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The Journal of Private Equity最新文献

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The Effects of Call Options on Exit Strategies in Private Equity Shareholder Agreements 私募股权股东协议中看涨期权对退出策略的影响
The Journal of Private Equity Pub Date : 2015-11-13 DOI: 10.3905/jpe.2015.19.1.041
David Sonius, U. Kehrel, Rustin T. Yerkes
{"title":"The Effects of Call Options on Exit Strategies in Private Equity Shareholder Agreements","authors":"David Sonius, U. Kehrel, Rustin T. Yerkes","doi":"10.3905/jpe.2015.19.1.041","DOIUrl":"https://doi.org/10.3905/jpe.2015.19.1.041","url":null,"abstract":"1. David Sonius\u0000 1. is a consultant with hww Unternehmensberater GmbH in Berlin, Germany. (david.sonius{at}hww.eu) \u0000\u00002. Uwe Kehrel\u0000 1. is an assistant professor at the Institute of Business Administration at the University of Munster in Munster, Germany. (uwe.kehrel{at}uni-muenster.de","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125102731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Major Changes Proposed in Israeli Debt Restructurings 以色列债务重组提议的主要变化
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/JPE.2015.18.4.090
Sheon Karol
{"title":"Major Changes Proposed in Israeli Debt Restructurings","authors":"Sheon Karol","doi":"10.3905/JPE.2015.18.4.090","DOIUrl":"https://doi.org/10.3905/JPE.2015.18.4.090","url":null,"abstract":"The rapid growth of non-traditional bank lending in Israel substantially mirrors the U.S. experience. While this trend has fostered growth and innovation by providing Israeli businesses with access to the capital markets, Israeli law governing debt restructurings has been in need of modernization and is substantially less well developed than analogous U.S. law. The Israel Finance Ministry in November 2014 proposed significant changes to modernize Israeli law in this area. The main provisions of the Commission’s recommendations remove much of the control exercised by corporate insiders under the existing regime and provide bondholders, as creditors, with greater leverage to determine the timing and outcome of restructurings.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123191458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Performance of Private Equity Backed Initial Public Offerings: Empirical Evidence from India 私募股权支持的首次公开发行的表现:来自印度的经验证据
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.056
Raviraj Karmvir Gohil, Vijay H. Vyas
{"title":"Performance of Private Equity Backed Initial Public Offerings: Empirical Evidence from India","authors":"Raviraj Karmvir Gohil, Vijay H. Vyas","doi":"10.3905/jpe.2015.18.4.056","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.056","url":null,"abstract":"This article investigates the initial and long-term performance of private equity (PE) backed initial public offerings (IPOs) in India. Using the data of IPOs listed on the Bombay stock exchange from 2009 to 2012, the authors investigate the initial performance of the IPO on listing day for both PE equity backed IPOs and non-PE backed IPOs and documented that PE backed IPOs show less underpricing than non-PE backed IPOs. Then, they compared the long-term performance of PE and non-PE backed IPOs for two years post-listing and documented less underperformance of PE backed IPOs compared with non-PE backed IPOs. Finally, the authors confirmed “fads” in Indian IPOs market but also recorded that the degree of fads was less in PE backed IPOs than in non-PE backed IPOs.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"267 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123406983","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Editor’s Letter 编辑的信
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.001
F. Mathis
{"title":"Editor’s Letter","authors":"F. Mathis","doi":"10.3905/jpe.2015.18.4.001","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.001","url":null,"abstract":"","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124787262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Healthcare Asset Due Diligence: Risks and Opportunities 医疗资产尽职调查:风险与机遇
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.026
J. Pohl
{"title":"Healthcare Asset Due Diligence: Risks and Opportunities","authors":"J. Pohl","doi":"10.3905/jpe.2015.18.4.026","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.026","url":null,"abstract":"Current healthcare due diligence leaves investors with a critical blind spot: due diligence is unable to identify an intellectual property variable that determines investment outcomes. This article shows how to find that variable, discusses case studies illustrating how that variable creates or destroys value, and provides a reliable framework to assure that your due-diligence team provides guidance that is not merely correct, but effective.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121757465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Dynamic Panel Data Analysis: The Effect of Private Equity on Investment and Financial Constraints of Indian Companies 动态面板数据分析:私募股权对印度公司投资和财务约束的影响
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.065
R. Dhankar, Kunjana Malik
