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Institutional Investment and Private Equity in the UK

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  • Colin Mayer

Abstract

A recent report by Paul Myners for the UK Treasury has provided a wealth of information on the structure and operation of the pension fund industry in the UK. The report points to serious deficiencies in the governance of pension funds. These concerns are of considerable significance in their own right. But a fundamental focus of the Review is on their impact on the provision of private equity in the UK. This paper summarizes evidence from the Review and evaluates its proposed remedies. It concludes that to the extent that there is a private equity failure in the UK, it has less to do with the governance of institutions than with diversity and innovation in institutional design. The paper argues that financial regulation bears critically on the extent of institutional innovation and that US regulation has allowed its financial sector to respond more readily to the needs of high technology sectors than the UK's.

Suggested Citation

  • Colin Mayer, 2001. "Institutional Investment and Private Equity in the UK," OFRC Working Papers Series 2001fe10, Oxford Financial Research Centre.
    • Handle: RePEc:sbs:wpsefe:2001fe10
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    File URL: http://www.finance.ox.ac.uk/file_links/finecon_papers/2001fe10.pdf
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    Cited by:

    1. Johan, S.A. & Cumming, D., 2006. "Corporate social responsibility : domestic and international private equity institutional investment," Discussion Paper 2006-002, Tilburg University, Tilburg Law and Economic Center.
    2. Douglas Cumming & Uwe Walz, 2010. "Private equity returns and disclosure around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(4), pages 727-754, May.
    3. Florence Eid, 2006. "Recasting Job Creation Strategies in Developing Regions," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 15(2), pages 115-143, September.
    4. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.
    5. Cumming, Douglas & Johan, Sofia, 2007. "Regulatory harmonization and the development of private equity markets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3218-3250, October.
    6. Dylan Jones-Evans & Piers Thompson, 2008. "The Spatial Dispersion of Informal Investment at a Regional Level: Evidence from the UK," European Planning Studies, Taylor & Francis Journals, vol. 17(5), pages 659-675, May.
    7. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.

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