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Can government intervention make firms more investment-ready? A randomized experiment in the Western Balkans

Cusolito, Ana Paula; Dautovic, Ernest; McKenzie, David J. - 2020

Innovative firms with good ideas may still struggle to fine-tune them to the stage where they can attract outside funding. We conduct a five-country randomized experiment that tests the impact of an investment readiness program. Firms then pitched their ideas to independent judges. The program...

Persistent link: https://www.econbiz.de/10012422053

Private equity's unintended dark side: On the economic consequences of excessive delistings

Ljungsqvist, Alexander; Persson, Lars; Tåg, Joacim - 2016

Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...

Persistent link: https://www.econbiz.de/10011794581

SPACs in Shipping

Shachmurove, Yochanan; Vulanovic, Milos - 2013

In this study we examine how Specified Purpose Acquisition Companies (SPACs) were used as a financing tool for companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry have similar characteristics as the population of SPACs...

Persistent link: https://www.econbiz.de/10010327773

Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms

Humphery-Jenner, Mark; Sautner, Zacharias; Suchard, Jo-Ann - 2012

We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out...

Persistent link: https://www.econbiz.de/10010326420

Loan availability and investment: Can innovative companies better cope with loan denials?

Mueller, Elisabeth; Reize, Frank - 2010

This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The...

Persistent link: https://www.econbiz.de/10010300385

Does private equity investment spur innovation? Evidence from Europe

Popov, Alexander; Roosenboom, Peter - 2009

We provide the first cross-country evidence of the effect of investment by private equity firms on innovation, focusing … funds and insurance companies across countries and over time. We also control for the standard determinants of innovation … aggregate (private equity plus R&D) industrial spending, PE accounts for as much as 12% of industrial innovation. We also …

Persistent link: https://www.econbiz.de/10011605109

On the real effects of private equity investment: evidence from new business creation

Popov, Alexander; Roosenboom, Peter - 2009

Using a comprehensive database of European firms, we study how private equity affects the rate of firm entry. We find that private equity investment benefits new business incorporation, especially in industries with naturally higher entry rates and R&D intensity. A two standard deviation...

Persistent link: https://www.econbiz.de/10011605124

Scale-up financing and IPOs: Evidence from three surveys

Botsari, Antonia; Kiefer, Kilian; Lang, Frank; Pal, Kristian - 2021

In light of recent EU policy initiatives such as the Capital Markets Union (CMU) action plan, this working paper provides unique insights from Venture Capital (VC) general partners/management companies, Private Equity Mid-Market (PE MM) managers and Business Angels (BA). Specifically, based on...

Persistent link: https://www.econbiz.de/10012424903

Earnings Management in the Private Equity Divestment Process on Warsaw Stock Exchange

Sosnowski, Tomasz - 2017

Prior studies suggest that companies which go public manage earnings in order to inflate the issue price. However, for PE funds the use of such activity can be costly in terms of the reputation capital as they are repetitive stock market players. The main aim of the study is to empirically...

Persistent link: https://www.econbiz.de/10012232607

Ownership Efficiency and Tax Advantages: The Case of Private Equity Buyouts

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010

Commentators on the private equity industry often claim that favorable tax treatment gives private equity firms advantages in the market for corporate control. But we show that tax advantages do not affect the equilibrium ownership of corporate assets when acquisition costs are fully deductible...

Persistent link: https://www.econbiz.de/10010320344

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