets in Financial Inst
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