Capital structure decisions in institutional buyouts:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Wiesbaden
Dt. Univ.-Verl.
2006
|
| Edition: | 1. Aufl. |
| Series: | Gabler Edition Wissenschaft : Entrepreneurship
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIII, 260 S. graph. Darst. |
| ISBN: | 3835002295 |
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Record in the Search Index
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| adam_text | Table of contents IX
Table of contents
Table of contents IX
List of abbreviations XVII
List of figures XXI
List of tables XXIII
1. Introduction 1
1.1. Background 1
1.2. State of research 6
1.3. Objective of the thesis 9
1.4. Research design 11
2. Characteristics of institutional buyouts 13
2.1. Structure of institutional buyouts 13
2.1.1. Definition of institutional buyouts 13
2.1.2. Delineation of related terms 15
2.1.2.1. Delineation of different types of buyout 15
2.1.2.2. Delineation of spin offs 18
2.1.3. Key parties involved 19
2.1.3.1. Vendor 20
2.1.3.2. Private equity firm 21
2.1.3.3. Senior / Sub ordinated debt provider 22
2.1.3.4. Management 23
2.1.3.5. Target company 23
2.2. Institutional economic, characteristics 24
2.2.1. Information asymmetries 26
2.2.2. Transaction cost 28
2.2.3. Principal agent relations 29
2.2.4. Typical information structure in IBOs 31
2.3. Institutional buyout process 32
2.3.1. Deal evaluation 33
2.3.1.1. Due Diligence 33
X __ Table of contents
2.3.1.2. Valuation of Buyouts 35
2.3.1.2.1. Valuation of private companies 35
2.3.1.2.2. Valuation of highly leveraged companies 36
2.3.2. Deal structuring 38
2.3.2.1. Legal structuring 39
2.3.2.2. Financial structuring 41
2.3.2.2.1. Determining total financing needs, the appropriate equity stake, and the
optimal financing mix 41
2.3.2.2.2. Financial contracting and covenants 44
2.3.2.2.3. Seller s note, earnout, strip financing, and syndication 45
2.3.3. Post investment value generation 46
2.3.3.1. Value capturing 47
2.3.3.2. Value creation 48
2.3.3.2.1. Direct levers 48
2.3.3.2.2. Indirect levers 50
2.3.4. Exit 51
2.4. Implications for theory selection 53
3. Theoretical framework 54
3.1. Overview of corporate finance theories 54
3.1.1. Introduction 54
3.1.2. The leverage effect 56
3.1.3. The traditional view 57
3.1.4. The neo classic view 58
3.1.4.1. The irrelevance theorem of MODIGLIANI / MILLER (1958) 59
3.1.4.2. The trade off between taxes and financial distress 61
3.1.5. The neo institutional view 62
3.1.5.1. Capital structure and hidden information 63
3.1.5.2. Capital structure and agency conflicts 64
3.1.5.3. Capital structure and product market interaction 66
3.1.5.4. Capital structure and the allocation of control rights 67
3.1.6. Discussion of theory choice 68
3.2. The trade off between taxes and financial distress 72
3.2.1. The static trade off theory 72
Table of contents 5H
3.2.2. The cost of financial distress: MILLER S (1977) criticism and capital market
equilibrium 74
3.2.3. Capital structure optimum after DEANGELO/MASULIS (1980):
The marginal tax rate 75
3.3. Capital structure and agency conflicts 77
3.3.1. Principal agent relation between debtholders and shareholders 78
3.3.1.1. Asset Substitution after JENSEN/MECKLING( 1976) 78
3.3.1.2. Underinvestment after MYERS (1977) 79
3.3.2. Principal agent relation between external shareholders and owner managers 80
3.3.2.1. Managerial consumption after JENSEN/MECKLING( 1976) 80
3.3.2.2. Free Cash Flow waste after JENSEN (1986) and the underinvestment
hypothesis after STULZ (1990) 82
3.3.3. Alternative ways to eliminate agency conflicts 84
3.4. Summary 86
4. Discussion of IBO financing layers 88
4.1. Senior debt 88
4.1.1. Economic characteristics of senior debt 88
4.1.2. Types of senior debt 90
4.1.2.1. Senior debt (Senior A) 91
4.1.2.2. Cash flow reduced debt (Senior B/C) 92
4.2. Equity capital 93
