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Value Creation in Leveraged Buyouts Analysis of Factors Driving Private Equity Investment Performance

:	Nicolaus Loos
:	Value Creation in Leveraged Buyouts Analysis of Factors Driving Private Equity Investment Performance
:	DUV Deutscher Universitäts-Verlag
:	9783835093294
:	1
:	CHF 59.60
:

:	Betriebswirtschaft
:	English

:	457
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

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.

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.

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