Regulatory harmonization and the development of private equity markets

Douglas Cumming, Sofia Johan

Research output: Contribution to journalArticle

59 Citations (Scopus)

Abstract

This paper introduces a new dataset from 100 Dutch institutional investors’ domestic and international asset private equity allocations. The data indicate that the perceived comparative dearth of regulations of private equity funds impedes institutional investor participation in private equity funds, particularly in relation to the lack of transparency. The data further indicate that the perceived importance of regulatory harmonization of institutional investors has increased Dutch institutional investor allocations to domestic and international private equity funds. The Financieel Toetsingskader (regulation of portfolio management standards such as matching of assets and liabilities) has had the most pronounced and robust effect, followed by Basel II (regulation of risk management and disclosure standards) and the International Financial Reporting Standards (regulation of reporting standards and transparency).
Original languageEnglish
JournalJournal of Banking and Finance
DOIs
Publication statusPublished - 1 Oct 2007

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