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Money chasing deals and chasing money - the impact of supply and demand on buyout performance

Gottshalg, Oliver; Zipser, Daniel - HEC Paris (École des Hautes Études Commerciales) - 2006

This paper analyzes the impact of differences in supply of and demand for private equity financing on the performance of buyouts. Using a unique and proprietary sample of 684 buyout investments in North America and Europe, we show that buyout performance decreases when large volumes of private...

Persistent link: https://www.econbiz.de/10005011546

Does anonymity matter in electronic limit order markets ?

Thierry, FOUCAULT; Sophie, MOINAS; Erik, THEISSEN - HEC Paris (École des Hautes Études Commerciales) - 2003

We analyze the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which limit order traders have asymmetric information on the cost of limit order trading (which is determined by the exposure to informed trading). A thin limit order book signals to...

Persistent link: https://www.econbiz.de/10005011558

Levels of voluntary disclosure in IPO prospectuses : an empirical analysis

Jeanjean, Thomas; Cazavan-Jeny, Anne - HEC Paris (École des Hautes Études Commerciales) - 2005

variables are associated with highly detailed forecast disclosures: forecast horizon and firm age. We also find that the … forecast error decreases as the level of detail in the forecast disclosures increases. This finding is robust to our reverse … causality test (Heckman two-stage self-selection procedure) and suggests that the level of detail in forecast disclosures …

Persistent link: https://www.econbiz.de/10005011603

Indulgent angels or stingy venture capitalists? The entrepreneurs' choice

LESHCHINSKII, Dima - HEC Paris (École des Hautes Études Commerciales) - 2002

This paper studies entrepreneurs' choice of investors, who must provide financial capital and effort for projects with externalities. Venture capitalists (VCs) and individual investors (angels) compete to finance the projects. VCs seek to invest into a portfolio of projects, while angels have...

Persistent link: https://www.econbiz.de/10005011527

The performance of private equity funds

Oliver, Gottschalg; Ludovic, Phalippou - HEC Paris (École des Hautes Études Commerciales) - 2006

Using a unique and comprehensive dataset, the authors show that the sample of mature private equity funds used in previous research and as an industry benchmark is biased towards better performing funds. They also show that accounting values reported by these mature funds for non exited...

Persistent link: https://www.econbiz.de/10005011561

Measuring idiosyncratic risks in leveraged buyout transactions

Gottschalg, Oliver; Groh, Alexander Peter; Baule, Rainer - HEC Paris (École des Hautes Études Commerciales) - 2008

The authors use a contingent claims analysis model to calculate the idiosyncratic risks in Leveraged Buyout transactions.

Persistent link: https://www.econbiz.de/10005011571

The value of benchmarking

HEGE, Ulrich; BERGEMANN, Dirk - HEC Paris (École des Hautes Études Commerciales) - 2002

We consider the provision of venture capital in a dynamic model with multiple research stages, where time and investment needed to meet each benchmark are unknown. The allocation of funds is subject moral hazard. The optimal contract provides for incentive payments linked to attaining the next...

Persistent link: https://www.econbiz.de/10005011657

Classification of Intangibles

STOLOWY, Herve; AHONEN, Guy; NIKOLAJ BUKH, Per; … - HEC Paris (École des Hautes Études Commerciales) - 2000

This book is an attempt to construct a classification (or division) of intangibles, consisting of a diversity of approaches that deals with this concept. It includes eleven papers which have been divided into three sections based on their approach and what we can learn from them: (1) regulation...

Persistent link: https://www.econbiz.de/10005021603

Marking to Market and Inefficient Investment Decisions

Otto, Clemens A.; Volpin, Paolo F. - HEC Paris (École des Hautes Études Commerciales) - 2013

We examine how mark-to-market accounting affects investment decisions in an agency model with reputation concerns. Reporting the current market value of a firm's assets in the financial statements can serve as a disciplining device because the information contained in the market price provides a...

Persistent link: https://www.econbiz.de/10010832940

The Construction of a Trustworthy Investment Opportunity: Insights from the Madoff Fraud

Stolowy, Hervé; Messner, Martin; Jeanjean, Thomas; … - HEC Paris (École des Hautes Études Commerciales) - 2013

In this paper, we use the investment fraud of Bernard Madoff to inquire into the production of trust in the context of financial markets. Drawing upon empirical data related to U.S. individual investors (interviews and letters) as well as documentary material, we investigate the mechanisms...

Persistent link: https://www.econbiz.de/10010832975