TY  - RPRT
A1  - Gill, Andrej
A1  - Visnjic, Nikolai
T1  - Insight private equity : [Version 26 September 2012]
N2  - We build on previous work on operational performance evaluation of private equity portfolio companies as we are able to at least partially decrypt the black box consisting of restructuring tools these investors use and the corresponding impact on their portfolio companies. Beyond answering whether private equity improves operating efficiency we figure out which of the typical restructuring tools drive operating efficiency. Using a set of over 300 international leveraged buyout transactions in the last thirty years we find that while there is vast improvement in operational efficiency these gains vary considerably. Our top performing transactions are subject to strong equity incentives, frequent asset restructuring and tight control by the investor. Furthermore, investors experience has a positive and financial leverage a negative influence on operational performance.
KW  - private equity
KW  - active shareholders
KW  - leveraged buyouts
KW  - operational performance
KW  - corporate restructuring
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/34784
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-347847
IS  - Version 26 September 2012
ER  -