Florin Vasvari
Professor of Accounting; Chair, Accounting Faculty; Academic Director, Institute of Entrepreneurship and Private Capital
MA (University of Toronto) PhD (Rotman School of Management, Toronto)
Professor Florin Vasvari teaches courses on Distressed Investing as well as Private Equity and Venture Capital. He is an expert on the use of accounting information in credit markets and private equity funds. His research investigates the pricing and the role of accounting information in secondary debt markets, debt contracting issues, securitizations of syndicated loans, debt market intermediaries, bankruptcy valuation as well as private equity funds reporting practices and performance. His work on private equity includes work on ESG reporting, limited partners' private equity allocations, private equity valuation and performance measurement, private equity secondaries and aspects of risk management.
Florin has published over 20 academic articles in leading academic journals and many other articles in industry journals. He is frequently invited to present at top business schools around the world as well as academic and practitioner conferences.
Professor Vasvari currently serves as an Editor at The Accounting Review, a top journal published by the American Accounting Association. He also serves on the School’s Management Board and Finance Committee.
With Eli Talmor, he co-authored Private Capital (vol. 1 Funds and vol. 2. Investments) in 2019. The book has been endorsed by leading figures in the private equity industry. Together with Eli, Florin has also co-authored International Private Equity, in 2011.
Books
Private Capital
The growth of private capital has been astounding, leading to an unprecedented increase in the capital allocation by institutional investors and family offices around the world. It has also led to an expansion to other types of assets such as infrastructure, real estate and private credit, and subsequently to its rebranding as private capital.
The two-volume book provides a comprehensive overview of the main topics in private capital. Volume I is devoted to fund level aspects: private capital as an asset class, fund structuring, types, performance measurement, fundraising, fund due diligence, accounting and reporting, governance, administration and tax considerations. It also covers risk management, ESG as well as special classes of funds: secondaries, credit, real estate, infrastructure and natural resources.
Volume II is devoted to an analysis at the investment level. It covers valuation of private companies, deal screening, acquisition finance, LBO transactions, harvesting, operation in emerging markets and more. A major part is dedicated to early-stage investing: angel investing, venture capital, accelerators, university technology transfers, crowdfunding, and more.
"Professors Talmor and Vasvari's first book quickly became a standard reference work on our industry. Their new book expands the breadth of this coverage, reflecting the rapid evolution of the alternative assets sector. By offering cutting-edge perspectives on emerging best practices, it makes itself an indispensable guide to the future of private markets." Jeremy Coller, Founder and Executive Chairman of Coller Capital
"Professors Talmor and Vasvari combine academic rigor and real world cutting edge experience to provide an insightful and detailed description of private equity today. This is a most valuable contribution to academia, the industry, and to business in general."Henry R. Kravis, Co-Chairman and Co-CEO, Kohlberg, Kravis Roberts
"If I were to encapsulate in a single place all that I have learned in more than thirty years of international private equity investing, I could not have come close to doing as good a job as Professors Eli Talmor and Florin Vasari have done in their new two-volume book on this subject. For anyone interested in learning about the complications, as well as the potential rewards involved in this type of investing, I highly recommend Private Capital." David M. Rubenstein, Co-Founder and Co-Executive Chairman of The Carlyle Group
"Professors Talmor and Vasvari provide a rigorous and comprehensive treatment of private equity, including a look at important developments in the private capital market not covered in-depth elsewhere." Stephen A. Schwarzman, Co-Founder, Chairman and CEO of The Blackstone Group