4.2.1. Economic characteristics of equity 93
4.2.2. Types of equity capital 94
4.2.2.1. Common and preference shares 94
4.2.2.2. Shareholder loans 95
4.3. Sub ordinated debt 96
4.3.1. Economic characteristics of sub ordinated debt 96
4.3.2. Types of sub ordinated debt 99
4.3.2.1. Mezzanine capital 99
4.3.2.2. High yield bonds 102
4.4. Summary 104
XII Table of contents
5. Hypotheses on IBO capital structures and operationalisation of variables. 106
5.1. Description of the research model 106
5.2. Development of hypotheses 110
5.2.1. Risk class Ill
5.2.2. Transaction size 112
5.2.3. Tangibility 113
5.2.4. Growth 115
5.2.5. Profitability 117
5.2.6. Uniqueness 119
5.2.7. Free cash flow 121
5.3. Operationalisation of variables 122
5.3.1. Explanatory variables 122
5.3.1.1. Risk class 123
5.3.1.2. Transaction size 124
5.3.1.3. Tangibility 124
5.3.1.4. Growth 125
5.3.1.5. Profitability 126
5.3.1.6. Uniqueness 126
5.3.1.7. Free cash flow 127
5.3.2. Dependent variables 128
5.3.2.1. HLT vs. Non HLT 128
5.3.2.2. Detailed financial instruments 130
5.4. Summary 131
6. Methodology of the empirical study 133
6.1. Survey design 133
6.1.1. Survey process 133
6.1.2. Questionnaire design 135
6.2. Univariate data analysis 137
6.2.1. Non parametric significance tests 137
6.2.2. Intercorrelation of explanatory variables (Spearman rank) 141
6.3. Binomial logistic regression 142
6.3.1. Background 142
Table of contents XUl
6.3.2. Logit model development 147
6.3.3. Model estimation 148
6.3.4. Model assessment 150
6.3.4.1. Pseudo R2 150
6.3.4.2. Likelihood ratio test 152
6.3.4.3. Hosmer Lemeshow test 152
6.3.4.4. Classification 153
6.3.5. Model interpretation 153
6.3.5.1. Significance of coefficients (Wald statistic) 154
6.3.5.2. Interpretation of coefficients 154
6.3.5.3. Odds ratio interpretation 155
6.4. Summary 156
7. Empirical results on IBO capital structures 158
7.1. Sample description 159
7.1.1. Sample deviation 159
7.1.2. Sample representativeness 161
7.1.3. Sample biases 162
7.1.3.1. Test for non response bias 163
7.1.3.2. Informant bias and the problem of subjectivity 164
7.2. Descriptive statistics 165
7.2.1. Distribution of financing layers 165
7.2.1.1. Distribution of senior debt 166
7.2.1.2. Distribution of sub ordinated debt 167
7.2.1.3. Distribution of equity 168
7.2.2. Distribution of characteristics 169
7.3. Univariate analyses 176
7.3.1. Non parametric tests of the choice between debt and equity 177
7.3.1.1. Risk class 177
7.3.1.2. Transaction size 178
7.3.1.3. Tangibility 179
7.3.1.4. Growth 180
7.3.1.5. Profitability 181
7.3.1.6. Uniqueness 182
XIV Table of contents
7.3.1.7. Free Cash Flow 183
7.3.2. Non parametric tests of the use of other financial instruments 183
7.3.2.1. Equity capital 184
7.3.2.2. Sub ordinated debt 185
7.3.2.3. HYB vs. mezzanine 186
7.3.2.4. Senior A vs. senior B/C 187
7.3.3. Correlation analyses 188
7.3.4. Summary 190
7.4. Binomial logistic regression of the choice debt vs. equity 192
7.4.1. Model development 192
7.4.1.1. Univariate analyses 192
7.4.1.2. Multicolliniarity 194
7.4.1.3. Univariable logit analysis 194
7.4.1.4. Interaction effects 195
7.4.2. Model estimation and assessment 196
7.4.3. Model interpretation and discussion of 1BO financing hypotheses 198
7.4.3.1. Risk class 200
7.4.3.2. Transaction size 200
7.4.3.3. Tangibility 202
7.4.3.4. Growth 203
7.4.3.5. Profitability 203
7.4.3.6. Uniqueness 204
7.4.3.7. Free cash flow 205
7.4.4. Discussion of additional explanatory variables 205
7.4.4.1. Asset sales 205
7.4.4.2. Bulk shareholding 206
7.5. Logit analyses of other financing layers 206
7.5.1. Binomial logistic regression of the use of equity 206
7.5.1.1. Model estimation and assessment 207
7.5.1.2. Model interpretation 208
7.5.2. Binomial logistic regression of the use of sub ordinated debt 209
7.5.2.1. Model estimation and assessment 209
7.5.2.2. Model interpretation 210
