The Carlyle Group: IPO of a Publicly Traded Private Equity Firm

2017 ◽  
pp. 1-27
Author(s):  
Susan Chaplinsky ◽  
Felicia C. Marston
Keyword(s):  
Private Equity ◽  
Publicly Traded ◽  
Corporate Financing ◽  
Excel Spreadsheet ◽  
The Public ◽  
The Past ◽  
Alternative Approaches

This case is used in Darden's course elective, Corporate Financing, and is accompanied by a teaching note for instructors and Excel spreadsheet for students. The Carlyle Group IPO case explores the circumstances leading up to the firm's IPO in May 2012. Over the past 25 years, Carlyle had grown from a fledgling private equity firm to one of the world's largest and most diversified investment firms. Carlyle had prepared extensively for the roadshow; management anticipated some tough questions. Students are asked to evaluate the extent to which Carlyle is undervalued relative to its peers. The case provides information on how to evaluate the earnings received by the public shareholders and outlines several alternative approaches to value PPEs.

The public-private partnership valuation paradox

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Stephen Gray ◽  
Jason Hall ◽  
Grant Pollard ◽  
Damien Cannavan
Keyword(s):  
Mathematical Proof ◽  
Systematic Risk ◽  
Cash Flows ◽  
Current Theory ◽  
Apparent Paradox ◽  
Content Type ◽  
The Public ◽  
The Past ◽  
Alternative Approaches ◽  
Practical Implications

Purpose In the context of public-private partnerships (PPPs), it has been argued that the standard valuation framework produces a paradox whereby government appears to be made better off by taking on more systematic risk. This has led to a range of approaches being applied in practice, none of which are consistent with the standard valuation approach. The purpose of this paper is to demonstrate that these approaches are flawed and unnecessary. Design/methodology/approach The authors step through the proposed alternative valuation approaches and demonstrate their inconsistencies and illogical outcomes, using theory, logic and mathematical proof. Findings In this paper, the authors demonstrate that the proposed (alternative) approaches suffer from internal inconsistencies and produce illogical outcomes in some cases. The authors also show that there is no problem with the current accepted theory and that the apparent paradox is not the result of a deficiency in the current theory but is rather caused by its misapplication in practice. In particular, the authors show that the systematic risk of cash flows is frequently mis-estimated, and the correction of this error solves the apparent paradox. Practical implications Over the past 20 years, PPP activity around the globe amounts to many billions of dollars. Decisions on major infrastructure funding are of enormous social and economic importance. Originality/value To the best of the authors’ knowledge, this study is the first to demonstrate the flaws and internal inconsistencies with proposed valuation framework alternatives for the purposes of evaluating PPPs.

Private Equity Demystified

2020 ◽  
Author(s):  
John Gilligan ◽  
Mike Wright
Keyword(s):  
Economic Performance ◽  
Private Equity ◽  
Academic Research ◽  
Adverse Consequence ◽  
Risk Capital ◽  
Performance Impact ◽  
The Public ◽  
The Past ◽  
Established Firms ◽  
The Impact

This book deals with risk capital provided for established firms outside the stock market, private equity. It has grown rapidly over the last three decades, yet it is largely poorly understood. Although private equity has often been criticised in the public mind as being short-termist and having adverse consequence for employment, in reality this is far from the case. Dispelling some of the biggest myths and misconceptions about private equity, the book explains in detail what private equity involves and provides a review of the systematic evidence of what the impact of private equity has been. Written in a highly accessible style, it takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The book contains summary tables of the academic research carried out over the past three decades across the private equity landscape, including the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deal.

Who Needs Faster Drug Approval Times in Canada: The Public or the Industry?

