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Average internal rate of return and investment decisions: A new perspective
Magni, Carlo Alberto - MASTER CONSULTORES - 2010
The internal rate of return (IRR) is often used by managers and practitioners for investment decisions. Unfortunately, it has serious flaws: (i) multiple real-valued IRRs may arise, (ii) complex-valued IRRs may arise, (iii) the IRR is, in general, incompatible with the net present value (NPV) in...
Persistent link: https://www.econbiz.de/10010763083
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The change of ownership after a buyout: Impact on performance
Goossens, L.; Manigart, S.; Meuleman, M. - Vlerick Business School - 2007
This paper analyses the impact of the change in ownership after a management buyout on both post-buyout efficiency and …-PE financed buyouts. We analyse the four-year post-buyout growth and efficiency of 167 Belgian companies (of which 43 are … transfers from family owned businesses) that did a buyout between 1996 and 2003. Results show that the source of a buyout …
Persistent link: https://www.econbiz.de/10005243364
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Private equity and entrepreneurial management in management buy-outs
Bruining, Hans; Verwaal, Ernst; Wright, Mike - In: Small Business Economics 40 (2013) 3, pp. 591-605
buy-out increases in entrepreneurial management. We propose that PE can be used as an organizational refocusing device …-outs. These results support the notion that PE firms help buy-out companies develop ambidextrous organizational change: i …
Persistent link: https://www.econbiz.de/10010865388
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Cash Dilution in Illiquid Funds
Everts, Martin - Volkswirtschaftliche Fakultät, … - 2002
Cash dilution, the effect of performance reduction through cash, exists in almost every illiquid fund. This article provides a brief overview of the problems of cash dilution in illiquid private equity fund of funds, a formula for the calculation of the cost of cash dilution, two possible...
Persistent link: https://www.econbiz.de/10005837078
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Do private equity owners increase risk of financial distress and bankruptcy?
Tykvová, Tereza; Borell, Mariela - In: Journal of Corporate Finance 18 (2012) 1, pp. 138-150
In this study, 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 non-buyout companies and that the distress risk increases after the buyout. Despite this increase, private equity …
Persistent link: https://www.econbiz.de/10011052911
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“Stepping into the buyers’ shoes”: Looking at the value of family firms through the eyes of private equity investors
Ahlers, Oliver; Hack, Andreas; Kellermanns, Franz W. - In: Journal of Family Business Strategy 5 (2014) 4, pp. 384-396
An increasing number of families are selling their businesses to private equity (PE) investors. A key question is what the family firm is worth without the family as part of the business. We provide a buyers’ perspective on the valuation of the family firm and argue that prior family...
Persistent link: https://www.econbiz.de/10011118170
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What Determines the Size of Private Equity Firms?
Willert, Florian; Knyphausen-Aufsess, Dodo zu - In: Schmalenbach Business Review (sbr) 60 (2008) 1, pp. 32-49
size patterns of European private equity firms. Based on case studies on buyout and venture capital (VC) firms from our …
Persistent link: https://www.econbiz.de/10005549520
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Ratingmodell zur Quantifizierung des Ausfallrisikos von LBO-Finanzierungen
Lang, Michael; Cremers, Heinz; Hentze, Rainald - Frankfurt School of Finance and Management - 2010
risk cannot be quantified with com-mon rating methods. This paper explains the risk associated with leveraged buyout (LBO …
Persistent link: https://www.econbiz.de/10008556000
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Der Wandel der Unternehmensführung in Buyouts : Eine Untersuchung Private-Equityfinanzierter Desinvestitionen
Geidner, Annabell - 2009
Persistent link: https://www.econbiz.de/10004937658
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Private equity investments and disclosure policy
Beuselinck, C.; Deloof, M.; Manigart, S. - Vlerick Business School - 2005
We investigate whether a firm’s disclosure policy is affected by the changing corporate setting and intensified corporate governance associated with private equity (PE) investments. For a unique sample of unquoted PE backed firms we observe a significant switch to increased financial...
Persistent link: https://www.econbiz.de/10005138926