Oxera Consulting LLP, a leading economics consultancy and trusted adviser to policymakers and companies, has won the Global Competition Review Litigation of the Year - Cartel Prosecution Award. One of the largest and most complex cartel litigations ever seen in Europe, Oxera has been recognised for its role in helping National Grid to achieve a settlement from the gas-insulated switchgear cartel.
The Brattle Group Distinguished Paper prize is awarded annually by the American Finance Association to recognise the top papers published in the area of corporate finance in the Journal of Finance. The Distinguished Paper prize 2014 has been awarded to Professor Jenkinson for his paper ‘Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyout’. The paper, co-authored with Ulf Axelson, Per Strömberg and Michael S. Weisbach, examined capital structure theories in the context of buyouts. The authors found that buyout leverage is unrelated to factors that drive public firm leverage. Instead, variation in economy-wide credit conditions is the main driver of leverage and pricing in buyouts, while having little impact on public firms. Higher deal leverage is associated with lower buyout fund returns, suggesting that acquirers overpay when access to credit is easier.