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Do Private Equity Investors Create Value for Italian Initial Public Offerings?

Meles, Antonio - 2014

This study analyses the role of private equity backing in initial public offerings (IPOs) using a dataset of 227 companies that went public on the Milan Stock Exchange between January 1995 and December 2007. The evidence rejects the certification and monitoring hypotheses and provides...

Persistent link: https://www.econbiz.de/10013067677

Hedge Funds versus Private Equity Funds as Shareholder Activists in Germany – Differences in Value Creation

Schweizer, Denis - 2013

We investigate the valuation effects of German firms targeted by hedge funds and by private equity investors. We argue that both types of investors differ from other blockholders by their strong motivation and ability to actively engage and reduce agency costs. Consequently, we find positive...

Persistent link: https://www.econbiz.de/10013071278

Recasting Private Equity Funds after the Financial Crisis : The End of 'Two and Twenty' and the Emergence of Co-Investment and Separate Account Arrangements

McCahery, Joseph A. - 2013

This article examines the post-financial crisis trends in the private equity industry. Although most research has followed the pre-crisis trends, we show that investors are demanding the inclusion of more investor-favorable compensation terms in limited partnership agreements. Our findings...

Persistent link: https://www.econbiz.de/10013073235

Private Equity Minority Investments

Puche, Benjamin - 2015

In the maturing Private Equity industry, investments where the Private Equity fund owns a minority of the equity – as a different form of investment – are gaining influence. Those minority investments use different instruments for value creation than classic majority investments and involve...

Persistent link: https://www.econbiz.de/10013014634

Private Equity Demystified : An Expanatory Guide, Second Edition

Wright, Mike - 2015

, Financing Change and includes a review of major academic studies on private equity globally. This not only outlines what is …

Persistent link: https://www.econbiz.de/10013038878

Leverage and the Performance of Buyouts : (How) Does the Use of Debt Impact Equity Returns?

Engel, Nico - 2012

In this paper we investigate the effects of debt usage on (risk-adjusted) equity returns in private equity-backed buyout transactions. We use a proprietary data set of more than 700 realized European and North American buyouts acquired between 1990 and 2006 to empirically assess theoretical...

Persistent link: https://www.econbiz.de/10013112662

Market Timing in Private Placements of Equity

Huang, Yong - 2017

In Chinese equity issues, long-term interval exists between initial announcement and execution due to regulatory process. Meanwhile, issuance prices of private placements are regulated not to fall below 90% of market prices at the announcement. We argue that Chinese firms conduct private...

Persistent link: https://www.econbiz.de/10012964800

Private Equity, Investment and Financial Constraints - Firm-Level Evidence for France and the United Kingdom

Engel, Dirk - 2009

financing and buyouts by private equity investors on investment of portfolio firms in the UK and France - two countries with … higher investment levels and a lower dependence on internal funds after expansion financing. Buyouts financed by venture … financing yields higher financial constraints on average …

Persistent link: https://www.econbiz.de/10013155410

Private Equity and Venture Capital in Italy

Bentivogli, Chiara - 2009

This paper examines private equity and venture capital in Italy. The first part looks at the main features of the Italian market and its recent evolution; the second part considers the results of a survey of firms and intermediaries designed to gather information regarding contract features and...

Persistent link: https://www.econbiz.de/10013156029

Bank Participation in Private Equity Funds : Risk Implication and Capital Adequacy

Sanyal, Debarshi - 2009

World markets have seen a dramatic growth in Private Equity (PE) in the last decade. Substantial portion of the new investments in PE has come from commercial banks. This study estimates the regulatory capital requirement of standard PE portfolios and evaluates various methods proposed in the...

Persistent link: https://www.econbiz.de/10013156816