Value Creation in Leveraged Buyouts

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November 2007



Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.


1;Foreword I;7 2;Foreword II;10 3;Acknowledgements;12 4;Brief Contents;14 5;Table of Contents;15 6;List of Figures;23 7;List of Tables;30 8;List of Abbreviations;33 9;Abstract;36 10;1 Introduction;40 10.1;1.1 Background of Research;40 10.2;1.2 Problem Statement;41 10.3;1.3 Need for Study;43 10.4;1.5 Scope and Limitations;45 10.5;1.6 Organization of Research;46 11;2 Literature Review;48 11.1;2.1 Definitions and the Buyout Process;48 11.2;2.2 The Buyout Controversy - Alleviating Common Beliefs;56 11.3;2.3 Agency Theory of Leveraged Buyouts;58 11.4;2.4 Strategic Management View of Leveraged Buyouts;60 11.5;2.5 Value Creation in Leveraged Buyouts;62 11.6;2.6 Value Destruction in Acquisitions and Leveraged Buyouts;77 12;3 Methodology and Research Design;81 12.1;3.1 Research Goal of the Study;81 12.2;3.2 Research Object of the Study;83 12.3;3.3 Research Model;89 12.4;3.4 General Hypotheses;95 12.5;3.5 Performance Evaluation;95 12.6;IEV;100 12.7;3.6 Empirical Approach;106 12.8;\i;114 12.9;o 1;114 12.10;o;114 12.11;3.7 Research Methodology and Data Analysis;121 13;4 Empirical Part I - Market and Financial Value Drivers;126 13.1;4.1 Introduction;126 13.2;4.2 Control Population Overview;127 13.3;4.3 Leveraged Buyout Deal Performance;164 13.4;4.4 Leveraged Buyout Deal vs. Public Market & Industry Financial Performance;236 13.5;4.5 Leveraged Buyout Value Attribution Analysis;272 13.6;4.6 Conclusions;282 14;5 Empirical Part II - The GP Firm and Manager Effect;287 14.1;5.1 Introduction;287 14.2;5.2 Investment Manager and General Partner Firm Characteristics;288 14.3;5.3 Modeling the Buyout Firm Experience Effect;349 14.4;5.4 Conclusions;360 15;6 Empirical Part III - Buyout Strategies;362 15.1;6.1 Introduction;362 15.2;6.2 Target Company Characteristics;379 15.3;6.3 Deal Decisions and Characteristics;392 15.4;6.4 Acquisition Process and Strategic Events;406 15.5;6.5 Modelling Buyout Characteristics, Decisions and Strategic Events;415 15.6;6.6 Conclusions;423 16;7 Summary and Concl
usions;425 16.1;7.1 Summary of Study's Key Findings;425 16.2;7.2 Contributions to Research and Applications to Practice;446 16.3;7.3 Limitations of Study and Areas of Future Research;452 17;8 Appendices;454 18;9 Bibliography;472


Dr. Nicolaus Loos promovierte bei Prof. Dr. Martin Hilb am IFPM Institut der Universität St. Gallen und forschte am Buyout Research Center am INSEAD. Er ist als Investment Banker für den Bereich Private Equity bei J.P. Morgan in New York, USA tätig.


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EAN: 9783835093294
Untertitel: Analysis of Factors Driving Private Equity Investment Performance. 2006. Auflage. Sprache: Englisch. Dateigröße in MByte: 29.
Verlag: Deutscher Universitätsverlag
Erscheinungsdatum: November 2007
Format: pdf eBook
Kopierschutz: Adobe DRM
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