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Florin Vasvari

Professor of Accounting

MA (University of Toronto) PhD (Rotman School of Management, Toronto)

Professor Florin Vasvari teaches Distressed Investing and Financial Restructuring, and Private Equity and Venture Capital. He is an expert on the use of accounting information in debt markets and private equity. His debt market research investigates the pricing and the role of accounting information in secondary debt markets. He covers issues on contracting in the syndicated loan market and public debt market, bond analyst and rating agency disclosures, collateralised loan obligations and private debt funds.

His work on private equity includes work on limited partners' private equity allocations, private equity valuation and performance measurement, private equity secondaries and aspects of risk management.

Professor Vasvari is a member of the editorial board of Adveq Research Series, The Accounting Review and Contemporary Accounting Research. 

With Eli Talmor he co-authored International Private Equity. The book has been endorsed by leading figures in the private equity industry. His work has also been published in leading academic journals and he has been invited to present at workshops and conferences around the world.


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

Portfolio performance manipulation in collateralized loan obligations

Loumioti M; Vasvari F

Journal of Accounting and Economics 2018 Online first


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

Vasvari F; Li N; Moerman-Wittenberg 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


Default clauses in debt contracts

Vasvari F; Lou Y; Li N

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


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

Ready, set, IPO

Vasvari F


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


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


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


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

International private equity

Talmor E; Vasvari F

John Wiley and Sons, 2011.

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


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


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


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


Debt financing and collateral: the role of fair-value adjustments

Aleszczyk A A; De George E T; Ertan A; Vasvari F P

Social Sciences Research Network


Corporate governance and covenants in debt contracts

Tuna I; Xi L; Vasvari F

Working Paper

Corporate loan securitization and the standardization of financial covenants

Bozanic Z; Loumioti M; Vasvari F P

Social Sciences Research Network

Political lending

Vasvari F; Tahoun A

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


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,


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


Equity compensation and the pricing of syndicated loans

Vasvari F

Social Sciences Research Network

Implied bond liquidity

Vasvari F; Bushman R; Lee A



  • ELECTIVE Private Equity and Venture Capital E126 Streams A&C AUT16

  • ELECTIVE Private Equity and Venture Capital E126 Streams D-F SPR17

  • ELECTIVE Distressed Investing E485 Streams A&B SPR17

  • MA163 Mergers and Acquisitions 26-30 September 2016

  • MA171 Mergers and Acquisitions 13-17 February 2017

  • MA172 Mergers and Acquisitions 22-26 May 2017

  • PE162 Masterclass in Private Equity 26-28 October 2016

  • PE171 Masterclass in Private Equity 21-24 March 2017

Research Awards

  • AXA Research Fund, 3 year grant (joint with Yun Lou), 2010

  • Initiative on Global Markets Grant, University of Chicago (joint with Regina Wittenberg-Moerman and Gus De Franco), 2009

  • RAMD Fund Grants, London Business School, 2007-2010

  • Best Paper Award (Environmental Section), AFAANZ Conference, 2006

  • Best Paper Award, Administrative Sciences Association of Canada, 2006

  • Teaching Excellence Award, Rotman School of Management

  • Doctoral Student Best Paper Award, American Accounting Association, International Accounting Section, San Antonio, Texas, 2005 Home Capital Award, Home Capital Group, Toronto, 2005-2006



    International Private Equity

    Written from a unique joint practitioner and academic perspective by renowned experts in the field, International Private Equity is designed to be truly international in focus, with examples and case studies drawn from Europe, the Middle East, Africa and Asia, and from a wide range of business sectors. The case studies, taken from the collection of the London Business School's prestigious Coller Institute of Private Equity, are used to exemplify and illustrate all stages of the private equity deal process. 


    To provide a context for these illustrative case studies, which make up the last section of the book, International Private Equity first covers all of the main aspects of the private equity model: 

    Part one provides an overview of the subject and a private equity fund level analysis, including coverage of fund economics, fund performance measurement, private equity investments in emerging markets, fund due diligence, fund accounting, the secondaries market for fund interests and alternative fund structures such as fund of funds and listed private equity funds. 

    Part two moves onto analysis at deal level, and covers topics such as valuation of private equity companies, deals analysis and due diligence, LBO transactions and modelling, post deal execution and the harvesting of private equity investments. 

    - Part three deals with early stage investing and includes chapters on Business Angel investing and Venture 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 

    "International Private Equity provides a most comprehensive insight and practical review of what the private equity world is. Professors Eli Talmor and Florin Vasvari have distilled years of investing experience and financial analysis into a text that is a must-read for everyone interested in the field, whether a novice student or an experienced investor." Dominique Senequier, CEO, AXA Private Equity

Research Interests

  • Private equity valuation and performance measurement
  • Private equity secondaries
  • Accounting disclosures in debt markets
  • Pricing of accounting information in secondary debt markets