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The (heterogenous) economic effects of private equity buyouts

Davis, Steven J.; Haltiwanger, John C.; Handley, Kyle; … - 2022

The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with … millions of control firms. Employment shrinks 13% over two years after buyouts of publicly listed firms - on average, and … of credit conditions or slowing of GDP growth curtails employment growth and intra-firm job reallocation at target firms …

Persistent link: https://www.econbiz.de/10013163171

Does Going Public Affect Innovation?

Bernstein, Shai - 2014

This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that went public with firms that withdrew their IPO filing and remained private. NASDAQ fluctuations during the book-building phase are used as an instrument for IPO completion. Using...

Persistent link: https://www.econbiz.de/10013064878

Financial performance : determinants and interdependencies between measurement indicators

Tudose, Mihaela Brînduşa; Rusu, Valentina Diana; … - In: Business, mangagement and economics engineering : BMEE 20 (2022) 1, pp. 119-138

Purpose - the study has a dual purpose. First, to assess the impact of the most important determinants of financial performance, which have been measured through four generations of indicators. In addition, the study provides the first quantification of interdependencies between different...

Persistent link: https://www.econbiz.de/10013348754

The effects of corporate governance practices on firm-level financial performance : evidence from Borsa Istanbul Xkury companies

Saygili, Arikan Tarik; Saygili, Ebru; Taran, Alina - In: Journal of business economics and management 22 (2021) 4, pp. 884-904

Corporate governance (CG) is a fundamental criteria for enhancing investors' and stakeholders' trust, relatively recently recognized in emerging markets. This study investigates the effects of CG practices on the firm-level financial performance of Borsa Istanbul XKURY-indexed companies during...

Persistent link: https://www.econbiz.de/10013256398

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

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

Do Private Equity Funds Always Pay Less? A Synergy-Related Explanation Based on Add-on Acquisitions

Morkoetter, Stefan - 2016

We assess the pricing of transactions undertaken by private equity (PE) funds in comparison to the transactions of strategic acquirers and sellers and focus on synergy gains as an explanatory factor. Controlling for company and deal characteristics, we show that PE funds pay 20% less, on...

Persistent link: https://www.econbiz.de/10013003165

The Institutional Determinants of Private Equity Involvement in Business Groups – The Case of Africa

Hearn, Bruce Allen - 2016

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered...

Persistent link: https://www.econbiz.de/10013003374

Institutional Changes of Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan - 2015

This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003 to 2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their...

Persistent link: https://www.econbiz.de/10013035933

Exit Through Exitus in Private Equity Buyouts

Hammer, Benjamin - 2015

We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....

Persistent link: https://www.econbiz.de/10013025950

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