Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies Book

The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies PDF
By:Philippe Fuchs
Published on 2019 by

DOWNLOAD HERE !

Using company-level accounting data, I compare the performance of portfolio companies of specialized and non-specialized private equity firms in terms of industry and investment stage. Specialization is measured by the Index of Competitive Advantage, which calculates the relative degree of specialization of a private equity firm. After controlling for company, private equity firm and transaction characteristics, I find that portfolio companies of industry specialized private equity firms have a higher mean operating profitability (measured as EBITDA/Assets) in the first three years after the transaction compared companies owned by non-specialized private equity investors. This effect remains statistically and economically significant when using EBIT to measure operating profitability. However, industry specialization has no significant effect on annual revenue growth. Investment stage specialization does not have a significant effect on either metric. I argue that industry specialized investors are better at identifying promising companies, improving the company operationally, reducing cost and finding an exit route through their extensive industry network than non-specialized private equity firms.

This Book was ranked at 16 by Google Books for keyword Private Equity.

Book ID of The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies's Books is UX0cyAEACAAJ, Book which was written byPhilippe Fuchshave ETAG "cHP1DLmAqp4"

Book which was published by since 2019 have ISBNs, ISBN 13 Code is and ISBN 10 Code is

Reading Mode in Text Status is false and Reading Mode in Image Status is false

Book which have " Pages" is Printed at BOOK under Category

Book was written in en

eBook Version Availability Status at PDF is falseand in ePub is false

Book Preview

DOWNLOAD NOW !

Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies PDF Free

Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies Book Free

Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies Free

Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies PDF

Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies Book

How to Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies Book

How to Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies

How to Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies pdf

How to Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies free

Free Download The Impact of Private Equity Firm Specialization on the Performance of Portfolio Companies