7.5.3. Binomial logistic regression of second layer instruments 211
Table of contents XV^
7.5.3.1. Sub ordinated debt: High yield bonds vs. Mezzanine 211
7.5.3.1.1. Model estimation and assessment 212
7.5.3.1.2. Model interpretation 213
7.5.3.2. Senior debt: Senior A vs. Senior B/C 213
7.5.3.2.1. Model estimation and assessment 214
7.5.3.2.2. Model interpretation 214
7.5.4. Summary of the results on other financing layers 215
7.6. Discussion of the empirical results 216
8. Conclusion.220
Appendix 223
Bibliography 231
|
| adam_txt |
Table of contents IX
Table of contents
Table of contents IX
List of abbreviations XVII
List of figures XXI
List of tables XXIII
1. Introduction 1
1.1. Background 1
1.2. State of research 6
1.3. Objective of the thesis 9
1.4. Research design 11
2. Characteristics of institutional buyouts 13
2.1. Structure of institutional buyouts 13
2.1.1. Definition of institutional buyouts 13
2.1.2. Delineation of related terms 15
2.1.2.1. Delineation of different types of buyout 15
2.1.2.2. Delineation of spin offs 18
2.1.3. Key parties involved 19
2.1.3.1. Vendor 20
2.1.3.2. Private equity firm 21
2.1.3.3. Senior / Sub ordinated debt provider 22
2.1.3.4. Management 23
2.1.3.5. Target company 23
2.2. Institutional economic, characteristics 24
2.2.1. Information asymmetries 26
2.2.2. Transaction cost 28
2.2.3. Principal agent relations 29
2.2.4. Typical information structure in IBOs 31
2.3. Institutional buyout process 32
2.3.1. Deal evaluation 33
2.3.1.1. Due Diligence 33
X _ Table of contents
2.3.1.2. Valuation of Buyouts 35
2.3.1.2.1. Valuation of private companies 35
2.3.1.2.2. Valuation of highly leveraged companies 36
2.3.2. Deal structuring 38
2.3.2.1. Legal structuring 39
2.3.2.2. Financial structuring 41
2.3.2.2.1. Determining total financing needs, the appropriate equity stake, and the
optimal financing mix 41
2.3.2.2.2. Financial contracting and covenants 44
2.3.2.2.3. Seller's note, earnout, strip financing, and syndication 45
2.3.3. Post investment value generation 46
2.3.3.1. Value capturing 47
2.3.3.2. Value creation 48
2.3.3.2.1. Direct levers 48
2.3.3.2.2. Indirect levers 50
2.3.4. Exit 51
2.4. Implications for theory selection 53
3. Theoretical framework 54
3.1. Overview of corporate finance theories 54
3.1.1. Introduction 54
3.1.2. The leverage effect 56
3.1.3. The traditional view 57
3.1.4. The neo classic view 58
3.1.4.1. The irrelevance theorem of MODIGLIANI / MILLER (1958) 59
3.1.4.2. The trade off between taxes and financial distress 61
3.1.5. The neo institutional view 62
3.1.5.1. Capital structure and hidden information 63
3.1.5.2. Capital structure and agency conflicts 64
3.1.5.3. Capital structure and product market interaction 66
3.1.5.4. Capital structure and the allocation of control rights 67
3.1.6. Discussion of theory choice 68
3.2. The trade off between taxes and financial distress 72
3.2.1. The static trade off theory 72
Table of contents 5H
3.2.2. The cost of financial distress: MILLER'S (1977) criticism and capital market
equilibrium 74
3.2.3. Capital structure optimum after DEANGELO/MASULIS (1980):
The marginal tax rate 75
3.3. Capital structure and agency conflicts 77
3.3.1. Principal agent relation between debtholders and shareholders 78
3.3.1.1. Asset Substitution after JENSEN/MECKLING( 1976) 78
3.3.1.2. Underinvestment after MYERS (1977) 79
3.3.2. Principal agent relation between external shareholders and owner managers 80
3.3.2.1. Managerial consumption after JENSEN/MECKLING( 1976) 80
3.3.2.2. Free Cash Flow waste after JENSEN (1986) and the underinvestment
hypothesis after STULZ (1990) 82
3.3.3. Alternative ways to eliminate agency conflicts 84
3.4. Summary 86
4. Discussion of IBO financing layers 88
4.1. Senior debt 88
4.1.1. Economic characteristics of senior debt 88
4.1.2. Types of senior debt 90
4.1.2.1. Senior debt (Senior A) 91
