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- Capital Gains; Carried Interest; Inequality (1)
- Carried Interest; Private Equity; Tax (1)
- Fair trade (1)
- Global distributive justice (1)
- Global inequality (1)
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- Global poverty. (1)
- International law (1)
- International taxation (1)
- International trade (1)
- International trade, business, and economic law (1)
- Jurisprudence (1)
- Private Equity Funds; Hedge Funds; Financial Crisis (1)
- Private Equity; Globalization; Symposium Introduction (1)
- Private Equity; Valuation; Disclosure (1)
- Relational duties (1)
- Taxation (1)
- Taxation; Compensatory Profits Interest (1)
- Zambia; Globalization; Private Equity (1)
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Articles 1 - 9 of 9
Full-Text Articles in Law
The Lds Church, Proposition 8, And The Federal Law Of Charities, Brian Galle
The Lds Church, Proposition 8, And The Federal Law Of Charities, Brian Galle
NULR Online
No abstract provided.
International Private Equity Valuation And Disclosure, Douglas Cumming, Andrej Gill, Uwe Walz
International Private Equity Valuation And Disclosure, Douglas Cumming, Andrej Gill, Uwe Walz
Northwestern Journal of International Law & Business
Private equity (PE) firms are financial intermediaries standing between the portfolio firms and their investors. They are typically organized as closed-end funds aiming to overcome informational asymmetries and to exploit specialization gains in selecting and overseeing portfolio firms.' However, their existence as financial intermediaries creates new informational asymmetries (with respect to the investors in the PE funds). Fund managers raise follow-on funds before exiting their investments, and may have incentives to overvalue their as-yet-unsold investments when making disclosures to institutional investors. Despite strong incentives to overvalue, PE funds do not face mandatory disclosure rules in any country with a significant …
The New Poor At Our Gates: Global Justice Implications For International Trade And Tax Law, Ilan Benshalom
The New Poor At Our Gates: Global Justice Implications For International Trade And Tax Law, Ilan Benshalom
Faculty Working Papers
The Article explains why international trade and tax arrangements should advance global wealth redistribution in a world of enhanced economic integration. Despite the indisputable importance of global poverty and inequality, contemporary political philosophy stagnates over the controversy of whether distributive justice obligations should extend beyond the political framework of the nation state. This stagnation results from the difficulty of reconciling liberal impartiality with notions of state sovereignty and accountability. The Article offers an alternative approach that bypasses the controversy of the current debate. It argues that international trade results in relational distributive duties when domestic parties engage in transactions with …
Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab
Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab
Northwestern Journal of International Law & Business
Two of the most significant types of alternative investment funds worldwide are hedge funds and private equity funds. A hedge fund typically engages in short-term trading of financial instruments and compensates its manager on an annual or quarterly basis. A private equity fund typically takes long-term management positions in companies and compensates the fund manager once every several years upon the sale of the fund's assets. Although primarily centered in the United States and Europe, numerous markets worldwide are home to each type of fund. Prior to the subprime mortgage-initiated financial crisis, there was a trend within the alternative investment …
Vultures, Hyenas, And African Debt: Private Equity And Zambia, Olufunmilayo B. Arewa
Vultures, Hyenas, And African Debt: Private Equity And Zambia, Olufunmilayo B. Arewa
Northwestern Journal of International Law & Business
Although the Donegal court explicitly limited its scrutiny to the legal questions raised by the case rather than questions of morality and humanity, 23 the moral and ethical considerations connected with the activities of vulture investors are significant. This is particularly true in Africa, which in the post-colonial period has experienced poor economic performance in both absolute and relative terms, as well as significant and even increasing levels of poverty.24 Poverty has exacerbated political instability in Africa.25 The political situation in much of the African continent is similarly tenuous, with sub-Saharan African states in many instances serving as exemplars of …
Introduction: Symposium On The Globalization Of Private Equity: Changes In The International Market And The Impact On Private Equity Investments , David Van Zandt
Introduction: Symposium On The Globalization Of Private Equity: Changes In The International Market And The Impact On Private Equity Investments , David Van Zandt
Northwestern Journal of International Law & Business
The title of this year's symposium is "Globalization of Private Equity: Changes in the International Market and the Impact on Private Equity Investments." As reflected by the title, the goal of this year's symposium is to explore the changes in the private equity industry after the financial crisis. The papers in this issue examine topics such as the future of convergence between hedge funds and private equity, the legal and ethical implications of vulture funds in developing countries, and the legal, ethical, and financial implications surrounding valuation and disclosure. Additionally, this issue will explore the contentious legal and political debate …
The Taxation Of Compensatory Profits Interests: The Blind Men And The Elephant, Philip F. Postlewaite
The Taxation Of Compensatory Profits Interests: The Blind Men And The Elephant, Philip F. Postlewaite
Northwestern Journal of International Law & Business
The position increasingly held by academics is that the current tax treatment of such receipts is improper and should be obvious to all.6 Apparently, the small but determined group which defends the status quo7 not only fails to appreciate the clarity of the situation,8 but their analysis is derisively dismissed as sophistry and their motives impugned for acting as tools of the establishment. As the lowly representative of the Gang of Three, and the only one apparently not smart enough to be paid for his advocacy,'0 notwithstanding the intensity and inventiveness of the presenters' advocacy, I remain unconvinced. My support …
Not All Carried Interests Are Created Equa, Adam H. Rosenzweig
Not All Carried Interests Are Created Equa, Adam H. Rosenzweig
Northwestern Journal of International Law & Business
Recently, a significant debate over the taxation of so-called "carried interest "in private equity funds has received much attention from scholars, the government, commentators, and the media. This debate has focused on whether private equity fund managers who earn a percentage of the returns generated by the fund should be entitled to preferential "capital gain" treatment on such returns. The primary concern in this debate revolves around whether managers are effectively being compensated for services normally taxed at higher rates while receiving the benefit of preferential rates reserved for capital gains. Proponents of reform point to the services being performed …
Sophistry, Situational Ethics, And The Taxation Of The Carried Interest, Darryll K. Jones
Sophistry, Situational Ethics, And The Taxation Of The Carried Interest, Darryll K. Jones
Northwestern Journal of International Law & Business
This Article is, in essence, a strident expression of indignation about what a majority of tax scholars and, indeed, legislators consider a glaring yet persistent inequity in the tax code. In short, sometimes extraordinarily well-paid fund managers receive compensation taxed at capital gains rates. All other, usually very much lower-compensated, service providers are taxed at ordinary rates. The result is clearly regressive and yet, as of late, even some respected and knowledgeable scholars-though still in the minority-have unabashedly set forth sophisticated-sounding justifications. Objections based on unfairness, real, or even merely perceived, are difficult to express without a tone of indignation, …