We study how access to private equity financing affects real firm activities using a broad panel of publicly traded U.S. firms that raise external equity through private placements (PIPEs) between 1995 and 2008. The public firms relying on PIPEs are generally small, high-tech firms that cannot...

This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...

Die vorliegende Dissertation besteht aus vier empirischen Abhandlungen zur Wertschöpfung im Bereich Private Equity (im folgenden PE). Wertschöpfung steht im Zentrum des PE-Geschäftsmodells, da sich wertsteigernde Mechanismen positiv auf die Eigenkapitalrendite der Investoren auswirken. Die...