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The Market for CEOs : Evidence from Private Equity

Gompers, Paul A.; Kaplan, Steven N.; Mukharlyamov, Vladimir - 2022

Most research on the CEO labor market has studied public company CEOs while largely ignoring the market for CEOs in private equity funded companies. We fill this gap by studying the market for CEOs among larger U.S. companies (enterprise value greater than $1 billion) purchased by private equity...

Persistent link: https://www.econbiz.de/10013404366

Agency Costs of Dry Powder in Private Equity Funds

Lambert, Marie; Scivoletto, Alexandre; Tykvova, Tereza - 2022

The amount of funds committed to private equity sponsors that are left uninvested (called dry powder) has raised numerous concerns from the public. We model the fee collection of private equity sponsors and show that funds tend to underlever future deals when they accumulate substantial amounts...

Persistent link: https://www.econbiz.de/10013306202

On the Fundamentals of Winning Virtuous Strategies Creation Toward Leveraged Buyout Transactions Implementation During Private Equity Investment in Conditions of Resonant Absorptio...

Ledenyov, Dimitri - 2015

The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion-type financial...

Persistent link: https://www.econbiz.de/10013028989

Does the human capital of board directors add value to firms? Evidence from an Asian market

Nguyen, Tuan; Nguyen, An; Locke, Stuart; Reddy, Krishna - In: Cogent Economics & Finance 5 (2017) 1, pp. 1-17

This paper investigates the effect of the human capital of directors on the financial performance of Vietnamese-listed companies. The dynamic system generalised method of moments (system GMM) estimator is used to examine a panel data-set consisting of 315 firm-year observations over a four-year...

Persistent link: https://www.econbiz.de/10011988798

Does the human capital of board directors add value to firms? : evidence from an Asian market

Tuan Van Nguyen; Nguyen, An; Locke, Stuart; Reddy, Krishna - In: Cogent economics & finance 5 (2017) 1, pp. 1-17

Persistent link: https://www.econbiz.de/10011886680

Institutional changes of Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - In: The North American Journal of Economics and Finance 28 (2014) C, pp. 149-169

This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003–2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their...

Persistent link: https://www.econbiz.de/10010777008

The risk appetite of private equity sponsors

Braun, Reiner; Engel, Nico; Hieber, Peter; Zagst, Rudi - In: Journal of Empirical Finance 18 (2011) 5, pp. 815-832

Using a unique proprietary data set of 460 realized buyouts completed between 1990 and 2005, we examine the risk appetite of private equity (PE) sponsors in different states of the PE market and analyze key determinants of deal-level equity risk. We develop a new approach to mathematically model...

Persistent link: https://www.econbiz.de/10010572325

Leverage and pricing of debt in LBOs

Colla, Paolo; Ippolito, Filippo; Wagner, Hannes F. - In: Journal of Corporate Finance 18 (2012) 1, pp. 124-137

We show that the structure and pricing of debt in LBOs mostly depend on a single characteristic of the target firm, pre-LBO profitability. We find a positive relationship between pre-LBO profitability and deal leverage that is consistent with a dynamic trade-off theory of capital structure in...

Persistent link: https://www.econbiz.de/10010574263

On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - Department of Economics, University of Pennsylvania - 2013

A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in the legal and financial literatures, especially their...

Persistent link: https://www.econbiz.de/10010822880

Private equity and employees

Olsson, Martin; Tåg, Joacim - 2012

a private equity buyout. Unemployment risk declines despite lower employment growth for continuing establishments … - attributable to hiring freezes rather than to layoffs - and a lack of change in firm level employment growth. A plausible …, for non-divisional buyouts, and for buyouts just prior to 2001. -- Buyouts ; Employment ; Financial Constraints ; LBO …

Persistent link: https://www.econbiz.de/10009530911