Private equity in Europe: investment selection, resource allocation and financial distress
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2011
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 131 S. graph. Darst. |
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Record in the Search Index
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| adam_text | Titel: Private equity in Europe
Autor: Borell, Mariela
Jahr: 2011
Table of Contents
Preface III
List of figures IX
List of tables XI
1 Industry Selection for Private Equity Investing 1
1.1 Introduction.................................... 1
1.2 Determinants of private equity investments................... 4
1.2.1 Target industry structure......................... 4
1.2.2 Target industry financial ratios ..................... 5
1.2.3 Private equity industry.......................... 7
1.3 Information asymmetry in high-tech and low-tcch industries......... 8
1.4 Data........................................ 9
1.4.1 Private equity investments........................ 9
1.4.2 Industry characteristics.......................... 10
1.4.3 Some descriptive statistics........................ 11
1.5 Empirical analysis and results.......................... 15
1.5.1 Private equity investments at the industry level............ 15
1.5.2 Information asymmetry in high-tech and low-tcch industries..... 22
1.5.3 Robustness analyses ........................... 24
1.6 Summary of the results.............................. 28
Appendix........................................ 29
2 Sources of Value Creation through Buy-and-Build Strategies 33
2.1 Introduction.................................... 33
2.2 The buy-and-build strategy ........................... 36
2.2.1 Description of the strategy........................ 36
2.2.2 Incentives for buy-and-build strategics ................. 38
2.3 Changes in financial characteristics after the transaction ........... 44
2.3.1 Debt ratio................................. 44
2.3.2 Profitability................................ 45
2.3.3 Capacity utilization............................ 46
2.4 Data and descriptive analysis.......................... 47
2.4.1 Sample selection ............................. 47
2.4.2 Sample characteristics .......................... 48
2.4.3 Descriptive analysis............................ 48
2.5 Empirical analysis and results.......................... 55
2.5.1 The influence of industry factors..................... 55
2.5.2 The influence of firm factors....................... 60
2.5.3 Consequences of buy-and-build strategies................ 66
2.6 Conclusion..................................... 77
Appendix........................................ 79
3 Do private equity investors trigger financial distress in their portfolio com-
panies? 81
3.1 Introduction.................................... 82
3.2 Theoretical background and hypotheses..................... 84
3.2.1 Changes in operating performance, financial constraints and bankruptcy 84
3.2.2 Impact of syndication and investor experience............. 86
3.3 Measures of operating performance and financial constraints......... 88
3.4 Data and matching methodology ........................ 89
3.4.1 Buyouts.................................. 90
3.4.2 Control firms............................... 92
3.5 Empirical results: Financial constraints and performance........... 96
3.5.1 Portfolio vs. control firms........................ 96
3.5.2 Syndicated vs. non-syndicated transactions............... 101
3.5.3 Experienced vs. inexperienced private equity funds .......... 109
3.6 Empirical results: Bankruptcy.......................... 115
3.7 Robustness analyses ............................... 118
3.8 Conclusion..................................... 118
Appendix........................................ 120
Bibliography 130
Curriculum Vitae 131
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| spelling | Borell, Mariela 1976- Verfasser (DE-588)1014840287 aut Private equity in Europe investment selection, resource allocation and financial distress vorgelegt von Mariela Nikolaeva Borell 2011 XII, 131 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Frankfurt (Main), Univ., Diss., 2011 Private Equity (DE-588)7594875-8 gnd rswk-swf Anlagepolitik (DE-588)4206018-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Private Equity (DE-588)7594875-8 s Anlagepolitik (DE-588)4206018-7 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024478024&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Borell, Mariela 1976- Private equity in Europe investment selection, resource allocation and financial distress Private Equity (DE-588)7594875-8 gnd Anlagepolitik (DE-588)4206018-7 gnd |
| subject_GND | (DE-588)7594875-8 (DE-588)4206018-7 (DE-588)4113937-9 |
| title | Private equity in Europe investment selection, resource allocation and financial distress |
| title_auth | Private equity in Europe investment selection, resource allocation and financial distress |
| title_exact_search | Private equity in Europe investment selection, resource allocation and financial distress |
| title_full | Private equity in Europe investment selection, resource allocation and financial distress vorgelegt von Mariela Nikolaeva Borell |
| title_fullStr | Private equity in Europe investment selection, resource allocation and financial distress vorgelegt von Mariela Nikolaeva Borell |
| title_full_unstemmed | Private equity in Europe investment selection, resource allocation and financial distress vorgelegt von Mariela Nikolaeva Borell |
| title_short | Private equity in Europe |
| title_sort | private equity in europe investment selection resource allocation and financial distress |
| title_sub | investment selection, resource allocation and financial distress |
| topic | Private Equity (DE-588)7594875-8 gnd Anlagepolitik (DE-588)4206018-7 gnd |
| topic_facet | Private Equity Anlagepolitik Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024478024&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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