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What Do Private Equity Firms Say They Do?

Gompers, Paul A. - 2017

We survey 79 private equity (PE) investors with combined assets under management of more than $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rates of return and multiples to evaluate investments. Their...

Persistent link: https://www.econbiz.de/10012973133

A Survey of Private Debt Funds

Block, Jörn; Jang, Young Soo; Kaplan, Steven N.; … - National Bureau of Economic Research - 2023

Despite its large and increasing size in the U.S. and Europe, there is relatively little research on the private debt … European investors with private debt assets under management (AuM) of over $300 billion. These investors are primarily direct … lending funds. We ask the general partners (GPs) how they source, select, and evaluate deals, how they think of private debt …

Persistent link: https://www.econbiz.de/10013537762

A Survey of Private Debt Funds

Block, Jorn H.; Jang, Young Soo; Kaplan, Steven N.; … - 2023

Persistent link: https://www.econbiz.de/10014258038

The State of U.S. Corporate Governance : What's Right and What's Wrong?

Holmström, Bengt R. - 2008

The U.S. corporate governance system has recently been heavily criticized, largely as a result of failures at Enron, WorldCom, Tyco and some other prominent companies. Those failures and criticisms, in turn, have served as catalysts for legislative change (Sarbanes-Oxley Act of 2002) and...

Persistent link: https://www.econbiz.de/10012727946

Do Investment Cash-Flow Sensitivities Provide Useful Measures of Financing Constraints?

Kaplan, Steven N. - 2008

This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having unusually high investment-cash flow sensitivities. We find that firms that appear less financially...

Persistent link: https://www.econbiz.de/10012775144

The Valuation of Cash Flow Forecasts : An Empirical Analysis

Kaplan, Steven N. - 2008

This paper compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. For our sample of 51 HLTs completed between 1983 and 1989, the valuations of discounted cash flow forecasts are within 10%, on average, of the market...

Persistent link: https://www.econbiz.de/10012775264

Appointments of Outsiders to Japanese Boards : Determinants and Implications for Managers

Kaplan, Steven N. - 2008

This paper investigates the determinants of appointments of outsiders -- directors previously employed by banks (bank directors) or by other nonfinancial firms (corporate directors) -- to the boards of large nonfinancial Japanese corporations. Such appointments increase with poor stock...

Persistent link: https://www.econbiz.de/10012775422

The Valuation of Cash Flow Forecasts : An Empirical Analysis

Kaplan, Steven N. - 2008

This paper compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. These forecasts are provided by management to investors and shareholders in 51 HLTs completed between 1983 and 1989. Our estimates of discounted cash...

Persistent link: https://www.econbiz.de/10012775423

Top Executives, Turnover, and Firm Performance in Germany

Kaplan, Steven N. - 2008

This article examines executive turnover--for both management and supervisory boards--and its relation to firm performance in the largest companies in Germany in the 1980s. Turnover of the management board increases significantly with poor stock performance and particularly poor (i.e., negative)...

Persistent link: https://www.econbiz.de/10012775435

Private Equity and COVID-19

Gompers, Paul A. - 2020

We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decision-making and activities during the COVID-19 pandemic. Given that PE managers have significant incentives to maximize value, their actions...

Persistent link: https://www.econbiz.de/10012823005