Download or read book Value Creation in Leveraged Buyouts written by Nicolaus Loos and published by Springer Science & Business Media. This book was released on 2007-11-05 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Value Creation in Leveraged Buyouts written by Nicolaus Loos and published by . This book was released on 2005 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Value Creation in Successful LBOs written by Daniel Pindur and published by Springer Science & Business Media. This book was released on 2009-05-21 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Organizational Changes and Value Creation in Leveraged Buyouts written by George Pierce Baker and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Leveraged Buyouts written by Paul Pignataro and published by . This book was released on 2013 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability---and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics."--Publisher description.
Download or read book Value Creation in Private Equity Sponsored Leveraged Buyouts written by Lei Gao and published by . This book was released on 2019 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates an empirical model of two-sided many-to-many matching game in which private equity investors acquire publicly traded companies in leveraged buyouts, and examines the value creation of these transactions. This method calculates match-specific values by exploiting the characteristics of both private equity investors and companies. It is therefore able to identify and quantitatively estimate the value created through investor influence and that created through debt. In public-go-private transactions completed between 1986 and 2007, the direct influence of private equity investors generates a significant value which is equal to 7.8 percent of the pre-buyout market capitalization of the going private companies. However, the value generated through debt is insignificant.
Download or read book German Buyouts Adopting a Buy and Build Strategy written by Nils Hoffmann and published by Springer Science & Business Media. This book was released on 2008-02-29 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.
Download or read book Leveraged Buyouts Website written by Paul Pignataro and published by John Wiley & Sons. This book was released on 2013-12-23 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the world of leveraged buyouts The private equity industry has grown dramatically over the past twenty years. Such investing requires a strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity. Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability—and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics. Provides an in-depth analysis of how to identify a private company, bring such an investment to profitability, and create high returns for the private equity funds Includes an informative LBO model and case study as well as private company valuation Written by Paul Pignataro, founder and CEO of the New York School of Finance If you're looking for the best way to hone your skills in this field, look no further than this book.
Download or read book Value Creation and Leveraged Buyouts LBOs written by Binbin Cui and published by . This book was released on 2008 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How Do Private Equity Funds Create Value written by Andreas Schneider and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this master's thesis is to contribute to the understanding of value creation in buyouts. The first part reviews two theoretical concepts that contribute to the explanation of various aspects in relation to value creation and presents a framework that identifies and links the different levers of value creation. The second part covers an empirical analysis that (i) examines the relative contribution of the most important of these levers (key value drivers) to the performance of leveraged buyouts (ii) and analyzes the impact of various factors such as transaction size, geographical region, entry year, exit type, holding period and entry mode on these levers and the resulting performance of buyouts. The data sample comprises a total of 42 realized European leveraged buyout investments with an entry enterprise value of at least &u8364150mn and the entry not dating back further than 1993. This study highlights, among other things, the predominance of the leverage effect as the key value driver in European leveraged buyouts and that private equity firms increasingly start to focus on the operating performance of their portfolio companies as a lever to drive value creation. Also, this work provides evidence that in today's competitive acquisition environment, multiple riding is far less common than in earlier years.
Download or read book Value Creation Drivers in Large Leveraged Buyouts written by Daniel Ilg and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work employs the most complete data sample of large private equity backed transactions in Germany ranging from 1997 to 2008. This research casts light on the impact of the holding period, the effects of divesting activities and expectations about the future shape of the economy on the performance of deals. A longer holding period is associated with a lower internal rate of return, and, contrary to expectations, this study finds a return diminishing effect of selling subsidiaries of target companies. In addition, I apply a new measure of business expectation: ifo slope. Ifo slope incorporates the theory of the interest term structure as a business economic development indicator. Positive expectations at entry lead to higher returns in the future and periods of economic downturn are stretching the length of the investment dramatically. Finally, larger deals are financed more aggressively with debt and generate more value by multiple expansion than smaller deals.
Download or read book Reverse Leveraged Buyout written by Pierre-Alain Masson and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study offers an approach to the value creation problem in Reverse Leveraged Buyout (RLBO) transactions. It presents an overview of the actual state of the Private Equity industry and a description of RLBO stakeholders, rationale, processes and products. The different drivers of the value creation or destruction during the private period ownership are exposed and depicted with a sample case. The methodology for the analysis includes an asset pricing perspective (CAPM) and a financial statements analysis. The goal of the case is to examine what would've happen to the value of the firm if the firm were not gone private. The work should be read from the point of view of an investor considering to buy shares from a PE-backed IPO firm.
Download or read book The Deal Structure of Leveraged Buyouts written by René Alexander Acosta and published by . This book was released on 1990 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Value Creation of Private Equity written by Kevin Elsäßer and published by GRIN Verlag. This book was released on 2018-01-11 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2016 in the subject Business economics - Investment and Finance, grade: 1,0, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: Private equity companies are seen as high risk investment funds, trying to gain high returns on their investments in a period of around three to seven years. Even if the private equity industry has played an important role in growth or as an external financing source of established companies as well as newly-established companies, private equity investors are not seen as sustainable value creators. In various occasions, private equity funds are even declared as a greedy instrument to earn fast money. In order to analyse whether private equity companies create value in a sustainable way, this study compares the performance of private equity backed initial public offerings (IPOs) with non-private equity backed IPOs. Moreover, it analyses whether private equity backed IPOs outperform the market. This study evaluates the performance of private equity backed IPOs by performing two separate empirical analyses: one focusing on the UK private equity market - the largest private equity market in Europe - and one focusing on the entire European market. The research conducts a quantitative analysis of secondary data, more specifically by using stock prices of private equity backed firms, non-private equity backed firms and applicable benchmark market indices. Such data was obtained from multiple sources, such as the London Stock Exchange, Bloomberg and Yahoo Finance. In general, the study compares the performance of private equity backed IPOs with non-sponsor IPOs with regard to their price development and abnormal returns. The analysis is based on multiple independent analyses of each IPO. In order to provide a general understanding of this issue and to be able to interpret the research results, the paper discusses the theoretical framework and the findings of other authors. In recent decades, several authors have demonstrated their research on private equity based IPOs as well as the value creation of private equity firms. Based upon these, hypotheses are formulated, which are then subsequently tested using multiple research methods. In general, the study indicates that the majority of private equity firms do not create sustainable value. More than 50% of the analyzed private equity backed companies were not able to outperform the market benchmark indices. On average, private equity backed firms were able to significantly outperform the market in the UK. However, they were unable to perform equally well on a European level.
Download or read book The New Financial Capitalists written by George Pierce Baker and published by Cambridge University Press. This book was released on 1998-10-13 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, first published in 1999, gives a balanced, enlightening account of how KKR has approached leveraged buyouts.
Download or read book Leveraged Management Buyouts written by Yakov Amihud and published by Beard Books. This book was released on 2002 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers presented at a conference held at the Leonard N. Stern School of Business, New York University, on May 20, 1988, and sponsored by the Salomon Brothers Center for the Study of Financial Institutions. The 1989 edition of this proceedings volume was published by Dow-Jones-Irwin. Academics, legis
Download or read book The Economics of Leveraged Buyouts written by Francesco Baldi and published by G Giappichelli Editore. This book was released on 2016-06-01 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt:
