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Private Equity and Buyouts : = A Study of Value Creation in Portfolio Companies.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Private Equity and Buyouts :/
Reminder of title:	A Study of Value Creation in Portfolio Companies.
Author:	Alves, Pedro Antonio Sousa.
Description:	1 online resource (52 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:	9798382185705

Private Equity and Buyouts : = A Study of Value Creation in Portfolio Companies.
Alves, Pedro Antonio Sousa.

Private Equity and Buyouts :A Study of Value Creation in Portfolio Companies. - 1 online resource (52 pages)

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

Thesis (M.A.)--Universidade do Porto (Portugal), 2015.

Includes bibliographical references

Buyouts became a hot topic in the financial academia after billions of euros have been invested by the private equity industry over the past decade. Are these deals economically desirable? Acknowledging the need to adjust operating returns by the new risk profile of target firms after the buyout (i.e. the new cost of capital), this study provides new empirical evidence on whether and how buyouts create value in portfolio companies. Using a sample of 159 pan-European deals, we found no evidence of higher value creation in buyouts after adjusting for industry effects. Furthermore, we applied a multivariate analysis to study the determinants of value creation and found that, apart from sales growth and the outsourcing of intermediate goods and services, the majority of theoretical drivers have weak explanatory power or actually fail to explain the behaviour of risk adjust returns. Overall, our findings support the theory that private equity investments introduce an entrepreneurial and growth mid-set, reflected in higher pace of growth and capex levels, while value may be created by reducing labour intensity through higher outsourcing. In the end, our results highlighted the need for further investigation of the value creation process in the more recent waves of deals.

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

Mode of access: World Wide Web

ISBN: 9798382185705Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Private Equity and Buyouts : = A Study of Value Creation in Portfolio Companies.
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100 1 $a Alves, Pedro Antonio Sousa. $3 1474979
245 1 0 $a Private Equity and Buyouts : $b A Study of Value Creation in Portfolio Companies.
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500 $a Source: Masters Abstracts International, Volume: 85-10.
500 $a Advisor: Sousa, Miguel Augusto Gomes.
502 $a Thesis (M.A.)--Universidade do Porto (Portugal), 2015.
504 $a Includes bibliographical references
520 $a Buyouts became a hot topic in the financial academia after billions of euros have been invested by the private equity industry over the past decade. Are these deals economically desirable? Acknowledging the need to adjust operating returns by the new risk profile of target firms after the buyout (i.e. the new cost of capital), this study provides new empirical evidence on whether and how buyouts create value in portfolio companies. Using a sample of 159 pan-European deals, we found no evidence of higher value creation in buyouts after adjusting for industry effects. Furthermore, we applied a multivariate analysis to study the determinants of value creation and found that, apart from sales growth and the outsourcing of intermediate goods and services, the majority of theoretical drivers have weak explanatory power or actually fail to explain the behaviour of risk adjust returns. Overall, our findings support the theory that private equity investments introduce an entrepreneurial and growth mid-set, reflected in higher pace of growth and capex levels, while value may be created by reducing labour intensity through higher outsourcing. In the end, our results highlighted the need for further investigation of the value creation process in the more recent waves of deals.
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 0508
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710 2 $a Universidade do Porto (Portugal). $3 1188642
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