Value Creation in Leveraged Buyouts: Analysis of Factors Driving Private Equity Investment PerformanceSpringer Science & Business Media, 5. stu 2007. - Broj stranica: 457 The academic and public discussion about Private Equity and Buyout firms and their current acquisition frenzy has once again reached a climax in recent months. The reasons are twofold: Firstly, the flexibility and sophistication of Private Equity investors, as well as the capital markets serving them, has increased dramatically over the recent years. The current availability of funds to be invested by Private Equity manag ers is enormous, estimated to be over $150 billion. Equity and debt is raised from institutional investors, pension funds and other asset managers who are keen to put their money to work in high-yielding investment areas and who continue to be highly receptive to Private Equity following a strong recent return track re cord of this asset class. Relatively cheap lending levels based on stable global economic outlook, as well as a much lower than historical level of default rates among buyouts has led banks to increase their risk appetite noticeably. Conse quently, lending banks are offering significant additional financing sources to Private Equity investor clients. The year 2005 has been a record year in the in dustry in terms of overall deal volume including 845 leveraged buyout transac tions totalling $198 billion in transaction value globally. This is in addition to a record $448 billion in leveraged loans being raised in the global capital markets. Buyout deal sizes have reached new heights with 45% of U. S. |
Sadržaj
Brief Contents 1 Introduction | 1 |
Literature Review | 9 |
Methodology and Research Design | 43 |
Empirical Part I Market and Financial Value Drivers 89 | 88 |
Investments | 123 |
5 | 235 |
Empirical Part II The GP Firm and Manager Effect | 251 |
Empirical Part III Buyout Strategies 327 | 326 |
257 | 363 |
Summary and Conclusions | 391 |
Appendices 421 | 420 |
Bibliography | 439 |
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Value Creation in Leveraged Buyouts: Analysis of Factors Driving Private ... Nicolaus Loos Pregled nije dostupan - 2006 |
Uobičajeni izrazi i fraze
acquisition analysis analyzed by author asset auctions author Deal average deal Average Gross IRR Average Gross Returns average net fund Beta coefficient buyout deal performance buyout firms Buyout Fund Investment Buyout Investment Manager buyout performance buyout returns buyout targets buyout transactions cash flow Collinearity Statistics corporate dataset EBITDA Margin effect entry and exit European exit mode findings focal buyout fund IRR fund returns GP firm Gross buyout deal growth higher for target impact industry financial Industry Performance Industry Sector information technology initial public offering investors IRR Figure Jensen LBO firms LBO Funds level 2-tailed leveraged buyout Limited Partners Linear Regression management team Margin CAGR ownership performance is higher portfolio company positive prior Private Equity Funds public market Sales CAGR sample significant Source sub-sample target companies tested Thomson Venture Economics tion value creation value drivers variable hypothesis Venture Capital Venture Capital funds Weighted Average Gross
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