4.1.2.2. Cash flow reduced debt (Senior B/C) 92
4.2. Equity capital 93
4.2.1. Economic characteristics of equity 93
4.2.2. Types of equity capital 94
4.2.2.1. Common and preference shares 94
4.2.2.2. Shareholder loans 95
4.3. Sub ordinated debt 96
4.3.1. Economic characteristics of sub ordinated debt 96
4.3.2. Types of sub ordinated debt 99
4.3.2.1. Mezzanine capital 99
4.3.2.2. High yield bonds 102
4.4. Summary 104
XII Table of contents
5. Hypotheses on IBO capital structures and operationalisation of variables. 106
5.1. Description of the research model 106
5.2. Development of hypotheses 110
5.2.1. Risk class Ill
5.2.2. Transaction size 112
5.2.3. Tangibility 113
5.2.4. Growth 115
5.2.5. Profitability 117
5.2.6. Uniqueness 119
5.2.7. Free cash flow 121
5.3. Operationalisation of variables 122
5.3.1. Explanatory variables 122
5.3.1.1. Risk class 123
5.3.1.2. Transaction size 124
5.3.1.3. Tangibility 124
5.3.1.4. Growth 125
5.3.1.5. Profitability 126
5.3.1.6. Uniqueness 126
5.3.1.7. Free cash flow 127
5.3.2. Dependent variables 128
5.3.2.1. HLT vs. Non HLT 128
5.3.2.2. Detailed financial instruments 130
5.4. Summary 131
6. Methodology of the empirical study 133
6.1. Survey design 133
6.1.1. Survey process 133
6.1.2. Questionnaire design 135
6.2. Univariate data analysis 137
6.2.1. Non parametric significance tests 137
6.2.2. Intercorrelation of explanatory variables (Spearman rank) 141
6.3. Binomial logistic regression 142
6.3.1. Background 142
Table of contents XUl
6.3.2. Logit model development 147
6.3.3. Model estimation 148
6.3.4. Model assessment 150
6.3.4.1. Pseudo R2 150
6.3.4.2. Likelihood ratio test 152
6.3.4.3. Hosmer Lemeshow test 152
6.3.4.4. Classification 153
6.3.5. Model interpretation 153
6.3.5.1. Significance of coefficients (Wald statistic) 154
6.3.5.2. Interpretation of coefficients 154
6.3.5.3. Odds ratio interpretation 155
6.4. Summary 156
7. Empirical results on IBO capital structures 158
7.1. Sample description 159
7.1.1. Sample deviation 159
7.1.2. Sample representativeness 161
7.1.3. Sample biases 162
7.1.3.1. Test for non response bias 163
7.1.3.2. Informant bias and the problem of subjectivity 164
7.2. Descriptive statistics 165
7.2.1. Distribution of financing layers 165
7.2.1.1. Distribution of senior debt 166
7.2.1.2. Distribution of sub ordinated debt 167
7.2.1.3. Distribution of equity 168
7.2.2. Distribution of characteristics 169
7.3. Univariate analyses 176
7.3.1. Non parametric tests of the choice between debt and equity 177
7.3.1.1. Risk class 177
7.3.1.2. Transaction size 178
7.3.1.3. Tangibility 179
7.3.1.4. Growth 180
7.3.1.5. Profitability 181
7.3.1.6. Uniqueness 182
XIV Table of contents
7.3.1.7. Free Cash Flow 183
7.3.2. Non parametric tests of the use of other financial instruments 183
7.3.2.1. Equity capital 184
7.3.2.2. Sub ordinated debt 185
7.3.2.3. HYB vs. mezzanine 186
7.3.2.4. Senior A vs. senior B/C 187
7.3.3. Correlation analyses 188
7.3.4. Summary 190
7.4. Binomial logistic regression of the choice debt vs. equity 192
7.4.1. Model development 192
7.4.1.1. Univariate analyses 192
7.4.1.2. Multicolliniarity 194
7.4.1.3. Univariable logit analysis 194
7.4.1.4. Interaction effects 195
7.4.2. Model estimation and assessment 196
7.4.3. Model interpretation and discussion of 1BO financing hypotheses 198
7.4.3.1. Risk class 200
7.4.3.2. Transaction size 200
7.4.3.3. Tangibility 202
7.4.3.4. Growth 203
7.4.3.5. Profitability 203
7.4.3.6. Uniqueness 204
7.4.3.7. Free cash flow 205
7.4.4. Discussion of additional explanatory variables 205
7.4.4.1. Asset sales 205
7.4.4.2. Bulk shareholding 206
7.5. Logit analyses of other financing layers 206
7.5.1. Binomial logistic regression of the use of equity 206
7.5.1.1. Model estimation and assessment 207
7.5.1.2. Model interpretation 208
7.5.2. Binomial logistic regression of the use of sub ordinated debt 209