"Professor Talmor and Professor Vasvari's book provides a comprehensive analysis and practical guide to the expanding world of private capital. Integrating a review of best business practice with academic insight and rigour, this text is an excellent handbook for anyone interested in this exciting asset class, whether they are a student or an experienced professional." Helen Steers, Head of Europe, Pantheon
- fvasvari@london.edu
- +44 (0)20 7000 8117
- Florin Vasvari CV
Research Awards
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AXA Research Fund, 3 year grant (joint with Yun Lou), 2010
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Initiative on Global Markets Grant, University of Chicago (joint with Regina Wittenberg-Moerman and Gus De Franco), 2009
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RAMD Fund Grants, London Business School, 2007-2010
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Best Paper Award (Environmental Section), AFAANZ Conference, 2006
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Best Paper Award, Administrative Sciences Association of Canada, 2006
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Teaching Excellence Award, Rotman School of Management
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Doctoral Student Best Paper Award, American Accounting Association, International Accounting Section, San Antonio, Texas, 2005 Home Capital Award, Home Capital Group, Toronto, 2005-2006
- Private equity valuation and performance measurement
- Private equity secondaries
- Accounting disclosures in debt markets
- Pricing of accounting information in secondary debt markets
2021
The higher moments of future earnings
Chang W; Monahan S; Ouazad A; Vasvari F
Accounting Review 2021 Vol 96:1 p 91-116
2020
Corporate tax avoidance and debt costs
Shevlin T; Urcan O; Vasvari F P
Journal of the American Taxation Association 2020 Vol 42:2 p 117-143
2019
Portfolio performance manipulation in collateralized loan obligations
Loumioti M; Vasvari F
Journal of Accounting and Economics 2019 April-May Vol 67:2-3 p 438-462
Similarity in the restrictiveness of bond covenants
de Franco G; Vasvari F P; Vyas D; Wittenberg-Moerman R
European Accounting Review 2019 Vol 29:4 p 665-691
2018
Corporate loan securitization and the standardization of financial covenants
Bozanic Z; Loumioti M; Vasvari F P
Journal of Accounting Research 2018 Vol 56:1 p 45-83
Equity cross-listings in the U.S. and the price of debt
Vasvari F; Ball R; Hail L
Review of Accounting Studies 2018 Vol 23:2 p 385-421
2016
Corporate diversification and the cost of debt: the role of segment disclosures
Franco F; Urcan O; Vasvari F
Accounting Review 2016 Vol 91:4 p 1139-1165
Dynamic threshold values in earnings-based covenants
Li N; Vasvari F; Wittenberg-Moerman R
Journal of Accounting and Economics 2016 Vol 61:2-3 p 605-629
Value creation in buyout deals: European evidence
Aleszczyk A; De George E; Ertan A; Vasvari F
Adveq Research Series report 2016
2015
Default clauses in debt contracts
Li N; Lou Y; Vasvari F
Review of Accounting Studies 2015 Vol 20:4 p 1596-1637
Media coverage and the stock market valuation of TARP participating banks
Ng J; Vasvari F; Wittenberg-Moerman R
European Accounting Review 2015 Vol 25:2 p 347-371
2014
Debt analysts’ views of debt-equity conflicts of interest
De Franco G; Vasvari F; Vyas D; Wittenberg-Moerman R
Accounting Review 2014 Vol 89:2 p 571-604
Risk management practices at private equity firms
Talmor E; Vasvari F
Adveq Research Series report 2014
The extent and evolution of pension funds' private equity allocations
Talmor E; Vasvari F
Adveq Research Series report 2014
The U.S. private equity universe: a snapshot from SEC filings
Cornelli F; Vasvari F
Adveq Research Series report 2014
2013
Replicating the investment strategy of buyout funds based in the United Kingdom with public-market investments
Gottschalg O; Hadass L; Talmor E; Vasvari F
Journal of Alternative Investments 2013 Vol 16:2 p 71-79
2012
CARE/CEASA roundtable on: Liquidity and capital management
Calomiris C; Campello M; Lang M; Vasvari F; Richardson S A
Journal of Applied Corporate Finance 2012 Vol 24:1 p 42-59
Discussion of "Hedge commitments and agency costs of debt: Evidence from interest rate protection covenants and accounting conservatism"
Vasvari F
Review of Accounting Studies 2012 Vol 17:3 p 739-748
2011
Does it really pay to be green? Determinants and consequences of proactive environmental strategies
Vasvari F; Clarkson P; Li Y; Richardson G
Journal of Accounting and Public Policy 2011 March - April Vol 30:2 p 122-144
The debt market relevance of management earnings forecasts: Evidence from before and during the credit crisis
