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The Evolution Of Private Equity And The Change In General Partner Compensation Terms In The 1980s, Stephen Fraidin, Meredith Foster
The Evolution Of Private Equity And The Change In General Partner Compensation Terms In The 1980s, Stephen Fraidin, Meredith Foster
Fordham Journal of Corporate & Financial Law
While the business model of private equity has remained largely unchanged since the 1980s, private equity as an industry has undergone a dramatic transformation. In the early 1980s, private equity was both highly profitable and highly controversial. Today, on the other hand, it is an important asset class and its returns are modest. This paper will document both of these changes and identify the several factors that contributed simultaneously to private equity’s declining profitability and to its increasing public acceptance. This paper will also identify another change that private equity underwent in the 1980s, which has been largely ignored: the …
Rewarding Prosecutors For Performance, Stephanos Bibas
Rewarding Prosecutors For Performance, Stephanos Bibas
All Faculty Scholarship
Prosecutorial discretion is a problem that most scholars attack from the outside. Most scholars favor external institutional solutions, such as ex ante legislation or ex post judicial and bar review of individual cases of misconduct. At best these approaches can catch the very worst misconduct. They lack inside information and sustained oversight and cannot generate and enforce fine-grained rules to guide prosecutorial decisionmaking. The more promising alternative is to work within prosecutors' offices, to create incentives for good performance. This symposium essay explores a neglected toolbox that head prosecutors can use to influence line prosecutors: compensation and other rewards. Rewards …