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Why are Buyouts Levered : The Financial Structure of Private Equity Funds

Axelson, Ulf - 2007

This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...

Persistent link: https://www.econbiz.de/10012465831

The Returns to Entrepreneurial Investment : A Private Equity Premium Puzzle?

Moskowitz, Tobias J. - 2002

We document the return to investing in U.S. nonpublicly traded equity. Entrepreneurial investment is extremely concentrated, yet despite its poor diversification, we find that the returns to private equity are no higher than the returns to public equity. Given the large public equity premium, it...

Persistent link: https://www.econbiz.de/10012469839

Private Equity Performance : What Do We Know?

Harris, Robert S. - 2012

We present evidence on the performance of nearly 1400 U.S. private equity (buyout and venture capital) funds using a new research-quality dataset from Burgiss, sourced from over 200 institutional investors. Using detailed cash-flow data, we compare buyout and venture capital returns to the...

Persistent link: https://www.econbiz.de/10012460785

Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds

Harris, Robert S. - 2020

We present new evidence on the persistence of U.S. private equity (buyout and venture capital) funds using cash-flow data sourced from Burgiss's large sample of institutional investors. Previous research, studying largely pre-2000 data, finds strong persistence for both buyout and venture...

Persistent link: https://www.econbiz.de/10012482328

Earnings Quality and Ownership Structure : The Role of Private Equity Sponsors

Katz, Sharon - 2008

This study explores how firms' ownership structures affect their earnings quality and long-term performance. Focusing on a unique sample of private firms for which there is financial data available in the years before and after their initial public offering (IPO), I differentiate between those...

Persistent link: https://www.econbiz.de/10012464560

The Illiquidity Puzzle : Theory and Evidence from Private Equity

Lerner, Josh - 2002

This paper presents a theory of liquidity where we explicitly model the liquidity of the security as a choice variable, which enables the manager raising the funds to screen for 'deep pocket' investors, i.e. these that have a low likelihood of a liquidity shock. By choosing the degree of...

Persistent link: https://www.econbiz.de/10012469563

Corporate Financing Decisions When Investors Take the Path of Least Resistance

Baker, Malcolm - 2004

We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to greenfield investment financed...

Persistent link: https://www.econbiz.de/10012467689

The Economics of PIPEs

Lim, Jongha - 2017

This paper considers a sample of 3,001 private investments in public equities (PIPEs). Issuing firms tend to be small and poorly performing, so have limited access to traditional sources of finance. To attract capital, they offer shares in a PIPE at a substantial discount to the market price,...

Persistent link: https://www.econbiz.de/10012453746

Inter Vivos Transfers of Ownership in Family Firms

Hines, James R, Jr - 2016

This paper examines the determinants of inter vivos (lifetime) transfers of ownership in German family firms between 2000 and 2013. Survey evidence indicates that owners of larger firms, and firms with strong current business conditions, transfer ownership at higher rates than others. When a...

Persistent link: https://www.econbiz.de/10012456374

Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK

Mayer, Colin - 2003

We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …

Persistent link: https://www.econbiz.de/10012469053

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