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In The Investment Game in Private Equity, Mika Lehtimäki discusses the legal and contractual relationship between investors and managers of private equity funds as well as the economic incentives governing their relationship. Based on this analysis he sets out a game-theoretical framework for evaluating the role of regulation and contract in asset management. He argues that the contractual ‘investment game’ between the parties, noting their outcome maximisation objective, results in much of the current fund regulation being non-optimal from the investor perspective. This means that the parties are able to control, subject to qualifications relating to the bargaining process, their relationship and the protect their interests contractually instead of resorting to extensive regulation.

Capital investment --- International law --- Game theory --- Capital investment. --- International law. --- Game theory.

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658.152 --- 658.152 Capital investment. Fixed assets. Use of funds --- Capital investment. Fixed assets. Use of funds

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There is a divergence in the returns of top-performing firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. This paper shows that the divergence is explained by the mismeasurement of intangible capital. Compared with other firms, star firms produce more per dollar of invested capital, have higher growth, innovation, and productivity and are not differentially affected by exogenous competitive shocks. Their pricing power supports their high intangible capital investment. Some exceptional firms may pose concerns due to their potential to foreclose competition in the future.

Capital Investment --- Competitiveness --- Firm Productivity --- Market Power --- Private Sector Development --- Private Sector Economics --- Skilled Labor

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Financial management --- 658.152 --- Cash management --- Cash flow --- Business enterprises --- Corporations --- Capital investment. Fixed assets. Use of funds --- Management --- Finance --- Cash management. --- 658.152 Capital investment. Fixed assets. Use of funds

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Working capital --- 658.152 --- 658.152 Capital investment. Fixed assets. Use of funds --- Capital investment. Fixed assets. Use of funds --- Circulating capital --- Floating capital --- Net current assets --- Operating income --- Variable working capital --- Capital --- Working capital.