Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015

Detalhes bibliográficos
Autor(a) principal: Borrelli, Michele
Data de Publicação: 2017
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/28308
Resumo: Private equity funds face an essential decision, when it comes to the divestment choice of a portfolio company. Using a sample of 237 private equity transactions in Germany between 2000 and 2015, I observe that private equity funds take advantage of windows of opportunity being more likely to exit through an initial public offering (IPO) during ‘hot’ equity markets. Furthermore, secondary buyouts might be more resilient to rising interest rates rather than trade sales or IPOs. Due to the presence of more private equity capital in the market, funds tend to overpay for their targets, thereby, significantly increasing the volume of secondary buyouts.
id RCAP_959017009b48ea07e4f8e91b600134ed
oai_identifier_str oai:run.unl.pt:10362/28308
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015Private equityExit choiceSecondary buyoutIPODomínio/Área Científica::Ciências Sociais::Economia e GestãoPrivate equity funds face an essential decision, when it comes to the divestment choice of a portfolio company. Using a sample of 237 private equity transactions in Germany between 2000 and 2015, I observe that private equity funds take advantage of windows of opportunity being more likely to exit through an initial public offering (IPO) during ‘hot’ equity markets. Furthermore, secondary buyouts might be more resilient to rising interest rates rather than trade sales or IPOs. Due to the presence of more private equity capital in the market, funds tend to overpay for their targets, thereby, significantly increasing the volume of secondary buyouts.Anjos, FernandoRUNBorrelli, Michele2020-06-30T00:30:35Z2017-06-302017-06-30T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/28308TID:201752824enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:15:09Zoai:run.unl.pt:10362/28308Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:28:54.886731Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
title Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
spellingShingle Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
Borrelli, Michele
Private equity
Exit choice
Secondary buyout
IPO
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
title_full Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
title_fullStr Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
title_full_unstemmed Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
title_sort Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
author Borrelli, Michele
author_facet Borrelli, Michele
author_role author
dc.contributor.none.fl_str_mv Anjos, Fernando
RUN
dc.contributor.author.fl_str_mv Borrelli, Michele
dc.subject.por.fl_str_mv Private equity
Exit choice
Secondary buyout
IPO
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Private equity
Exit choice
Secondary buyout
IPO
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description Private equity funds face an essential decision, when it comes to the divestment choice of a portfolio company. Using a sample of 237 private equity transactions in Germany between 2000 and 2015, I observe that private equity funds take advantage of windows of opportunity being more likely to exit through an initial public offering (IPO) during ‘hot’ equity markets. Furthermore, secondary buyouts might be more resilient to rising interest rates rather than trade sales or IPOs. Due to the presence of more private equity capital in the market, funds tend to overpay for their targets, thereby, significantly increasing the volume of secondary buyouts.
publishDate 2017
dc.date.none.fl_str_mv 2017-06-30
2017-06-30T00:00:00Z
2020-06-30T00:30:35Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/28308
TID:201752824
url http://hdl.handle.net/10362/28308
identifier_str_mv TID:201752824
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799137914194493440

Registros relacionados