Value Creation In Successful Lbos
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Value Creation In Successful Lbos
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Author : Daniel Pindur
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-05-21
Value Creation In Successful Lbos written by Daniel Pindur and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-21 with Business & Economics categories.
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.
Value Creation In Leveraged Buyouts
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Author : Nicolaus Loos
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-05
Value Creation In Leveraged Buyouts written by Nicolaus Loos and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-05 with Business & Economics categories.
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.
Private Equity 4 0
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Author : Benoît Leleux
language : en
Publisher: John Wiley & Sons
Release Date : 2015-01-15
Private Equity 4 0 written by Benoît Leleux and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-15 with Business & Economics categories.
“Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner.” Dr. Josh Lerner Jacob H. Schiff Professor of Investment Banking Chair, Entrepreneurial Management Unit Harvard Business School A multi-perspective look at private equity's inner workings Private Equity 4.0 provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more. Private Equity 4.0 offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance. Understand the industry's dominant business models Discover how value is created and performance measured Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players Elaborate a clear set of guidelines to invest in the industry and deliver better performance Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work. The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so. Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, Private Equity 4.0 is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.
Corporate Finance
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Author : Pascal Quiry
language : en
Publisher: John Wiley & Sons
Release Date : 2011-11-29
Corporate Finance written by Pascal Quiry and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-29 with Business & Economics categories.
Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financiers. Corporate Finance: Theory and Practice, 3rd Edition is split into four sections covering the basics of financial analysis; the basic theories behind valuing a firm; the major types of financial securities (equity, debt & options) and, finally, financial management; how to organise a company’s equity capital, buying and selling companies, M&A, bankruptcy and cash flow management. Key features include: A section on financial analysis – a Corporate Financier must understand a company based on a detailed analysis of its accounts. Large numbers neglected this approach during the last stock market bubble and were caught in the crash that inevitably followed. How many investors took the trouble to read Enron’s annual report? Those who did found that it spoke volumes! End of Chapter Summary, Questions and Answers, Glossary, European Case Studies A supporting Website http://www.vernimmen.com with free access to statistics, a glossary & lexicon; articles, notes on financial transactions, basic financial figures for more than 10,000 European and US listed companies, thesis topics, a bibliography; case studies, Q&A; A letter box for your questions to the authors – a reply guaranteed within 72 hours A free monthly newsletter on Corporate Finance sent out to subscribers to the site.
Mastering Private Equity
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Author : Claudia Zeisberger
language : en
Publisher: John Wiley & Sons
Release Date : 2017-06-06
Mastering Private Equity written by Claudia Zeisberger and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-06 with Business & Economics categories.
The definitive guide to private equity for investors and finance professionals Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals. This book combines insights from leading academics and practitioners and was carefully structured to offer: A clear and concise reference for the industry expert A step-by-step guide for students and casual observers of the industry A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging Markets Features guest comments by senior PE professionals from the firms listed below: Abraaj • Adams Street Partners • Apax Partners • Baring PE Asia • Bridgepoint • The Carlyle Group • Coller Capital • Debevoise & Plimpton LLP • FMO • Foundry Group • Freshfields Bruckhaus Deringer • General Atlantic • ILPA • Intermediate Capital Group • KKR Capstone • LPEQ • Maxeda • Navis Capital • Northleaf Capital • Oaktree Capital • Partners Group • Permira • Terra Firma
Corporate Finance
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Author : Pierre Vernimmen
language : en
Publisher: John Wiley & Sons
Release Date : 2009-02-18
Corporate Finance written by Pierre Vernimmen and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-18 with Business & Economics categories.
This textbook is designed for core courses in Corporate Finance taken by MBA , Masters in Finance and final year undergrads. It will also have a large market amongst corporate finance practitioners. It describes the theory and practice of Corporate Finance showing how to use financial theory to solve practical problems from a truly European perspective. Section one includes financial analysis which is not included in any other corporate finance textbook.
Investment Banking
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Author : Joshua Rosenbaum
language : en
Publisher: John Wiley & Sons
Release Date : 2022-02-23
Investment Banking written by Joshua Rosenbaum and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-23 with Business & Economics categories.
