Abstract: The German Mietspiegel is a database to determine typical local market rents consisting of newly offered and ongoing contracts. Last year, the German government enacted a new law called „rental brake“, which caps rental prices of re-lettings at the level of a local Mietspiegel in...

Using a unique proprietary data set of 1,980 realized and unrealized buyouts completed between 1986 and 2010, we examine entry and exit pricing in buyouts and its influence on private equity (PE) sponsors' returns. We find that besides leverage and operational improvements, EBITDA multiple...

We use a proprietary dataset to explore (i) the financial covenant structure and (ii) the determinants of their restrictiveness in leveraged buyouts. With respect to (i) we find that the covenant structure is more standardized in sponsored than in non-sponsored loans: the former show less...

Although there is evidence that regulatory focus is associated with opportunity exploitation, there is a lack of research examining its role at the early stages of opportunity recognition. The present study makes two major contributions to address this gap. First, we demonstrate that...

This article examines the impact of private equity (PE) fund-level dynamics on the PE fund's general partner's (GP) divestment decisions and whether these decisions are to the detriment of the PE fund's limited partners, indicating a moral hazard problem. We use a unique sample of 1,112 buyout...