Private equity has seen an impressive activity surge in Germany over the last ten years. Thisworking paper meets the increasing thirst for information on the German buyout market withan overview of its historic development, a quantitative analysis of its performance and a futureoutlook. While...

Financial covenants play a crucial role in mitigating agency conflicts in loan agreements of high leverage. In a European-wide qualitative survey among private equity experts, we assessed the impact of the financial crisis on financial covenants in leveraged buyout transactions. We concentrated...

This is the first study to show evidence of liquidity risk in private equity returns.Our data contains cash flows for 4,403 liquidated investments, which are both successfuland unsuccessful, reducing sample selection bias to a minimum. We find that a onestandarddeviation positive shock in...

Der Erwerb eigener Aktien ist in den letzten Jahren auch in Deutschland populärer geworden.Die meisten DAX-30 Unternehmen lassen sich routinemäßig zum Erwerb eigener Aktien ermächtigenund Rückkaufprogramme großen Umfangs sind an der Tagesordnung1. Von den30iger Jahren des 20. Jahrhunderts...

The impact of private equity firms on employment in their portfolio companies is a controversial topic widely discussed in academia and in practice in recent years. A large body of research has resulted from this debate. The studies are focused on different aspects of employment and are based on...