1994 ◽  
Vol 24 (2) ◽  
pp. 253-264 ◽  
Author(s):  
Joel Lexchin
Keyword(s):  
Policy Making ◽  
Drug Approval ◽  
New Drugs ◽  
Approval Process ◽  
The Public ◽  
The Past ◽  
Policy Making Process ◽  
Speed Up ◽  
Alternative Approaches ◽  
Time Required

Over the past decade the Canadian drug approval system has come under intensive scrutiny, with the greatest amount of attention being given to the length of time required to approve new drugs. This issue has obviously also been of considerable interest to the pharmaceutical industry, and the question arises as to whether or not the concerns of the industry may be driving the proposed reforms to speed up the approval process. Both industry and government maintain that quicker approval of new drugs will ensure that Canadians have more rapid access to new medications without sacrificing safety. There are problems with these claims. The number of therapeutically important new drugs introduced annually is less than five and these are already “fast tracked,” so the need to speed up approval for all products is dubious. There is also evidence that safety may be compromised with faster approvals. Industry does not need quicker approval times for its financial viability, but getting new, more expensive drugs onto the market more rapidly will increase sales and profit levels. Alternative approaches to dealing with problems such as drug approval times will only be possible when the policy-making process becomes more transparent and open.

The Suffering of the Perpetrators: The Ethics of Traumatic German Historicity in Karen Bass's Young Adult World War II Novels

2014 ◽  
Vol 7 (1) ◽  
pp. 64-77
Author(s):  
Doris Wolf
Keyword(s):  
World War Ii ◽  
Young Adult ◽  
Public Sphere ◽  
Childhood Studies ◽  
Historical Narratives ◽  
World War ◽  
The Public ◽  
The Past ◽  
Adult World ◽  
The Public Sphere

This paper examines two young adult novels, Run Like Jäger (2008) and Summer of Fire (2009), by Canadian writer Karen Bass, which centre on the experiences of so-called ordinary German teenagers in World War II. Although guilt and perpetration are themes addressed in these books, their focus is primarily on the ways in which Germans suffered at the hands of the Allied forces. These books thus participate in the increasingly widespread but still controversial subject of the suffering of the perpetrators. Bringing work in childhood studies to bear on contemporary representations of German wartime suffering in the public sphere, I explore how Bass's novels, through the liminal figure of the adolescent, participate in a culture of self-victimisation that downplays guilt rather than more ethically contextualises suffering within guilt. These historical narratives are framed by contemporary narratives which centre on troubled teen protagonists who need the stories of the past for their own individualisation in the present. In their evacuation of crucial historical contexts, both Run Like Jäger and Summer of Fire support optimistic and gendered narratives of individualism that ultimately refuse complicated understandings of adolescent agency in the past or present.

The End of History Museums: What's Plan B??

2008 ◽  
Vol 30 (4) ◽  
pp. 9-27 ◽  
Author(s):  
Cary Carson
Keyword(s):  
Historic Sites ◽  
The Public ◽  
End Of History ◽  
House Museums ◽  
The Past ◽  
History Museums ◽  
Plan B ◽  
The End Of History ◽  
The Way

Abstract Are historic sites and house museums destined to go the way of Oldsmobiles and floppy disks?? Visitation has trended downwards for thirty years. Theories abound, but no one really knows why. To launch a discussion of the problem in the pages of The Public Historian, Cary Carson cautions against the pessimistic view that the past is simply passéé. Instead he offers a ““Plan B”” that takes account of the new way that learners today organize information to make history meaningful.

E-Projects Challenges in India – Role of Human Resource Management and Technology

2018 ◽  
Vol 6 (8) ◽  
pp. 263
Author(s):  
Ramnik Kaur
Keyword(s):  
Developing Countries ◽  
Public Administration ◽  
Paradigm Shift ◽  
Successful Implementation ◽  
The Public ◽  
Government Services ◽  
The Past ◽  
The Government ◽  
Traditional Approaches

E-governance is a paradigm shift over the traditional approaches in Public Administration which means rendering of government services and information to the public by using electronic means. In the past decades, service quality and responsiveness of the government towards the citizens were least important but with the approach of E-Government the government activities are now well dealt. This paper withdraws experiences from various studies from different countries and projects facing similar challenges which need to be consigned for the successful implementation of e-governance projects. Developing countries like India face poverty and illiteracy as a major obstacle in any form of development which makes it difficult for its government to provide e-services to its people conveniently and fast. It also suggests few suggestions to cope up with the challenges faced while implementing e-projects in India.