An essential, all-in-one guide to investment banking and valuation, complete with downloadable models – this new edition reflects valuable contributions from Nasdaq and the global law firm Latham & Watkins LLP plus access to the online valuation models and course. The thoroughly revised Third Edition of Investment Banking: Valuation, LBOs, M&A, and IPOs (Book + Valuation Models) delivers the most current discussion of valuation and deal-making fundamentals essential to the work of investment bankers, private equity professionals, hedge fund investors, corporate lawyers, executives, and students. Drawing on over four decades of combined experience in investment banking and investing, authors Joshua Rosenbaum and Joshua Pearl explain how to perform the valuation work and financial analysis at the core of Wall Street – comparable companies, precedent transactions, DCF, LBO, M&A analysis...and now IPO analytics and valuation. Using a step-by-step, how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. Now, over 10 years after the release of the first edition, the book is more relevant and topical than ever. The book has sold over 250,000 copies and is used in over 200 universities globally. It has become a go-to resource for investment banks, private equity, investment firms, and corporations undertaking M&A transactions, LBOs, IPOs, restructurings, and investment decisions. While the fundamentals haven't changed, the environment must adapt to changing market developments and conditions. As a result, Rosenbaum and Pearl have updated their widely-adopted book accordingly, turning the latest edition into a unique and comprehensive training package. The Third Edition includes six downloadable valuation model templates: Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, Leveraged Buyout Analysis, M&A Analysis, and IPO Valuation, available at www.wiley.com/go/investmentbanking3e.
Private Equity
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Author : H. Kent Baker
language : en
Publisher: Oxford University Press
Release Date : 2015-06-25
Private Equity written by H. Kent Baker and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-25 with Business & Economics categories.
During the past few decades, private equity (PE) has attracted considerable attention from investors, practitioners, and academicians. In fact, a substantial literature on PE has emerged. PE offers benefits for institutional and private wealth management clients including diversification and enhancement of risk-adjusted returns. However, several factors such as liquidity concerns, regulatory restrictions, and the lack of transparency limit the attractiveness of some PE options to investors. The latest volume in the Financial Markets and Investments Series, Private Equity: Opportunities and Risks offers a synthesis of the theoretical and empirical literature on PE in both emerging and developed markets. Editors H. Kent Baker, Greg Filbeck, Halil Kiymaz and their co-authors examine PE and provide important insights about topics such as major types of PE (venture capital, leveraged buyouts, mezzanine capital, and distressed debt investments), how PE works, performance and measurement, uses and structure, and trends in the market. Readers can gain an in-depth understanding about PE from academics and practitioners from around the world. Private Equity: Opportunities and Risks provides a fresh look at the intriguing yet complex subject of PE. A group of experts takes readers through the core topics and issues of PE, and also examines the latest trends and cutting-edge developments in the field. The coverage extends from discussing basic concepts and their application to increasingly complex and real-world situations. This new and intriguing examination of PE is essential reading for anyone hoping to gain a better understanding of PE, from seasoned professionals to those aspiring to enter the demanding world of finance.
Listed Private Equity Investment Strategies And Returns
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Author : Sarah Kumpf
language : en
Publisher: Diplomica Verlag
Release Date : 2013
Listed Private Equity Investment Strategies And Returns written by Sarah Kumpf and has been published by Diplomica Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
The increasing popularity of private equity (‘PE’), and especially leveraged buyouts in the late 1980s, established a novel area of research in these investments. First, research concentrated on the taking private of large corporations in the US. In his most significant paper, Jensen (1989) claimed that PE firms which function as activist investors incentivize the management of their portfolio companies to maximize value, and concluded that in the long run, private companies, owned by PE firms, would outperform firms under public ownership. Others argued that PE firms simply buy companies at a discount by exploiting private information about the takeover targets, or reduce tax spending by highly leveraging the portfolio companies. Today, many PE firms are publicly listed, and the greater transparency and availability of information about these listed PE firms, offers a unique basis to conduct research. Current research in the field of PE, and buyout investments leads to the question, in how far PE firms generate value by means of an investment into a portfolio company. Usually, drivers of value generation are classified into governance, financial and operational capabilities of PE firms. In addition to these direct drivers of value, investment and portfolio management strategies differ with respect to the ways of acquiring and divesting a portfolio company, and these different entry, and exit channels can in turn, offer distinct potential for value generation. Therefore, this paper first presents the investment and portfolio management strategies of PE firms. The strategies include different types of acquisitions, and exits, as well as the associated drivers of value creation. The second objective is to establish a link between different investment strategies, and the expected returns generated on the investor level. Listed PE allows analyzing the market’s reaction to the announcement of investments, and divestments within an event study, and hypotheses were derived for both of these types of events. Thereupon, subsamples of announcements are constructed, dependent on the way of entry and exit announced as well as on strategic decisions implemented in the portfolio company that is to be disposed.
Managing Business Portfolios Effectively
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Author : Matthias Krühler
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-04-29
Managing Business Portfolios Effectively written by Matthias Krühler and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-29 with Business & Economics categories.
This dissertation fundamentally investigates the ability and explanatory power of the parenting advantage concept to effectively manage business portfolios. It contributes to a largely ignored field of corporate strategy research: namely, the parenting role and value‐added strategies of corporate headquarters.