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Author | : Degenhard Meier |
Publisher | : Deutscher Universitätsverlag |
Total Pages | : 159 |
Release | : 2006-02-24 |
Genre | : Business & Economics |
ISBN | : 9783835002289 |
Download Post-Investment Value Addition to Buyouts Book in PDF, ePub and Kindle
Degenhard Meier explores the dimensions of post-investment value addition characterizing the interaction between private equity firms and their portfolio companies and derives plausible hypotheses which he tests in an innovative way, i.e. he takes the current discussion on alternative methods to structural equation modeling as a basis and develops this discussion further by shedding light on partial least squares - a variance-based approach to structural equation modeling.
Author | : Degenhard Meier |
Publisher | : |
Total Pages | : 58 |
Release | : 2007 |
Genre | : |
ISBN | : 9782854188615 |
Download How Acquirers Contribute to Post-investment Value Addition in Buyouts Book in PDF, ePub and Kindle
The paper studies the conditions under which Private Equity (PE) firms actively contribute to generating value in their buyout investments. Adopting resource dependence theory as its theoretical lens, it highlights critical resources and dependencies in the relationship between the acquiring PE firm and the acquired portfolio company. We propose a conceptual framework that points to three complementary contingencies of value creation post-acquisition: (a) the level of strategic investment of the PE firm; (b) the willingness of the portfolio company management to share critical information; and, (c) the experience of the PE firm. Our argument receives general support from a partial-least squares (PLS) test of hypotheses derived from this framework using data on 101 European buyouts.
Author | : Nicolaus Loos |
Publisher | : Springer Science & Business Media |
Total Pages | : 490 |
Release | : 2007-11-05 |
Genre | : Business & Economics |
ISBN | : 3835093290 |
Download Value Creation in Leveraged Buyouts Book in PDF, ePub and Kindle
Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
Author | : Daniel Pindur |
Publisher | : Springer Science & Business Media |
Total Pages | : 339 |
Release | : 2009-05-21 |
Genre | : Business & Economics |
ISBN | : 3835054309 |
Download Value Creation in Successful LBOs Book in PDF, ePub and Kindle
Daniel Pindur analyzes value creation in successful LBOs on investment level conceptually and empirically from an LBO equity investor perspective. Based on the LBO transaction model, the author decomposes total proceeds to LBO equity investors and derives a two-tier framework of an internal and an external perspective, thereby structuring the conceptual discussion of various determinants affecting these components.
Author | : Moritz Breuninger |
Publisher | : GRIN Verlag |
Total Pages | : 64 |
Release | : 2013-11-29 |
Genre | : Business & Economics |
ISBN | : 3656551855 |
Download Buy and Build Strategies in Management Buyouts Book in PDF, ePub and Kindle
Master's Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 7,5, Erasmus University Rotterdam (Strategic Management), language: English, abstract: Recent changes in the market for private equity have led investors to shift their attention away from market beta and towards generating alpha through the exploration of growth opportunities. PE firms increasingly use active ownership to implement these new growth plans. Buy and build strategies have emerged as a feasible and lucrative strategy of active ownership. The add-on acquisitions required when pursuing this strategy and the need to create value through synergistic effects necessitate post-acquisition integration efforts. Despite its relevance, researchers in the field of strategic management and finance have paid little attention to buy and build strategies. Moreover, they have yet to bridge the findings by scholars and practitioners on post-acquisition integration and active ownership. This paper seeks to fill this gap by answering the research question of how PE firms contribute to the integration process and how they handle task and affective conflicts and exercise management control with regard to the cooperation between the PE firm and the management of the portfolio company. Previous work has linked active ownership to capabilities and found that prior business experience is a strong predictor of active ownership, meaning a high level of contribution by the investment firm. This paper complements this work by analyzing active ownership of private equity firms in the context of post-acquisition integration in buy and build strategies and finds a direct link between capabilities and active ownership through four explanatory theory-building case studies. Birkinshaw et al. (2000)’s study on post-acquisition integration is used as a guiding concept in this paper. They distinguish between task integration, which is defined as the identification and realization of operational synergies, and human integration, which is defined as the creation of positive attitudes towards the integration and shared identity among employees. This paper creates a practical Framework for Integration Management on this notion and extends it by additional academic literature and relevant studies of consulting firms. A number of working propositions are derived from the literature and linked to the framework. Each proposition is then tested through within-case analysis and across-case comparison. Based on the evidence, three propositions are revised or extended whereas six propositions are supported. [...]
