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. 


    Private Capital

    Private Capital Vol 1The 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.

    Private Capital Vol 2Volume 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

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

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


The higher moments of future earnings

Chang W; Monahan S; Ouazad A; Vasvari F

Accounting Review 2021 Vol 96:1 p 91-116


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


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


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


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


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


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

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


ESG Disclosures in the Private Equity Industry

Abraham J K; Olbert M; Vasvari F P

Social Sciences Research Network


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


Political Lending

Tahoun A; Vasvari F P

Social Sciences Research Network


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


Corporate governance and covenants in debt contracts

Xi L; Tuna I; Vasvari F

Working Paper


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



Private capital: private equity and beyond : volumes I & II

Vasvari F; Talmor E

Private Capital Advisory, 2019


International private equity

Talmor E; Vasvari F

John Wiley and Sons, 2011.

Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.