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Do private equity owners increase risk of financial distress and bankruptcy?

Tykvová, Tereza; Borell, Mariela - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

affects the portfolio companies. We investigate financial distress risks of European companies around the buyout event in the … period between 2000 and 2008. In addition, we analyze whether buyout companies go bankrupt more often than comparable non-buyout … comparable companies and that the distress risk increases after the buyout. Despite this increase, private equity …

Persistent link: https://www.econbiz.de/10009646600

Loan availability and investment: Can innovative companies better cope with loan denials?

Mueller, Elisabeth; Reize, Frank - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The...

Persistent link: https://www.econbiz.de/10008494188

Option-Style Multi-Factor Comparable Company Valuation for Practical Use

Meitner, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

Classical single-factor comparable company valuation (CCV) like e.g. valuation using the price-earnings ratio is associated with several shortcomings. The two most important are the non-applicability of negative values in the basis of reference and the high requirements to the qualitative...

Persistent link: https://www.econbiz.de/10005098400

Sources of value creation through private equity-backed mergers and acquisitions: The case of buy-and-build strategies

Borell, Mariela; Heger, Diana - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

This article documents a new value creation function of private equity investors who carry out buy-and-build strategies. Buy-and-build strategies constitute an initial acquisition of a firm, serving as a 'platform', by a private equity investor and follow-on private equity-backed acquisitions...

Persistent link: https://www.econbiz.de/10010957702

Rivals or partners? Evidence from Europe's international private equity deals

Schertler, Andrea; Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006

Cross-border private equity deals have increased substantially in recent years. This study looks at the issue of how European investors view their local counterparts in the portfolio companies? home countries. If they regard them as rivals, they will target countries that lack a private equity...

Persistent link: https://www.econbiz.de/10005097500

Cartel detection in procurement markets

Hüschelrath, Kai; Veith, Tobias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

Cartel detection is usually viewed as a key task of either competition authorities or compliance officials in firms with an elevated risk of cartelization. We argue that customers of hard core cartels can have both incentives and possibilities to detect such agreements on their own initiative...

Persistent link: https://www.econbiz.de/10009646593

Resource allocation flexibility for innovation performance: The effects of breadth, uncertainty, and selectiveness

Klingebiel, Ronald; Rammer, Christian - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

Our study shows empirically that the choice of resource allocation strategy affects innovation performance. A policy of allocating resources to a broader range of innovation projects increases sales of new products, especially if these are truly novel, i.e. new to the market. The effect of...

Persistent link: https://www.econbiz.de/10009646601

The Measurement of Effective Tax Rates: Common Themes in Business Management and Economics

Lammersen, Lothar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2002

Economic agents who face the diversity of tax systems demand condensed but sophisticated information on effective tax burdens. We analyse common features and differences between important forward-looking concepts of measuring effective tax rates in business management and economics and develop...

Persistent link: https://www.econbiz.de/10005098188

Environmental innovations and profitability: How does it pay to be green? An empirical analysis on the German innovation survey

Ghisetti, Claudia; Rennings, Klaus - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

Much of the empirical literature analysing the relation between environmental innovation and competitiveness has focused on the question whether 'it pays to be green'. We differentiate between different types of environmental innovations, which will be disentangled in those aiming at reducing...

Persistent link: https://www.econbiz.de/10010957763

Auswirkungen der Wirtschaftskrise auf die Innovationstätigkeit der Unternehmen in Deutschland

Rammer, Christian - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

Die schwere Wirtschaftskrise 2008/09 hatte substanzielle Auswirkungen auf die Innovationstätigkeit der deutschen Wirtschaft. Die Umsatz- und Gewinneinbußen führten zu einem kräftigen Rückgang der Innovationsausgaben. Davon waren primär Investitionen für neue Produkte und verbesserte...

Persistent link: https://www.econbiz.de/10009646612