Author | : Andreas Hellmann |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : |
ISBN | : |
Download Value Creation in Buyout Investment Situations and the Implications for Investors in the Asset Class Book in PDF, ePub and Kindle
This study investigates value creation in buyout investment situations in Europe. It contributes to the academic research existing on the subject by adding to the understanding about the asset class for academics and practitioners. In addition, it details aspects that an investor in the asset class should consider concerning value creation in buyout investments. Conclusions in this study do in particular not apply to venture capital or turnaround investments. Data for the performed analyses has been obtained from a large European limited partner. The sample is therefore representative for so-called investment-grade general partners. It comprises details on 616 buyout investments by 34 general partners. Based on the detailed information about different buyout investments, three questions are answered: (1) Do buyout investments create value?, (2) What drives the value generation in buyout investments? and (3) What does this mean for investors in the asset class? The questions are treated with the help of different statistical methods as well as a value attribution analysis. Obtained results are discussed with existing literature in order to explain discovered relationships. It can be shown that even though the industry as a whole does not necessarily create value for investors, there are significant differences between general partners. The general partners in the sample outperform an industry-adjusted benchmark by 34% gross-of-fees. Value results from three major sources: fundamental value generation through growth, value generation based on leverage and transactional value generation. Efficiency improvement has not been found to be an important source of value generation on its own, but is induced through leverage as predicted by the agency theory. External factors that influence value generation are related to debt and equity markets. Transactional value generation and value generation through pure lever effects are the most st.
Author | : Mike Wright |
Publisher | : Routledge |
Total Pages | : 504 |
Release | : 2018-09-03 |
Genre | : Business & Economics |
ISBN | : 1351862529 |
Download The Routledge Companion to Management Buyouts Book in PDF, ePub and Kindle
Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic. Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.
Author | : Richard K. Lenz |
Publisher | : Springer Science & Business Media |
Total Pages | : 549 |
Release | : 2010-03-01 |
Genre | : Business & Economics |
ISBN | : 3834986003 |
Download Post-LBO development Book in PDF, ePub and Kindle
Richard K. Lenz analyses how LBOs evolve after the financial investors have exited. Based on three case studies of former LBOs in Germany, he shows that performance decline is often related to the weakening of the former performance-enhancing series of governance instruments.
Author | : Oliver Klöckner |
Publisher | : Springer |
Total Pages | : 389 |
Release | : 2009-08-10 |
Genre | : Business & Economics |
ISBN | : 3834994774 |
Download Buy-outs in Family Businesses Book in PDF, ePub and Kindle
Oliver Klöckner investigates the changes resulting from buy-outs in family businesses. He contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. His theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany.
Author | : Mark Broere |
Publisher | : Springer Science & Business Media |
Total Pages | : 215 |
Release | : 2013-10-04 |
Genre | : Business & Economics |
ISBN | : 3658037806 |
Download Decision-Making in Private Equity Firms Book in PDF, ePub and Kindle
The decisions of private equity firms affect the development of industries and national economies, yet little is known about how these decisions are made. Mark Broere uses proprietary survey data from 136 private equity firms (venture capital and buyout) located in the US, Canada, and Europe to explore determinants and rules of their decision-making. The results exhibit new facts about their objectives, success measures, decision criteria, exit decision power and rules. A discussion in light of existing financial theory highlights, e.g. the role of reputation, and potential pitfalls in the decision-making of practitioners. The author suggests that private equity firms might improve their performance by a more careful choice of decision rules and criteria and by a more consistent application of these across varying decision types.