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Value creation by private equity-backed IPOs. Underpricing and long-term performance in Germany PDF
By:Matthias Hetzenecker
Published on 2020-11-19 by GRIN Verlag

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Bachelor Thesis from the year 2019 in the subject Business economics - Review of Business Studies, grade: 1,0, University of applied Sciences Regensburg, language: English, abstract: This paper examines value creation by private equity-backed IPOs. It gives detailed insights on a mostly US-based research topic analyzing 134 German IPOs from 2002 to 2018, of which 49 were identified as PE-backed, and contributes empirical evidence on the discussion of private equity value creation. The empirical results provide detailed information on whether private equity financing can be a suitable financing source for companies by comparing and analyzing the performance differences between IPOs of companies with and without private equity sponsors. Furthermore, the paper provides empirical evidence on the IPO phenomena of underpricing and negative long-term performance for Germany, differentiating itself from former studies in terms of a broader time horizon and an extensive return calculation methodology. Since the locust swarms debate initiated by SPD politician Franz Müntefering, private equity investors have had to struggle with an extremely bad reputation in Germany. Unpopular measures such as company divestures or mass redundancies to achieve set turnover and return targets reinforce the negative image of financial investors. Accordingly, investor and business magnate Warren Buffet criticized that businesses under private equity control become a piece of merchandise. Nonetheless, the private equity industry continues to boom, reaching new records in terms of global business volume and transactions. Under these circumstances and new evolving discussions, it is essential to take a close look at the business model of private equity firms and to analyze potential short- and long-term value creation in their portfolio companies.

This Book was ranked at 28 by Google Books for keyword Private Equity.

Book ID of Value creation by private equity-backed IPOs. Underpricing and long-term performance in Germany's Books is QukJEAAAQBAJ, Book which was written byMatthias Hetzeneckerhave ETAG "k21kdp96CDk"

Book which was published by GRIN Verlag since 2020-11-19 have ISBNs, ISBN 13 Code is 9783346299635 and ISBN 10 Code is 3346299635

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Book which have "76 Pages" is Printed at BOOK under CategoryBusiness and Economics

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