Private equity – blessing or curse? : the case of IPOs

  • WE STUDY WHETHER PRIVATE EQUITY (PE) FIRMS HAVE A POSITIVE IMPACT ON THE FINANCIAL PERFORMANCE OF THEIR GERMAN PORTFOLIO COMPANIES BEFORE AND AFTER THE IPO. OUR EMPIRICAL ANALYSIS IS BASED ON A UNIQUE AND LARGE DATASET OF ALL IPOS IN GERMANY BETWEEN 2000 AND 2007. WE FIND THAT PE FIRMS SELECT COMPANIES WITH BELOW AVERAGE PERFORMANCE AND THEN IMPROVE PERFORMANCE SUBSTANTIALLY UNTIL THE IPO DATE AND IN MANY CASES ALSO THEREAFTER. THIS IMPLIES THAT PE FIRMS FILL A VOID ALSO IN GERMAN FINANCIAL MARKETS AND THAT THEY WILL ALSO PLAY A FUTURE ROLE IN FINANCING GERMAN ENTERPRISES.

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Metadaten
Author:Andreas HackethalORCiDGND, Timo Litty, Christian Rauch, Mark Wahrenburg
URN:urn:nbn:de:hebis:30:3-578965
ISSN:1866-1238
Parent Title (English):EFL quarterly : an E-Finance Lab publication
Publisher:E-Finance Lab e.V.
Place of publication:Frankfurt am Main
Document Type:Article
Language:English
Year of Completion:2010
Year of first Publication:2010
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2021/01/28
Volume:2010
Issue:4
Page Number:2
First Page:4
Last Page:5
HeBIS-PPN:477210147
Institutes:Angeschlossene und kooperierende Institutionen / E-Finance Lab e.V.
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht