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Asset sales and the role of buyers: strategic buyers versus private equity
Hege, Ulrich; Lovo, Stefano; Slovin, Myron B.; Sushka, … - Volkswirtschaftliche Fakultät, … - 2009
We model bidding behavior and the interaction of private equity and strategic buyers in corporate asset sales. Private equity bidding and in turn seller gains, and type and time of exit, are determined by private equity's ability to enhance the asset's value. Our empirical results show excess...
Persistent link: https://www.econbiz.de/10011108711
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Private Equity and Employees
Olsson, Martin; Tåg, Joacim - Institutet för Näringslivsforskning (IFN) - 2012
Using linked employer-employee data from Sweden, a difference-in-difference approach, and 201 private equity buyouts undertaken between 1998 and 2004, we show that unemployment risk declines and labor income increases for employees in the wake of a private equity buyout. Unemployment risk...
Persistent link: https://www.econbiz.de/10010538870
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Corporate Restructuring
Eckbo, B. Espen; Thorburn, Karin S. - In: Foundations and Trends(R) in Finance 7 (2013) 3, pp. 159-288
We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures … type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring … costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for …
Persistent link: https://www.econbiz.de/10010693713
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Private Equity Transaction Bankruptcy Risk Prediction
Corson, Lewis A - 2010
This study utilizes a sample of private equity backed acquisitions to test whether certain factors, evaluated and quantified on the date of transaction completion, serve as indicators of future transaction bankruptcy. The results of this paper suggest that the effective federal funds rate is...
Persistent link: https://www.econbiz.de/10009468727
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Private equity returns and disclosure around the world
Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004
We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...
Persistent link: https://www.econbiz.de/10010986361
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Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009
Kräussl, Roman; Krause, Stefan - Center for Financial Studies - 2012
After nearly two decades of US leadership during the 1980s and 1990s, are Europe's venture capital (VC) markets in the 2000s finally catching up regarding the provision of financing and successful exits, or is the performance gap as wide as ever? Are we amid an overall VC performance slump with...
Persistent link: https://www.econbiz.de/10010986399
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Risk and expected returns of private equity investments: Evidence based on market prices
Jegadeesh, Narasimhan; Kräussl, Roman; Pollet, Joshua - Center for Financial Studies - 2010
We estimate the risk and expected returns of private equity investments based on the market prices of exchange traded funds of funds that invest in unlisted private equity funds. Our results indicate that the market expects unlisted private equity funds to earn abnormal returns of about one to...
Persistent link: https://www.econbiz.de/10010986405
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Non-listed real estate funds: leverage and macroeconomic effects
Fuerst, Franz; Lim, Wayne T; Matysiak, George - In: Papers presented during the Narodowy Bank Polski …
This research investigates the key drivers of European non-listed real estate funds performance. In particular, it seeks to understand the extent to which stock-selection, management skills, gearing, fund size, competing asset classes and macroeconomic performance contribute to a fund’s total...
Persistent link: https://www.econbiz.de/10010987447
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The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms
Bertoni, Fabio; Ferrer, María; Martí, José - In: Small Business Economics 40 (2013) 3, pp. 607-633
Venture capital (VC) and private equity (PE) investors play different roles in their portfolio companies. We argue that this will translate in a recognizable difference in the investment sensitivity to cash flows of portfolio companies and its evolution after the first investment round. We...
Persistent link: https://www.econbiz.de/10010988535
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Delistings and the costs of governance: a study of European stock exchanges 1996–2004
Thomsen, Steen; Vinten, Frederik - In: Journal of Management and Governance 18 (2014) 3, pp. 793-833
In recent years there has been a dramatic increase in delistings from stock exchanges in the US and Europe, and this trend has been partly attributed to increasing administrative costs in listed companies. Has corporate governance regulation gone too far? We examine delistings from European...
Persistent link: https://www.econbiz.de/10010989423