Analyzing the figures of consolidated statement of cash flows of the world's biggest publicly traded oil and gas corporations

2020 ◽  
Vol 19 (6) ◽  
pp. 1101-1120
Author(s):  
O.V. Shimko
Keyword(s):  
Public Sector ◽  
Cash Flow ◽  
Oil And Gas ◽  
Cash Flows ◽  
Annual Reports ◽  
Capital Expenditures ◽  
Publicly Traded ◽  
The Public ◽  
Statement Of Cash Flows ◽  
Oil And Gas Companies

Subject. The article investigates key figures disclosed in consolidated cash flow statements of 25 leading publicly traded oil and gas companies from 2006 to 2018. Objectives. The focus is on determining the current level of values of the main components of consolidated statement of cash flows prepared by leading publicly traded oil and gas companies, identifying key trends within the studied period and factors that led to any transformation. Methods. The study draws on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated cash flow statements. Results. The comprehensive analysis of annual reports of 25 oil and gas companies enabled to determine changes in the key figures and their relation in the structure of consolidated cash flow statements in the public sector of the industry. It also established main factors that contributed to the changes. Conclusions. In the period under study, I revealed an increase in cash from operating activities; established that capital expenditures in the public sector of the industry show an overall upward trend and depend on the level of oil prices. The analysis demonstrated that even integrated companies’ upstream segment prevail in the capital expenditures structure. The study also unveiled an increase in dividend payments, which, most of the time, exceeded free cash flows thus increasing the debt burden.

Prawne regulacje pobierania i transplantacji narządów oraz tkanek w ujęciu europejskiej konwencji bioetycznej

2016 ◽  
pp. 52-65
Author(s):  
Patryk Kołodyński ◽  
Paulina Drab
Keyword(s):  
Ex Vivo ◽  
Legal Aspects ◽  
European Convention ◽  
The Public ◽  
Additional Protocol ◽  
The Past ◽  
Reliable Source ◽  
International Legal Order ◽  
Definition Of ◽  
Source Of Information

Over the past several years, transplantology has become one of the fastest developing areas of medicine. The reason is, first and foremost, a significant improvement of the results of successful transplants. However, much controversy arouse among the public, on both medical and ethical grounds. The article presents the most important concepts and regulations relating to the collection and transplantation of organs and tissues in the context of the European Convention on Bioethics. It analyses the convention and its additional protocol. The article provides the definition of transplantation and distinguishes its types, taking into account the medical criteria for organ transplants. Moreover, authors explained the issue of organ donation ex vivo and ex mortuo. The European Convention on Human Rights and Biomedicine clearly regulates the legal aspects concerning the transplantation and related basic concepts, and therefore provides a reliable source of information about organ transplantation and tissue. This act is a part of the international legal order, which includes the established codification of bioethical standards.

6. Melancholia and the Public

2019 ◽  
Vol 1 (2) ◽  
pp. 123-136
Author(s):  
Benjamin Baez
Keyword(s):  
The Public ◽  
The Past ◽  
Psychological Diagnosis ◽  
Mourning And Melancholia

Abstract In these preliminary reflections, I propose a re-reading of left-leaning political projects’ attachment to the liberal idea of the “public.” I will argue that this attachment is a wounded one that forces nostalgia for the past and prevents dealing with present realities. I want us to attend to this notion of the public by attending to some ideas in psychoanalysis, particularly Sigmund Freud’s and specifically those of mourning and melancholia. This reading does not purport expertise in psychoanalysis and does not offer any kind of psychological diagnosis. I intend on reading psychoanalysis as allegory, as offering us imaginative devices for thinking about the present.

Law as a Field of Tension

2018 ◽  
Author(s):  
Andrea Gamberini
Keyword(s):  
Public Authority ◽  
The Public ◽  
The Past ◽  
Political Cultures ◽  
The Many

As it had been in the communal age, so, in the Visconti-Sforza era, law was the instrument that the public authority relied upon in order to subordinate the many actors present and to subjugate their political cultures. There is, therefore, the attempt to tighten a vice around competing powers—a vice that is at the same time legislative, doctrinal, and judicial. And yet, it is difficult to escape the impression of an effort whose outcomes were somewhat more uncertain than had been the case in the past. The chapter focuses on all these aspects of the deployment of legal and other stratagems to consolidate or to wrest power.

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