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The Performance of Private Equity Funds:Does Diversification Matter?

Lossen, Ulrich - Universität <München> / Fakultät für Betriebswirtschaft - 2006

This paper is the first systematic analysis of the impact of diversificationon the performance of private equity funds. A unique data set allows theexact evaluation of diversification across the dimensions financing stages,industries, and countries. Very different levels of diversification can...

Persistent link: https://www.econbiz.de/10005869357

Risk, returns, and biases of listed private equity portfolios

Bilo, Stéphanie; Christophers, Hans; Degosciu, Michèl; … - 2005

...After imposing liquidity constraints, and after correcting for non-surviving vehicles, we get a sample of 114 instruments. The risk and return characteristics of three portfolio strategies, two partially rebalanced and one fully rebalanced, are compared.

Persistent link: https://www.econbiz.de/10005849472

Non-bank finance for firms : the role of private equity funds in north-western Italy

Coin, Daniele; Vacca, Valerio - 2014 - Draft

Using fund-, firm- and bank-level data we investigate the investments of private equity (PE) funds in the north-western regions of Italy. Both the private equity fund managers and the PE investments are heavily concentrated in this most developed area of the country. The average size of the...

Persistent link: https://www.econbiz.de/10011504387

Do Corporate Governance Motives Drive Hedge Funds and Private Equity Activities

Achleitner, Ann-Kristin; Betzer, André; Gider, Jasmin - Center for Entrepreneurial and Financial Studies <München> - 2009

We address the question of whether hedge fund and private equity investments in public firms are motivated by corporate governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to alleviate agency conflicts. However, against the...

Persistent link: https://www.econbiz.de/10005870333

Do Corporate Governance Motives Drive Hedge Funds and PrivateEquity Activities?

Achleitner, Ann-Kristin; Betzer, André; Gider, Jasmin - Center for Entrepreneurial and Financial Studies <München> - 2009

We address the question of whether hedge fund and private equity investments in public firms are motivatedby corporate governance improvements. As opposed to traditional financial investors both HF and PE arelikely to have the incentives to alleviate agency conflicts. However, against the...

Persistent link: https://www.econbiz.de/10005870379

Firm Acquisitions and Technology Strategy : Corporate versus Private Equity Investors

Grimpe, Christoph; Hussinger, Kathrin - Zentrum für Europäische Wirtschaftsforschung <Mannheim>

Over the last few years, worldwide mergers and acquisitions (M&A) have increasedsharply both in terms of value and volume. This development has not only beendriven by corporate acquirers but also to an increasing extent by private equityinvestors. In this paper, we analyze differences in...

Persistent link: https://www.econbiz.de/10005858816

Bank ties and firm performance in Japan: some evidence since FY2002

McGuire, Patrick M. - Bank für Internationalen Zahlungsausgleich <Basel> - 2009

Since the mid-1990s, major Japanese banks have sold off a significant portion of their holdings of corporate equity. Using information on the identity of Japanese firms' top 10 shareholders, this paper explores the process of banks' equity disposal. There is some evidence that, after FY2001,...

Persistent link: https://www.econbiz.de/10009248805

Financial signalling by innovative nascent entrepreneurs

Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009

External finance is central for nascent entrepreneurs, people in the process of starting new ventures. We argue that … increase the likelihood of obtaining equity finance. Thus, if signals are credible, innovation positively impacts external … that the relation between finance and innovation depends on the stage of a start-up lifecycle. …

Persistent link: https://www.econbiz.de/10010266651

Financial signaling by innovative nascent entrepreneurs

Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009

Persistent link: https://www.econbiz.de/10010291111

The choice between rights offerings and private equity placements

Cronqvist, Henrik (contributor); … - 2001 - [Elektronische Ressource], Rev. November 1, 2004

We develop and test a nested logit model to examine how firms choose between a rights offering and a private equity placement. We find that family-controlled firms avoid issue methods that dilute control benefits or subject them to more monitoring, in particular when the family's control margin...

Persistent link: https://www.econbiz.de/10001600080