Why are Buyouts Levered: The Financial Structure of Private Equity Funds
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This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement is
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美国国家经济研究局创建时间：
2007-01-01
