Narrow search
Showing 1 - 10 of 1,750
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
The Effect of Allowance Allocation on the Cost of Carbon Emission Trading
Burtraw, Dallas; Palmer, Karen; Bharvirkar, Ranjit; … - 2001
We investigate the cost-effectiveness and distributional effects of a revenue-raising auction, grandfathering, and a …. We solve a detailed national electricity market model and find the auction is roughly one-half the societal cost of the … performance standard yields the lowest electricity price but highest natural gas price. The auction does better than the …
Persistent link: https://www.econbiz.de/10005442594
Cover Image
The Effect on Asset Values of the Allocation of Carbon Dioxide Emission Allowances
Burtraw, Dallas; Palmer, Karen; Bharvirkar, Ranjit; … - 2002
than having them distributed for free. This analysis shows that it takes just 7.5% of the revenue raised under an auction …
Persistent link: https://www.econbiz.de/10005399466
Cover Image
Horizontal Mergers and Exit in Declining Industries
Filson, Darren; Songsamphant, Bunchon - Economics Department, Claremont McKenna College
Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...
Persistent link: https://www.econbiz.de/10005150883
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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