國立虎尾科技大學 |

Private Equity Clubs : = Returns in the Financial Crisis Period.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Private Equity Clubs :/
Reminder of title:	Returns in the Financial Crisis Period.
Author:	Lousada, Joana Isabel Parada.
Description:	1 online resource (59 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-10.
Contained By:	Masters Abstracts International85-10.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798382176833

Private Equity Clubs : = Returns in the Financial Crisis Period.
Lousada, Joana Isabel Parada.

Private Equity Clubs :Returns in the Financial Crisis Period. - 1 online resource (59 pages)

Source: Masters Abstracts International, Volume: 85-10.

Thesis (M.A.)--Universidade do Porto (Portugal), 2021.

Includes bibliographical references

This dissertation aims to shed some light on the U.S. private equity (PE) market,more specifically, to analyze the differences between the premiums paid by clubs of PE firms and sole PE firms during crisis periods vs non-crisis periods.Considering a sample of 372 deals, where 76 are acquisitions that involved more thanone PE firm (club deals) and 296 involved one PE firm (sole-sponsored deals), announced between 2002 and 2018, it was investigated the effect of this difference on the stock returns of publicly traded targets. Three different categories of returns were employed as dependent variables: Raw Returns, Buy-and-Hold Abnormal Returns (BHARs,) and Cumulative Abnormal Returns (CARs) divided into eight intervals.From this study, it is possible to conclude that, when all transactions are considered without separating between prominent and non-prominent PE firms, there is no difference between the premiums paid by club deals and sole-sponsored deals. When only prominent PE firms are considered, in all intervals of the returns, the premiums paid by clubs of prominent PE firms are lower than the premiums paid by sole prominent PE firms.In what concerns non-crisis vs crisis periods, it is concluded that the premiums paid by clubs of PE firms are not statistically different from the premiums paid by sole PE firmsin a financial crisis period in both analyses.For the entire investigation period, except in 2003, on average, the deal value is higherin club deals than in sole-sponsored deals, meaning that clubs pay higher prices for each target when compared to the cases in that there is a single PE firm acquiring the target.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382176833Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Private Equity Clubs : = Returns in the Financial Crisis Period.
LDR:02869ntm a22003497 4500 001 1148893
005 20240930105250.5
006 m o d
007 cr bn ---uuuuu
008 250605s2021 xx obm 000 0 eng d
020 $a 9798382176833
035 $a (MiAaPQ)AAI30952158
035 $a (MiAaPQ)Portugal10216136629
035 $a AAI30952158
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Lousada, Joana Isabel Parada. $3 1474977
245 1 0 $a Private Equity Clubs : $b Returns in the Financial Crisis Period.
264 0 $c 2021
300 $a 1 online resource (59 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Masters Abstracts International, Volume: 85-10.
500 $a Advisor: Farinha, Jorge.
502 $a Thesis (M.A.)--Universidade do Porto (Portugal), 2021.
504 $a Includes bibliographical references
520 $a This dissertation aims to shed some light on the U.S. private equity (PE) market,more specifically, to analyze the differences between the premiums paid by clubs of PE firms and sole PE firms during crisis periods vs non-crisis periods.Considering a sample of 372 deals, where 76 are acquisitions that involved more thanone PE firm (club deals) and 296 involved one PE firm (sole-sponsored deals), announced between 2002 and 2018, it was investigated the effect of this difference on the stock returns of publicly traded targets. Three different categories of returns were employed as dependent variables: Raw Returns, Buy-and-Hold Abnormal Returns (BHARs,) and Cumulative Abnormal Returns (CARs) divided into eight intervals.From this study, it is possible to conclude that, when all transactions are considered without separating between prominent and non-prominent PE firms, there is no difference between the premiums paid by club deals and sole-sponsored deals. When only prominent PE firms are considered, in all intervals of the returns, the premiums paid by clubs of prominent PE firms are lower than the premiums paid by sole prominent PE firms.In what concerns non-crisis vs crisis periods, it is concluded that the premiums paid by clubs of PE firms are not statistically different from the premiums paid by sole PE firmsin a financial crisis period in both analyses.For the entire investigation period, except in 2003, on average, the deal value is higherin club deals than in sole-sponsored deals, meaning that clubs pay higher prices for each target when compared to the cases in that there is a single PE firm acquiring the target.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0509
690 $a 0508
690 $a 0629
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Universidade do Porto (Portugal). $3 1188642
773 0 $t Masters Abstracts International $g 85-10.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30952158 $z click for full text (PQDT)