We examine the impact of private equity (PE) directors and their human capital on operating performance in a unique hand collected sample of 200 secondary management buyouts (SMBOs) during 2000-2015. We show that PE directors' human capital tends to play statistically and economically important...

We develop a novel Mean-Max Drawdown portfolio optimization approach using buy-and-hold portfolios. The optimization is performed utilizing a multi-objective evolutionary algorithm on a sample of S&P 100 constituents. Our optimization procedure provides portfolios with better Mean-Max Drawdown...

In line with Jensen’s predictions, private equity (PE) industry has grown remarkably and become a global phenomenon. More recently, academic literature examines a sharp drop in number of listed firms and the role of PE firms in the possible demise of public corporations. Rather...

For private equity (PE) firms, follow-on funds provide additional streams of management fees for a considerable time. When prospective limited partners (LPs) evaluate the performance of a PE firm’s latest funds, they have to rely on valuations reported by PE firms. The link between PE firms’...

We examine operating performance of 154 Polish, Hungarian and Czech companies that were fully or partially privatized between January 1990 and December 1998. Overall, our results are different from results of similar studies on operating performance of companies privatized in developed and other...

Using a unique dataset, we examine financial performance, and venture capital involvement in 167 MBOs exiting through IPOs in the London Stock Exchange, during the period 1964-1997. The results suggest positive and statistically significant initial premiums and positive, and statistically...

There is a gap between the theoretical literature which almost unanimously advo-cates privatisation of enterprises, as a part of the solution for the commitment prob-lem in economies in transition, and empirical evidence on how best to design a pri-vatisation programme in order to secure an...

A transition from centrally-planned towards market-based economies in Central and Eastern European Countries (CEEC) in the early 1990's, resulted in mass privatisation programmes and the transformation of the state-controlled banks, the main (and sometimes the only) financial intermediaries in...

This paper examines the role of lockup agreements on the survival of 580 UK Initial Public Offerings (IPOs) during the period of 1990–2011. Our accelerated failure time (AFT) survival model shows a statistically and economically significant effect of lockup length on the post-IPO survival. A...

<heading id="h1" level="3" format="inline" implicit="no">Abstract: </heading>Using a unique dataset, we examine financial performance, and venture capital involvement in 167 MBOs exiting through IPOs (MBO-IPOs) on the London Stock Exchange, during the period 1964 -1997. VC backed MBOs seem to be more underpriced than MBOs without venture capital backing,...