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Author: Phillip Leslie Publisher: ISBN: Category : Incentives in industry Languages : en Pages : 58
Book Description
We analyze the differences between companies owned by private equity (PE) investors and similar public companies. We document that PE-owned companies use much stronger incentives for their top executives and have substantially higher debt levels. However, we find little evidence that PE-owned firms outperform public firms in profitability or operational efficiency. We also show that the compensation and debt differences between PE-owned companies and public companies disappear over a very short period (one to two years) after the PE-owned firm goes public. Our results raise questions about whether and how PE firms and the incentives they put in place create value.
Author: Phillip Leslie Publisher: ISBN: Category : Incentives in industry Languages : en Pages : 58
Book Description
We analyze the differences between companies owned by private equity (PE) investors and similar public companies. We document that PE-owned companies use much stronger incentives for their top executives and have substantially higher debt levels. However, we find little evidence that PE-owned firms outperform public firms in profitability or operational efficiency. We also show that the compensation and debt differences between PE-owned companies and public companies disappear over a very short period (one to two years) after the PE-owned firm goes public. Our results raise questions about whether and how PE firms and the incentives they put in place create value.
Author: Chandra S. Mishra Publisher: Springer ISBN: 331954540X Category : Business & Economics Languages : en Pages : 377
Book Description
This book develops a unified framework to explain the phenomena of competitive advantage and firm value creation in dynamic environments. Through a new strategic value creation theory, it explores how a firm can measure and sustain its competitive advantage through management incentives, capital market forces, organizational culture and structure, and social complexity. It also considers how management can utilize their resources and capabilities, shadow options, product market forces, customer needs, and organizational learning as a means to differentiate them from the competition. With an innovative approach to theory and research, it will be positioned to inform both scholars and practitioners in management, business strategy, and entrepreneurship on the process of competitive and sustainable value creation.
Author: McKinsey & Company Inc. Publisher: John Wiley & Sons ISBN: 0470889934 Category : Business & Economics Languages : en Pages : 860
Book Description
The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.
Author: Bjørn Espen Eckbo Publisher: Elsevier ISBN: 0080932118 Category : Business & Economics Languages : en Pages : 605
Book Description
This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. - Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value - Multinational comparisons underline the volume's empirical perspectives - Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1
Author: Nicolaus Loos Publisher: Springer Science & Business Media ISBN: 3835093290 Category : Business & Economics Languages : en Pages : 490
Book Description
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.
Author: Ted Azarmi Publisher: Springer ISBN: 3319205889 Category : Business & Economics Languages : en Pages : 182
Book Description
This book brings together a good mix of academics and practitioners for a discussion that focuses on how to change financial practice and the academic field of finance in order to understand the current financial crisis and deal with future turbulent financial times. The volume is based on contributions by prominent academics and practitioners from Europe, Asia and the USA. The book contains several essays, most prominently by Maurizio Murgia, an internationally renowned European corporate finance scholar, and Robert E. Krainer, a senior professor with banking and business cycles research interest from University of Wisconsin-Madison. This book also deals with pedagogical, empirical and theoretical considerations in light of the crisis.
Author: Tavana, Madjid Publisher: IGI Global ISBN: 1466624744 Category : Business & Economics Languages : en Pages : 470
Book Description
There is an immense amount of information to be considered when attempting to solve complex strategic problems. To recognize the complexity of this process, the creation of tools and techniques are essential to aid decision makers in developing a rational model for strategy evaluation. Management Theories and Strategic Practices for Decision Making brings together a collection of research aiming to provide communication for the management of new methodologies to solve strategic problems and applying decision making approaches. This reference is useful for government agencies, practicing managers, academic and research institutions interested in bringing together strategic decision-making and decision sciences.
Author: David Faulkner Publisher: OUP Oxford ISBN: 0191628042 Category : Business & Economics Languages : en Pages : 1030
Book Description
With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific 'lenses' - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be 'synthesized', it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.
Author: Phillip Leslie
Author: Phillip Leslie
Author: Chandra S. Mishra
Author: McKinsey & Company Inc.
Author: Bjørn Espen Eckbo
Author: Nicolaus Loos
Author: Ted Azarmi
Author: Kose John
Author: Tavana, Madjid
Author: Unyong Pyo
Author: David Faulkner