By Daniel Pindur, Prof. Dr. Frank Richter

ISBN-10: 3835008528

ISBN-13: 9783835008526

The LBO phenomenon has lately skilled significant cognizance in educational literature; specially wealth results at the events concerned appear to be on the vanguard of curiosity. even if, empirical educational paintings on ex-post worth production and function research continues to be in its infancy, predominantly because of the loss of avaliable details on enterprises that experience skilled and accomplished an LBO.

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2003), pp. 227ff. See Markowitz, H. (1952), pp. 77-91. See Sharpe, W. F. (1964), pp. 425-442, Lintner, J. (1965), pp. 13-37 and Mossin, J. (1966), pp. 768-783. See Fama, E. F. (1970), pp. 383-417. g. Wilhelm, J. E. M. (1985), pp. 40-59. See Jensen, M. C. (1993), p. 868. /Santomero, A. M. (1997), p. 1462. 6 Introduction however, from the associated restrictive assumptions, there are a number of arguments contradicting the irrelevancy of financing decisions and serving to explain the existence of 17 financial intermediation.

Vishny, R. (1997b) arguing that residual control rights remain with the agents as they have been chosen by the principal(s) for their specific knowledge and decision skills. g. , et al. (2001), pp. 56ff. 36 For the following see Spremann, K. (1990), pp. 568-572. However, adverse selection, which is frequently seen as a third type of agency conflict, is for the understanding here (analogous to Schefczyk, M. (2004), pp. 139-152) considered separately under Asymmetric Information Distribution. -J.

2004) Variance analysis of pre- Baker/Wruck (1989) and post-LBO operational Smith (1990a) performance indicators Opler (1992) Comparison of variations Kaplan (1989a) with industry levels Muscarella/Vetsuypens (1990) Performance analysis of private equity as an asset class Comparison with the public market as alternative investment Ljungqvist/Richardson (2003a) Evca (2004) Gottschalg et al. 1 Premia-Paid Analysis in Public-to-Private Transactions Substantial acquisition premia in US public-to-private transactions in the late 80s triggered a spate of research into the value creation of LBOs.

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Value Creation in Successful LBOs by Daniel Pindur, Prof. Dr. Frank Richter


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