Stefan Morkötter
Title
Prof. Dr.
Last Name
Morkötter
First name
Stefan
Email
stefan.morkoetter@unisg.ch
ORCID
Phone
+65 68507 338
Web Site
47 results
Now showing 1 - 10 of 47
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Item type:Publication, Trade Policy and Its Impact on Limited Partnership Commitments in Private Equity(2025-03); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Investing in Your Alumni: Endowments' Investment Choices in Private Equity(2023-11); ; We investigate the role of alumni ties in university endowments' decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that are managed by the alumni of their own alma mater. This finding is more pronounced for less prestigious and less private equity experienced university endowments. Thus, our results are not only dominated by institutions with a larger proportion of active alumni in the private equity industry. Furthermore, we observe that alumni ties are not associated with better performance compared to other endowment investments where such a tie does not exist.Type:journal articleJournal:Journal of Financial Services ResearchIssue:November 2023Scopus© Citations 2 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Journal of Banking and FinanceWhen investors commit capital to a private equity fund, the money is not immediately invested but is called by the fund manager throughout an investment period of up to five years. The private equity business model allows fund managers to invest and divest the committed capital during the fund's lifetime at their own discretion, which gives them the flexibility to time the markets. Based on 7,591 private equity deals, which are benchmarked against 14,390 M&A transaction multiples, we find evidence that on average private equity funds are able to create value by timing the financial markets. Market timing ability is not captured by performance measures such as the PME, yet it is a potential source of returns for investors.Type:journal articleJournal:Journal of Banking & FinanceVolume:138Scopus© Citations 14 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Buy low, sell high? Do private equity fund managers have market timing abilities?(2022-01-31); ; Wetzer, ThomasWhen investors commit capital to a private equity fund, the money is not immediately invested but is called by the fund manager throughout an investment period of up to five years. The private equity business model allows fund managers to invest and divest the committed capital during the fund's lifetime at their own discretion, which gives them the flexibility to time the markets. Based on 7,591 private equity deals, which are benchmarked against 14,390 M&A transaction multiples, we find evidence that on average private equity funds are able to create value by timing the financial markets. Market timing ability is not captured by performance measures such as the PME, yet it is a potential source of returns for investors.Type:journal articleJournal:Journal of Banking and FinanceVolume:138Scopus© Citations 14 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Winning a deal in private equity: Do educational ties matter?In this paper, we investigate the role of educational ties in private equity. Although we cannot observe all the funds that bid for a target company, we construct the set of potential bidders based upon their size and investment cycle, as well as the location and sector of their target companies. By gathering detailed educational histories of fund partners and CEOs of target firms, we find a significantly higher incidence of educational ties in completed deals than exists among the set of potential bidders. We argue that educational ties between fund managers and CEOs of target companies play a (positive) role in sourcing deals and winning competitive transactions. The alma maters of CEOs and private equity partners are notably concentrated among the top universities, and we find that exclusivity of educational ties is important. However, we find no evidence that such educational ties produce higher returns for investors.Type:journal articleJournal:Journal of Corporate FinanceVolume:66 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Deposit Withdrawals from Distressed Banks: Client Relationships MatterWe study retail deposit withdrawals from commercial banks that were differentially exposed to distress during the 2007-2009 financial crisis. We show that the propensity of clients to withdraw deposits increases with the severity of bank distress. However, an exclusive pre-crisis bank-client relationship eliminates withdrawal risk. The mechanism through which strong bank-client relationships mitigate withdrawal risk relates to the transaction costs of switching accounts rather than informational rents or differentiated services. Our findings provide empirical support to the Basel III liquidity regulations that emphasize the role of well-established client relationships for the stability of bank funding.Type:journal articleJournal:Journal of Financial StabilityVolume:Vol. 46Scopus© Citations 34 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Family ties in insider trading: A closer look at family firms(2019); ; We study insider trading in family firms and compare the profitability of insider purchases and sales of family insiders, i.e. insiders who are related to the founding family, to those of nonfamily insiders, i.e. insiders without such family ties. Probing a sample of 37,012 insider trades from 241 family firms, we find that family insiders generate higher abnormal returns compared to nonfamily insiders for insider purchases. For insider sales, transactions that imply significant litigation and reputational risks, the profitability is significantly lower for family insiders compared to nonfamily insiders. We also distinguish between family insiders who are actively involved in the firm and family insiders who are significant shareholders but not otherwise involved in the firm. The profitability of insider sales is significantly higher for family insiders without management involvement, who are thereby under less regulatory scrutiny, compared to insider sales by family insiders with an active management role.Type:journal article - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Competition in the Credit Rating Industry: Benefits for Investors and IssuersWe empirically investigate the benefits of multiple ratings not only at issuance of debt instruments but also during the subsequent monitoring phase. Using a record of monthly credit rating migration data on all U.S. residential mortgage-backed securities rated by Standard & Poor's, Moody's, and Fitch between 1985 and 2012 (154'600 tranches), our results provide em-pirical evidence that rating agencies put more effort in rating and outlook revisions when tranches have assigned multiple ratings. Furthermore, we demonstrate that in the case of mul-tiple ratings, agencies do a better job in discriminating tranches with respect to default risk. On the downside, we observe a shift in collateral towards senior tranches and incentives for issuers to engage in rating shopping activities, but find no evidence that rating agencies exploit such behavior to attract more rating business. Our results contribute to the literature on information production of credit ratings and extend the perspective to the monitoring period after issuance.Type:journal articleJournal:Journal of Banking and FinanceVolume:75Scopus© Citations 21 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Sovereign Risk and the Pricing of Corporate Credit Default SwapsBased on an empirical analysis of European corporations, we investigate the impact of sover-eign risk on the pricing of corporate credit risk. In our paper, we show that sovereign credit default swaps (CDS) are positively correlated with corresponding corporate CDS spreads and are a significant factor for corporate CDS pricing models. We also find that this impact in-creases throughout the sovereign debt crisis in 2010-2011 and is more distinctive for Eurozone countries that were more exposed to the sovereign debt crisis than others. We further observe that this effect is particularly pronounced for corporations with a high dependency on their domestic market.Type:journal articleJournal:Journal of Credit RiskVolume:11Issue:1 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Liquidity Dynamics of Bank DefaultsWe compare liquidity patterns of 10,979 failed and non-failed US banks from 2001 to mid-2010 and detect diverging capital structures: failing banks distinctively change their liquidity position about three to five years prior to default by increasing liquid assets and decreasing liquid liabilities. The build-up of liquid assets is primarily driven by short term loans, whereas long term loan positions are significantly reduced. By abandoning (positive) term transformation throughout the intermediate period prior to a default, failing banks drift away from the traditional banking business model. We show that this liquidity shift is induced by window dressing activities towards bondholders and money market investors as well as a bad client base.Type:journal articleJournal:European Financial ManagementVolume:20Issue:2Scopus© Citations 3