Led by the growth of direct lending, private debt assets under management almost tripled
over the past decade. What do we know about it and why has it grown? Using a proprietary …

Separate account investors outperform category-matched mutual fund investors yearly by 14─
24 bps gross and 50─ 75 bps net. This outperformance is entirely explained by structural …

Do foreign venture capitalists help the domestic economy, or hamper it by slowing down
growth, potentially moving economic activity away? This paper addresses this long-standing …

The main finding of this paper is that board composition at founding is related to future
company growth. Companies whose initial directors have more prior managerial and …

We investigate the impact of the UK regulatory sandbox on the UK FinTech industry. By now
regulatory sandboxes operate in 57 countries and have become an important policy tool for …

I examine whether and how outside expertise of directors matters for start-up companies. I
exploit the fact that some directors sit on multiple boards simultaneously and study the effects …

This thesis studies questions in the area of private markets, with a focus on entrepreneurial
finance and asset management. Chapter 1 provides a general introduction to the topic and …

Diana Gründlinger Aart Middeldorp Fabian Mitterwallner Alexander Montag Johannes Niederhauser
… Fabian Mitterwallner Alexander Montag … Thursday 10:30 – 12:00 Alexander Montag …

… So führte meine erste etwas persönlichere Begegnung mit Alexander Montag, zu einem
eher kläglichen Ergebnis, was den Lustgewinn anbelangte. Ich hatte Schlüsse aus seinen …

I present a model of cryptocurrency price formation that endogenizes both the financial
market for coins and the fee-based market for blockchain space. A cryptocurrency has two …