Private equity in Germany: the impact of debt and equity market conditions on the exit choice of private equity funds between 2000 and 2015
Autor(a) principal: | |
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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. |
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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 |
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1799137914194493440 |