7.5.2.1. Model estimation and assessment 209
7.5.2.2. Model interpretation 210
7.5.3. Binomial logistic regression of second layer instruments 211
Table of contents XV^
7.5.3.1. Sub ordinated debt: High yield bonds vs. Mezzanine 211
7.5.3.1.1. Model estimation and assessment 212
7.5.3.1.2. Model interpretation 213
7.5.3.2. Senior debt: Senior A vs. Senior B/C 213
7.5.3.2.1. Model estimation and assessment 214
7.5.3.2.2. Model interpretation 214
7.5.4. Summary of the results on other financing layers 215
7.6. Discussion of the empirical results 216
8. Conclusion.220
Appendix 223
Bibliography 231 |
| any_adam_object | 1 |
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| author | Kühn, Christian |
| author_facet | Kühn, Christian |
| author_role | aut |
| author_sort | Kühn, Christian |
| author_variant | c k ck |
| building | Verbundindex |
| bvnumber | BV021544835 |
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| ctrlnum | (OCoLC)181498026 (DE-599)BVBBV021544835 |
| dewey-full | 330 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Europa (DE-588)4015701-5 gnd |
| geographic_facet | Europa |
| id | DE-604.BV021544835 |
| illustrated | Illustrated |
| index_date | 2024-07-02T14:29:29Z |
| indexdate | 2024-07-09T20:38:17Z |
| institution | BVB |
| isbn | 3835002295 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014761007 |
| oclc_num | 181498026 |
| open_access_boolean | |
| owner | DE-703 DE-12 DE-19 DE-BY-UBM DE-83 |
| owner_facet | DE-703 DE-12 DE-19 DE-BY-UBM DE-83 |
| physical | XXIII, 260 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Dt. Univ.-Verl. |
| record_format | marc |
| series2 | Gabler Edition Wissenschaft : Entrepreneurship |
| spelling | Kühn, Christian Verfasser aut Capital structure decisions in institutional buyouts Christian Kühn 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2006 XXIII, 260 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Gabler Edition Wissenschaft : Entrepreneurship Zugl.: Aachen, RWTH, Diss., 2005 Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Return on Investment (DE-588)4049628-4 gnd rswk-swf Unternehmenskauf (DE-588)4078600-6 gnd rswk-swf Europa (DE-588)4015701-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Europa (DE-588)4015701-5 g Unternehmenskauf (DE-588)4078600-6 s Kapitalstruktur (DE-588)4125993-2 s Return on Investment (DE-588)4049628-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014761007&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kühn, Christian Capital structure decisions in institutional buyouts Kapitalstruktur (DE-588)4125993-2 gnd Return on Investment (DE-588)4049628-4 gnd Unternehmenskauf (DE-588)4078600-6 gnd |
| subject_GND | (DE-588)4125993-2 (DE-588)4049628-4 (DE-588)4078600-6 (DE-588)4015701-5 (DE-588)4113937-9 |
| title | Capital structure decisions in institutional buyouts |
| title_auth | Capital structure decisions in institutional buyouts |
| title_exact_search | Capital structure decisions in institutional buyouts |
| title_exact_search_txtP | Capital structure decisions in institutional buyouts |
| title_full | Capital structure decisions in institutional buyouts Christian Kühn |
| title_fullStr | Capital structure decisions in institutional buyouts Christian Kühn |
| title_full_unstemmed | Capital structure decisions in institutional buyouts Christian Kühn |
| title_short | Capital structure decisions in institutional buyouts |
| title_sort | capital structure decisions in institutional buyouts |
| topic | Kapitalstruktur (DE-588)4125993-2 gnd Return on Investment (DE-588)4049628-4 gnd Unternehmenskauf (DE-588)4078600-6 gnd |
| topic_facet | Kapitalstruktur Return on Investment Unternehmenskauf Europa Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014761007&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT kuhnchristian capitalstructuredecisionsininstitutionalbuyouts |