This paper addresses the problem of accurately determining buyout opportunity cost of capital for performance analyses. It draws on a unique and proprietary set of data on 133 United States buyouts between 1984 and 2004. For each buyout, we determine a public market equivalent that matches the...

We address the attractiveness of 66 countries around the world for institutional real estate investments by constructing a composite index. For the index composition, we refer to the results of prior research on the parameters determining real estate investment activity on an aggregated country...

We derive discount rates for depreciation and amortization tax shields resulting from asset step-ups in corporate mergers and acquisitions. By assigning all relevant sources of uncertainty for such kind of tax shields and by accounting for corporate debt it is shown that for APV valuations r*, a...

We contribute to the knowledge about the capital flow from institutional investors via Venture Capital (VC) funds as intermediaries to their final destination, entrepreneurial ventures. Therefore, we run a world-wide survey among 1,079 institutional investors to determine the importance of...

Growth expectations and institutional settings in Central Eastern Europe are considered favorable for the establishment of a vibrant venture capital and private equity market. Despite this, there is a lack of risk capital. We examine the obstacles to institutional investments in the region...

We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index's composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or...

We examine the determinants of institutional investors when deciding about international capital allocation in Venture Capital and Private Equity Limited Partnerships through a questionnaire addressed to (potential) Limited Partners world-wide. The respondents provide information about their...

Why is there such a strong Private Equity market in the United States, or the United Kingdom, why is activity relatively low in several other economically important countries, and why is it zero or close to zero in many emerging regions? Spatial variations of Private Equity activity result from...

We calculate composite indices to compare the attractiveness of 27 European countries for institutional investments into the Venture Capital and Private Equity asset class. To achieve this we use 42 different parameters, and propose an aggregation structure that allows for benchmarking on more...

We contribute to the question of why some countries are more attractive for foreign direct investment (FDI) than others by constructing a composite measure that describes a host country's attractiveness for receiving FDI. This index considers all identified major, measurable and, for our scope,...