Shivakumar L; Urcan O; Vasvari F; Zhang L
Review of Accounting Studies 2011 Vol 16:3 p 464-486
The role of reputable auditors and underwriters in the design of bond contracts
Vasvari F; Lou Y
Journal of Accounting, Auditing and Finance 2011
2009
Initial evidence on the role of accounting earnings in the bond market
Easton P D; Monahan S J; Vasvari F P
Journal of Accounting Research 2009 Vol 47:3 p 721-766
The effects of SFAS 131 geographic segment disclosures on the valuation of foreign earnings
Hope O K; Kang T; Thomas W B; Vasvari F
Journal of International Business Studies 2009 Vol 40:3 p 421-443
The informational role of bond analysts
De Franco G; Vasvari F; Wittenberg-Moerman R
Journal of Accounting Research 2009 Vol 47:5 p 1201-1248
2008
Pricing and mispricing effects of SFAS 131
Hope O-K; Kang T; Thomas W; Vasvari F
Journal of Business Finance and Accounting 2008 Vol 35:3-4 p 281-306
Revisiting the relation between environmental performance and environmental disclosure: an emperical analysis
Clarkson P; Li Y; Richardson G; Vasvari F
Accounting, Organizations and Society 2008 Vol 33:4-5 p 303-327
The debt-contracting value of accounting information and loan syndicate structure
Ball R; Bushman R M; Vasvari F
Journal of Accounting Research 2008 Vol 46:2 p 247-287
2007
Wealth transfer effects of analysts' misleading behavior
Vasvari F; De Franco G; Lu H
Journal of Accounting Research 2007 Vol 45:1 p 71-110
2022
ESG Disclosures in the Private Equity Industry
Abraham J K; Olbert M; Vasvari F P
Social Sciences Research Network
2020
The role of fair-value adjustments in debt financing
Aleszczyk A A; De George E T; Ertan A; Vasvari F P
Social Sciences Research Network
2016
Corporate loan securitization and the standardization of financial covenants
Bozanic Z; Loumioti M; Vasvari F P
Social Sciences Research Network
Portfolio performance manipulation in collateralized loan obligations
Loumioti M; Vasvari F P
Social Sciences Research Network
Similarity in bond covenants
De Franco G; Vasvari F P; Vyas D; Wittenberg-Moerman R
Social Sciences Research Network
2013
Corporate tax avoidance and public debt costs
Vasvari F; Shevlin T; Urcan O
Social Sciences Research Network
Equity cross-listings in the U.S. and the price of debt
Vasvari F; Ball R; Hail L
Social Sciences Research Network
Liquidity in the secondaries private equity market
Kleymenova A; Talmor E; Vasvari F
Rotterdam School of Management,
2011
Private equity fund level return attribution: evidence from UK based buyout funds
Gottschalg O; Talmor E; Vasvari F P
Coller Institute of Private Equity Working Paper
2010
Equity compensation and the pricing of syndicated loans
Vasvari F
Social Sciences Research Network
2019
Private capital: private equity and beyond : volumes I & II
Vasvari F; Talmor E
Private Capital Advisory, 2019
Teaching portfolio
Our teaching offering is updated annually. Faculty and programme material are subject to change.
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Masters Degrees electives
Optional courses providing a deep dive into specialist areas.
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Distressed Investing
Understand this innovative and influential area of corporate finance and private equity activity globally. Assess best practices in the field with reference to case studies, practical examples and lessons learnt. The course draws from The course draws from the experience of senior investment professionals and distressed fund advisors. -
Private Equity & Venture Capital
This course covers the main concepts, techniques, instruments and institutions involved in the private equity investment. We present a broad set of deals to gain familiarity with the private equity investment model and the opportunities set. Specific themes include: the structure and strategy of the private equity firm, valuation, financing, deal processing, and harvesting. PROGRAMMES WITH THIS ELECTIVE
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Distressed Investing
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Executive Education
Short programmes offering academic excellence, global focus and exceptional diversity of perspective.
View programmes Show lessShow less- Masterclass in Private Equity
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Mergers and Acquisitions
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Senior Executive Programme
"Thinking strategically, developing leadership skills and managing globally are the keys to achieving and maintaining competitive advantage in a rapidly evolving marketplace".