{"title":"A Dynamic Panel Data Analysis: The Effect of Private Equity on Investment and Financial Constraints of Indian Companies","authors":"R. Dhankar, Kunjana Malik","doi":"10.3905/jpe.2015.18.4.065","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.065","url":null,"abstract":"The effects of private equity in the investment of firms and investment cash-flow sensitivity have long been debated. This paper analyzes the impact of private equity on the investment level of Indian firms and on investment cash-flow sensitivities. Endogeneity of private equity transactions and unobserved heterogeneity have been considered using dynamic panel data techniques. The paper covers listed companies backed by private equity during the 10 years from 2005-2014. In India, we found that private equity investment increases the investment level as well as the investment cash-flow sensitivity of the firms. The relation between investment cash-flow sensitivity and financial constraints is also discussed.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121424681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Optimal Transaction Structuring in China: How Private Equity Firms Can Get the Most out of Their Structures 中国的最优交易结构:私募股权公司如何最大限度地利用其交易结构
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.075
Priya A. Roy
{"title":"Optimal Transaction Structuring in China: How Private Equity Firms Can Get the Most out of Their Structures","authors":"Priya A. Roy","doi":"10.3905/jpe.2015.18.4.075","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.075","url":null,"abstract":"The private equity market in China has grown substantially, and this growth is expected to continue. However, the current regulatory framework around private equity in China represents a challenge, made worse by its opacity. Three primary types of private equity funds aim to invest in the PRC: offshore funds, onshore domestic funds, and onshore foreign-invested funds. They differ by location, currency, and mix of foreign to domestic capital. This article looks into the key characteristics of each type of fund and determines which is the optimal fund structure.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"84 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115768936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mechanisms behind the Successful VC Nation of Israel 以色列成功的VC国家背后的机制
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.082
Jarunee Wonglimpiyarat
{"title":"Mechanisms behind the Successful VC Nation of Israel","authors":"Jarunee Wonglimpiyarat","doi":"10.3905/jpe.2015.18.4.082","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.082","url":null,"abstract":"This study explores the mechanisms behind the successful venture capital (VC) financing in Israel. Known as the most successful Silicon Valley-style economy, Israel presents an interesting case of effective institutional setting and policies that make the country a high-tech miracle. The analysis was done based on the competitive Diamond model. The results show that the thriving Israeli high-tech clusters are the result of Triple Helix interactions and government-led policies in creating the VC industry, with the financial support of the Yozma program as well as foreign funding. Importantly, government financing did not crowd out, but rather crowded in, private investments. The article provides lessons on Silicon Valley-style management that can be applied to other emerging nations.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122308786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Private Equity Investments in Banks 银行私募股权投资
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.031
Gianfranco Gianfrate, Francesco Gouigoux
{"title":"Private Equity Investments in Banks","authors":"Gianfranco Gianfrate, Francesco Gouigoux","doi":"10.3905/jpe.2015.18.4.031","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.031","url":null,"abstract":"The authors investigate the performance change of 109 global banks that received private equity investments between 2000 and 2012. The investee banks experience significant improvements in operating profitability mainly due to increases in customer loans and the implementation of cost-cutting policies. Changes in leverage are not significant and have a very limited impact on banks’ performance post-investment. The increase in profitability is positively associated with the size of the acquired stake, suggesting that the larger the influence of the private equity fund on the target bank, the more effective the operating improvements.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130040000","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Defense and Government Contractor M&A—Special Concerns for Private Equity Buyers 国防和政府承包商并购——私募股权买家的特殊关注点
The Journal of Private Equity Pub Date : 2015-08-31 DOI: 10.3905/jpe.2015.18.4.040
J. S. Howe, Samuel W. Jack
{"title":"Defense and Government Contractor M&A—Special Concerns for Private Equity Buyers","authors":"J. S. Howe, Samuel W. Jack","doi":"10.3905/jpe.2015.18.4.040","DOIUrl":"https://doi.org/10.3905/jpe.2015.18.4.040","url":null,"abstract":"Private equity (PE) buyers account for a great deal of merger and acquisition activity involving aerospace, defense, and technology services firms that contract with the U.S. government. This industry is highly regulated, and some of its regulations are complex and counter-intuitive. The article addresses the affiliation issues that can arise from holding government contractor portfolio companies. First is the affiliation among a PE buyer, its portfolio companies, and the acquired company for purposes of the U.S. Small Business Administration rules on small business “set aside” contracts. Second is the affiliation between PE firms and their foreign investors when acquiring a government contractor that holds security clearances. Finally is the affiliation between and among portfolio companies for purposes of contract competitions, including the conflict of interest and suspension/debarment regimes.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121025533","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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