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Private Equity : = What Happens Next?

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Private Equity :/
其他題名:	What Happens Next?
作者:	Botelho, Miguel Machete.
面頁冊數:	1 online resource (39 pages)
附註:	Source: Masters Abstracts International, Volume: 85-08.
Contained By:	Masters Abstracts International85-08.
標題:	Dependent variables. -
電子資源:	click for full text (PQDT)
ISBN:	9798381538076

Private Equity : = What Happens Next?
Botelho, Miguel Machete.

Private Equity :What Happens Next? - 1 online resource (39 pages)

Source: Masters Abstracts International, Volume: 85-08.

Thesis (M.S.)--Universidade Catolica Portuguesa (Portugal), 2019.

Includes bibliographical references

Previous academic research has focused on Private Equity funds' superior performance, when compared to respective benchmarks. However, there is still a question to be answered: what happens after these funds' targets leave Private Equity's protective wing? From a sample of 426 observations, from which 180 had previously been funded by Private Equity, in both US stock exchanges, we built a first-differences regression model to investigate the subject. We found evidence showing that Private Equity's superiority during funds' lifetime is paid away in the years after. Our sample revealed a negative effect detected on long-term performance of firms whose Initial Public Offerings were Private Equity-backed. The data collected suggests a possible variation of the negative impact, depending on the industrial sector. There is also evidence that smaller firms are more affected than larger firms, by the identified Private Equity effect. The percentage of outstanding shares issued at IPO is positively correlated with the negative impact under scrutiny, when less than half of the total equity had been issued. Nevertheless, one must be cautious when interpreting the results, as our performance measures are scaled by the market capitalization, which is subject to investors' overvaluation.

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

Mode of access: World Wide Web

ISBN: 9798381538076Subjects--Topical Terms:

1467926
Dependent variables.
Index Terms--Genre/Form:

554714
Electronic books.

Private Equity : = What Happens Next?
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500 $a Source: Masters Abstracts International, Volume: 85-08.
500 $a Advisor: Bunkanwanicha, Pramuan.
502 $a Thesis (M.S.)--Universidade Catolica Portuguesa (Portugal), 2019.
504 $a Includes bibliographical references
520 $a Previous academic research has focused on Private Equity funds' superior performance, when compared to respective benchmarks. However, there is still a question to be answered: what happens after these funds' targets leave Private Equity's protective wing? From a sample of 426 observations, from which 180 had previously been funded by Private Equity, in both US stock exchanges, we built a first-differences regression model to investigate the subject. We found evidence showing that Private Equity's superiority during funds' lifetime is paid away in the years after. Our sample revealed a negative effect detected on long-term performance of firms whose Initial Public Offerings were Private Equity-backed. The data collected suggests a possible variation of the negative impact, depending on the industrial sector. There is also evidence that smaller firms are more affected than larger firms, by the identified Private Equity effect. The percentage of outstanding shares issued at IPO is positively correlated with the negative impact under scrutiny, when less than half of the total equity had been issued. Nevertheless, one must be cautious when interpreting the results, as our performance measures are scaled by the market capitalization, which is subject to investors' overvaluation.
520 $a A literatura academica tem vindo a concentrar-se na rentabilidade superior dos fundos de Private Equity, quando comparados com os respectivos benchmarks. No entanto, uma questao permanece por responder: o que acontece as empresas previamente detidas por estes fundos depois de deixarem de o ser? De uma amostra de 426 observacoes, das quais 180 foram previamente financiadas por Private Equity, em ambas as bolsas de valores dos EUA, construimos um modelo de regressao de primeiras diferencas para investigar o assunto. Encontramos provas de que a rentabilidade superior verificada em Private Equity, durante a vida dos fundos, tem um reverso nos anos seguintes. A nossa amostra revelou um efeito negativo detectado no desempenho de longo prazo das empresas submetidas a Ofertas Publicas de Aquisicao por fundos de Private Equity. Os dados recolhidos sugerem uma possivel variacao desse efeito, dependendo do sector industrial a que cada empresa pertence. Ha tambem evidencias de que empresas de menor dimensao de activos sao mais as afectadas pelo efeito negativo de Private Equity. A percentagem de acoes em circulacao emitida em OPA esta positivamente correlacionada com o efeito negativo identificado, o que, consequentemente, nos levou a resultados, estatisticamente verificados, de que este se encontra presente apenas perante percentagens inferiores a cinquenta porcento. Contudo, e preciso ter em conta que, na interpretacao destes resultados, as medidas de desempenho utilizadas foram ajustadas pela capitalizacao de mercado, sujeita a sobrevalorizacao por parte dos investidores.
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