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institutionelle Private-Equity-Investoren. Der Arbeitskreis Finanzierung der Schmalenbach-Gesellschaft hat dafür eine explorative …
Persistent link: https://www.econbiz.de/10005864036
This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great...
Persistent link: https://www.econbiz.de/10003783769
Persistent link: https://www.econbiz.de/10003878942
This paper investigates whether private equity (PE)-backed acquirers have a “parenting advantage” in the mergers & acquisitions (M&A) market. We employ a sample of 788 PE-backed firms and a carefully matched control group of 6,652 non-PE backed peers, for which we observe the entire...
Persistent link: https://www.econbiz.de/10012855190
are generally small, high-tech firms that cannot finance investment internally and likely face severe external financing … constraints; PIPEs are by far the most important source of finance for these firms. We show that firms use PIPE inflows to … ultimately go to R&D. These findings offer direct evidence that access to private equity finance has an important effect on the …
Persistent link: https://www.econbiz.de/10013067194
How do private equity (PE) investors affect firms' borrowing constraints, debt structure, and leverage dynamics? In this paper, we examine this central question by analyzing a large and novel database of PE-backed, bank-reliant, small and middle market firms in the U.S. using administrative...
Persistent link: https://www.econbiz.de/10014235742
We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...
Persistent link: https://www.econbiz.de/10003919605
corporate governance structures in the analysis of financing decisions. -- Entrepreneurial finance ; family firms ; equity …
Persistent link: https://www.econbiz.de/10003919589
Kathryn Judge of Columbia University documents how financial intermediaries persistently impose high fees compared to the value rendered, attributes this to political influence, and suggests countervailing policy strategies, including stoking competition and enhancing disclosure to reduce...
Persistent link: https://www.econbiz.de/10011492987
This paper investigates under what circumstances boards of directors fire CEOs and whether this action leads to better firm performance. We use unique and detailed data, covering 473 companies in the transition region, on boards’ actions, expectations and beliefs about CEO ability. We find...
Persistent link: https://www.econbiz.de/10003916269