Skip to main content
University of Oxford Saïd Business School 25

Top menu

  • Oxford Answers

Main navigation

Main menu
  • Research
    Research
    • Research overview
      Research overview
      • Research seminars
      • Research strategy
    • Research areas
      Research areas
      • Accounting
      • Finance
      • Health Care
      • Impact
      • Innovation
      • International Business
      • Management Science
      • Marketing
      • Major Programme Management
      • Organisation Studies
      • Professional Service Firms
      • Strategy
      • Technology and Operations Management
    • Centres and initiatives
      Centres and initiatives
      • Creative Destruction Lab Oxford
      • Entrepreneurship Centre
      • Oxford Future of Finance and Technology Initiative
      • Oxford Future of Marketing Initiative
      • Oxford Future of Real Estate Initiative
      • Oxford Initiative on AI×SDGs
      • Oxford Initiative on Rethinking Performance
      • Oxford University Centre for Business Taxation
      • Oxford University Centre for Corporate Reputation
      • Private Equity Institute
      • Responsible Business
      • Skoll Centre for Social Entrepreneurship
    • Networks
      Networks
      • CABDyN
      • Oxford Institute of Retail Management
  • Oxford experience
    Oxford experience
    • Coming to Oxford
      Coming to Oxford
      • College experience
      • Living costs
      • Partners and families
      • Visas
    • Life at Oxford
      Life at Oxford
      • Learning at Oxford
      • Exploring Oxford
      • Activities, clubs and groups
      • Oxford Union
    • Scholarships and funding
    • Career development
      Career development
      • Your career journey
      • Our expertise
    • Life after Oxford
      Life after Oxford
      • Alumni
      • Elumni
    • Blogs
  • Events
    Events
    • Events listing
    • Past events
    • Future of Business
    • Oxford Smart Space
  • About us
    About us
    • The School
      The School
      • Our history
      • Our community
      • Diversity and inclusion
      • Climate emergency
      • Rankings, achievements and accreditation
      • School Board and Global Leadership Council
      • Global Leadership Centre
      • Covid-19 information
    • Support us
      Support us
      • Fundraising priorities
      • Donate online
      • How to give
      • Corporate partnerships
      • Community giving
      • Impact and recognition
    • Our people
      Our people
      • Faculty
      • Associate Fellows
      • Academic visitors
      • Recruit our graduates
      • Work for us
    • News
      News
      • Media coverage
      • Media relations contacts
    • Venue hire
      Venue hire
      • Park End Street
      • Egrove Park
      • B&B accommodation at Egrove Park
      • Our services
  • Programmes
    Programmes
    • MBAs
      MBAs
      • MBA
      • 1+1 MBA
      • Executive MBA
    • Degrees
      Degrees
      • BA Economics and Management
      • DPhil Finance
      • DPhil Management
      • MSc Financial Economics
      • MSc Global Healthcare Leadership
      • MSc Law and Finance
      • MSc Major Programme Management
    • Executive Diplomas
      Executive Diplomas
      • Artificial Intelligence for Business
      • Financial Strategy
      • Global Business
      • Organisational Leadership
      • Strategy and Innovation
    • Executive Education
      Executive Education
      • On-campus open programmes
      • Online programmes
      • ​Custom programmes
    • Programme finder
  1. Home
  2. News
  3. Oxford Saïd research cited in new policy to govern private funds
  1. Home
  2. News
  3. Oxford Saïd research cited in new policy to govern private funds
''

Oxford Saïd research cited in new policy to govern private funds

Fri, 18th March 2022

Published


Related news

  • Research

The Securities and Exchange Commission (SEC) has cited research from Ludovic Phalippou in a recently proposed policy to govern private funds.

The policy sets out new rules which would prevent private fund advisers from engaging in certain sales practices, conflicts of interest, and compensation schemes that are contrary to the public interest and the protection of investors.

The SEC has drawn on several of Professor Ludovic Phalippou’s research outputs to justify a number of these new rules. Included is a 2007 article published in Harvard Business Review on ‘the truth about private equity performance’, which discussed research showing that private equity fund performance is often reported in a way that exaggerates the truth. The full research study, which was published two years later in The Review of Financial Studies, is also cited.


Related news

  • Research

‘The SEC has just made an unprecedented effort to review private market funds. I hope that this proposal will be fully implemented.’

Ludovic Phalippou

Professor of Financial Economics

Also mentioned is Ludovic’s study of leveraged buyout transactions, which was published in the Journal of Financial Economics in 2018. The paper found that private equity firms charged hidden fees amounting to $20 billion to companies, boosting their own profits at the expense of end investors. Discussing his research with the University of Oxford in 2015, Ludovic called on the SEC to ‘review their current approach’ to private equity regulation, if the actions uncovered by his research were deemed to be illegal.

The SEC has also drawn on a working paper assessing the fees charged by general partners in the private equity industry. Ludovic debated the findings of this paper, entitled ‘An Inconvenient Fact: Private Equity Returns and the Billionaire Factory’ with David T Robinson, Professor of Finance at Duke University in 2020.

Ludovic, who has openly criticised current private equity practices, welcomes the SEC policy proposal. Commenting on the publication, he said: ‘The SEC has just made an unprecedented effort to review private market funds. I hope that this proposal will be fully implemented.’

Read more about Ludovic’s research on his Oxford Saïd profile.

Read the SEC’s proposed private fund governance policy.

Footer menu

  • Contact us
  • Find us
  • Press
  • Jobs
  • Website policies
  • Alumni
  • Donate
  • Covid-19

Follow us

  • Twitter
  • LinkedIn
  • YouTube
  • Facebook
  • Instagram
  • WeChat
  • Blogs
  • Advance HE Opens in new tab
  • EFMD Equis accreditations Opens in new tab
  • Global Network for Advanced Management Opens in new tab

Website & Privacy Policies © Saïd Business School 2023 All rights reserved

Back to top