Issue Information: European Financial Management 1/2018

• Date: 01 January 2018
• Published date: 01 January 2018
• DOI: http://doi.org/10.1111/eufm.12151

Volume 24 Number 1 JANUARY 2018

EUROPEAN

FINANCIAL MANAGEMENT

The Journal of the European Financial Management Association

Articles

Investment Beliefs of Endowments 3

ANDREW ANG, ANDRÉS AYALA and WILLIAM N. GOETZMANN

Consistent Valuation of Project Finance and LBOs Using the Flows-to-

Equity Method 34

IAN A. COOPER and KJELL G. NYBORG

Maximum Diversification Strategies Along Commodity Risk Factors 53

SIMONE BERNARDI, MARKUS LEIPPOLD and HARALD LOHRE

Market-Based Estimates of Implicit Government Guarantees in

European Financial Institutions 79

LEI ZHAO

Optimal Ownership Structure in Private Equity 113

BO LIU, YANG LIU and JINQIANG YANG

Exchange Traded Funds and Asset Return Correlations 136

ZHI DA and SOPHIE SHIVE

MANAGING EDITOR:

John A. Doukas

EDITORS:

Julian Franks

Pekka Hietala

Michael C. Jensen

Larry Lang

Colin Mayer

ADVISORY EDITORS:

Elroy Dimson

Stefano W. Giglio

Tim Jenkinson

Maureen O’Hara

Bruno Solnik

Sheridan Titman

Luigi Zingales

EDITORIAL BOARD:

R. Adams

R. Aggarwal

F. Allen

M. Baker

G. Barone-Adesi

M. Becht

B. Biais

G. M. Bodnar

A. Buraschi

P. Colin-Dufresne

I. Cooper

M. Cremers

D. Cumming

A. Dasgupta

B. E. Eckbo

A. Edmans

V. Errunza

D. Ferreira

M. A. Ferreira

T. Foucault

M. Giannetti

M. Goergen

C. R. Harvey

D. Hirshleifer

K. John

S. Kaplan

B. Liang

C. Loderer

L. Pelizzon

L. Renneboog

J. R. Ritter

J. Rocholl

S. Rossi

G. Rouwenhorst

A. Saunders

E. Schwartz

H. Servaes

R. Stulz

A. Subrahmanyam

L. Switzer

C. Veld

R. Wermers

L. Zhang ISSN 1354-7798