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The Impact of Litigation on Venture Capitalist Reputation

Atanasov, Vladimir; Ivanov, Vladimir; Litvak, Kate - National Bureau of Economic Research (NBER) - 2007

Venture capital contracts give VCs enormous power over entrepreneurs and early equity investors of portfolio companies. A large literature examines how these contractual terms protect VCs against misbehavior by entrepreneurs. But what constrains misbehavior by VCs? We provide the first...

Persistent link: https://www.econbiz.de/10005829655

Private Equity and Employment

Davis, Steven; Haltiwanger, John; Jarmin, Ron S.; … - National Bureau of Economic Research (NBER) - 2011

Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition,...

Persistent link: https://www.econbiz.de/10009278256

Financial vs. Strategic Buyers

Martos-Vila, Marc; Rhodes-Kropf, Matthew; Harford, Jarrad - National Bureau of Economic Research (NBER) - 2013

This paper introduces the impact of debt misvaluation on merger and acquisition activity. Debt misvaluation helps explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). The effects of overvalued debt might seem limited...

Persistent link: https://www.econbiz.de/10010692205

Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance

Robinson, David T.; Sensoy, Berk A. - National Bureau of Economic Research (NBER) - 2012

We study the relation between compensation practices, incentives, and performance in private equity using new data that connect ownership structures, management contracts, and quarterly cash flows for a large sample of buyout and venture capital funds from 1984-2010. Although many critics of...

Persistent link: https://www.econbiz.de/10011188572

Private Equity and the Innovation Strategies of Entrepreneurial Firms: Empirical Evidence from the Small Business Innovation Research Program

Link, Albert N.; Ruhm, Christopher; Siegel, Donald S. - National Bureau of Economic Research (NBER) - 2012

There is great interest in evaluating the impact of private equity investments on innovation and economic growth …. However, there is no direct empirical evidence on the effects of such transactions on the innovation strategies of … Business Innovation Research (SBIR) program research awards. We find that SBIR firms attracting private equity investments are …

Persistent link: https://www.econbiz.de/10010951404

The Performance of Reverse Leveraged Buyouts

Lerner, Josh; Cao, Jerry - National Bureau of Economic Research (NBER) - 2006

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 496 RLBOs between 1980 and 2002 and examine three- and five-year stock performance of these offerings. RLBOs appear to consistently outperform...

Persistent link: https://www.econbiz.de/10005580224

The Role of Advisory Services in Proxy Voting

Alexander, Cindy R.; Chen, Mark A.; Seppi, Duane J.; … - National Bureau of Economic Research (NBER) - 2009

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...

Persistent link: https://www.econbiz.de/10005040659

Banker Fees and Acquisition Premia for Targets in Cash Tender Offers: Challenges to the Popular Wisdom on Banker Conflicts

Calomiris, Charles W.; Hitscherich, Donna M. - National Bureau of Economic Research (NBER) - 2005

We analyze data on fees paid to investment bankers and acquisition premia paid for targets in cash tender offers. Our results are broadly consistent with the predictions of a benign view of the role of investment banks in advising acquisition targets. Fees to investment banks are correlated with...

Persistent link: https://www.econbiz.de/10005079156

Columbus' Egg: The Real Determinant of Capital Structure

welch, ivo - National Bureau of Economic Research (NBER) - 2002

This paper shows that managers fail to readjust their capital structure in response to external stock returns. Thus, the typical firm's capital structure is not caused by attempts to time the market, by attempts to minimize taxes or bankruptcy costs, or by any other attempts at firm-value...

Persistent link: https://www.econbiz.de/10005828472

The Variability of IPO Initial Returns

Schwert, G. William; Lowry, Michelle; Officer, Micah S. - National Bureau of Economic Research (NBER) - 2006

The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during "hot" IPO markets. Consistent with IPO theory, the volatility of initial returns is higher among firms whose value is more difficult to estimate, i.e., among firms...

Persistent link: https://www.econbiz.de/10005829089

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