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.
For the fifth consecutive year, an Oxera Partner has been recognised as a leading figure within competition economics in the GCR awards, in the Economist of the Year category. Dr Gunnar Niels has been nominated in recognition of his contribution to numerous high-profile cases in 2014. During this period Gunnar advised Liberty Global on the European Commission inquiry into its acquisition of Ziggo; provided economic advice to a bank in the European Commission Article 101 investigation into the credit default swaps market; acted as the court-appointed expert in an abuse of dominance case involving gas contracts; was the economic adviser to Skyscanner during its successful appeal of the OFT’s commitments Decision in the online hotel bookings market; and provided advice to a major retailer in relation to an OFT investigation into retail price maintenance.