scholarly journals Leveraged Buyouts and Private Equity

2009 ◽  
Vol 23 (1) ◽  
pp. 121-146 ◽  
Author(s):  
Steven N Kaplan ◽  
Per Strömberg
Keyword(s):  
Time Series ◽  
Empirical Evidence ◽  
Private Equity ◽  
Debt Financing ◽  
Leveraged Buyouts ◽  
Leveraged Buyout ◽  
The Future ◽  
Similarities And Differences ◽  
Investment Firm ◽  
A Company

In a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The leveraged buyout investment firms today refer to themselves (and are generally referred to) as private equity firms. We describe and present time series evidence on the private equity industry, considering both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.

scholarly journals Peran Grup Afiliasi dalam Memoderasi Pengaruh Hutang terhadap Nilai Perusahaan pada Perusahaan Property & Real Estate yang terdaftar di Bursa Efek Indonesia

FORUM EKONOMI ◽  
2017 ◽  
Vol 19 (1) ◽  
pp. 58
Author(s):  
Fina Maulidyani ◽  
Set Asmapane ◽  
Ledy Setiawati
Keyword(s):  
Time Series ◽  
Regression Analysis ◽  
Time Series Data ◽  
Stock Exchange ◽  
Debt Financing ◽  
Series Data ◽  
Simple Linear Regression ◽  
Group Affiliation ◽  
A Company ◽  
Positive Effect

The objective of this research is to examine empirically the effect of Debt on Firm’s Value and the ability of Group Affiliation to moderate the effect of Debt toward Firm’s Value by using an approach simple linear regression and Moderated Regression Analysis (MRA). This research uses time series data in 2011 – 2015 for company's finance data that got from Indonesia Stock Exchange. Election Procedure sample uses purposive sampling and the result are existed 35 companies that fulfill criterion. The results show that Debt has positive effect on Firm’s Value, while Group Affiliation act as a moderating variable can reduce the effect of Debt toward Firm’s Value. The higher capability of group affiliation to take control of a company, the lower debt financing that company has.Keywords:     Debt Financing, Firm’s Value, Group Affiliation

Influence of factors on the activity of financial and strategic buyers in leveraged buyouts

2021 ◽  
Vol 27 (4) ◽  
pp. 913-933
Author(s):  
Il'ya A. BALAKIN
Keyword(s):  
Logistic Regression ◽  
Correlation Analysis ◽  
Euro Area ◽  
Equity Markets ◽  
Debt Financing ◽  
Leveraged Buyouts ◽  
Market Conditions ◽  
Leveraged Buyout ◽  
Relative Contribution ◽  
Level Analysis

Subject. This article examines the influence of factors on the activity of financial investors and strategic buyers in leveraged buyout transactions. Objectives. The article aims to clarify the dependence of the behavior of financial investors and strategic buyers on changes in various market conditions. Methods. For the study, I used a correlation analysis, logistic regression, comparison, and the abstract-logical and monographic methods. Results. The article identifies and describes differences in the behavior of the main types of buyers of debt financing transactions. Based on an analysis of leveraged buyout transactions in the euro area between 2002 and 2020, the article assesses the dependence of the relative contribution of financial investors and strategic buyers to the overall flow of transactions on the terms of debt and equity markets. Transaction-level analysis shows that differences in the behavior of financial investors and strategic buyers are due to differences in their propensity to make transactions in different market conditions and differences in adjustments to the volume of transactions they make, but are independent of the takeover premium they pay. Relevance. The results of the study contribute to a better understanding of the behavior of each type of buyout buyer, depending on changing market conditions.

Private Equity and Distressed Debt Funds Emerging Role in Preventing and Participating in Restructurings

2017 ◽  
Author(s):  
Christopher Mallon ◽  
Shai Y. Waisman ◽  
Ray C. Schrock
Keyword(s):  
Private Equity ◽  
Early Stage ◽  
Leveraged Buyouts ◽  
Subordinated Debt ◽  
Investment Activity ◽  
Track Record ◽  
Development Cycle ◽  
Start Up ◽  
Wide Range ◽  
A Company

Private equity (‘PE’) investment and distressed debt investment covers a wide range of investment activity by pooled investment vehicles (ie, funds) in privately or publicly (through ‘take-private’ transactions or IPO’s) owned companies, using capital raised from institutional investors that are limited partners of the funds. Such investment activity can be broadly categorized according to the point at which the investment is made within the typical development cycle of a company: (i) initial venture capital provides seed capital for start-up businesses; (ii) growth capital assists early-stage companies with the growth of their operations; (iii) mezzanine financing, comprising the contribution of subordinated debt or preferred equity, provides further capital to more established businesses; (iv) leveraged buyouts (‘LBOs’) are pursued to acquire portfolio businesses with a proven track record of sales and financial performance; and (v) distressed debt investing (the focus of this chapter) which provides support to companies that are in financially precarious positions.

Elephant Bar Restaurant: Mezzanine Financing

2017 ◽  
pp. 1-29
Author(s):  
Susan Chaplinsky ◽  
Kristina Anderson
Keyword(s):  
Late Stage ◽  
Private Equity ◽  
Risk Mitigation ◽  
Faculty Members ◽  
Mitigation Strategies ◽  
Funding Source ◽  
Leveraged Buyouts ◽  
National Brand ◽  
Risk Mitigation Strategies ◽  
A Company

In November 2003, John Fruehwirth, a principal at Allied Capital, was considering a $20 million mezzanine investment in growth capital for Elephant Bar, a California restaurant chain. Elephant Bar had had some initial success in California but now Allied's investment committee had to wrestle with the question of whether the restaurant concept was strong enough to travel and become a national brand or whether it was mainly a “California Concept.” And if the concept was strong enough to travel, would Allied Capital be able to meet its underwriting standards? Because Elephant Bar is a company with aggressive growth plans, it is significantly riskier than traditional mezzanine investments. The case can be used in courses on venture investing to illustrate another funding source available to young companies. Traditional mezzanine financing is often used to provide a portion of the funding for late-stage investments, such as leveraged buyouts. The case can also be used in courses on private equity to illustrate the perspective, risk mitigation strategies, and return expectations of mezzanine investors.This case has a teaching note and a spreadsheet, which are available to registered faculty members.

scholarly journals Asteroid and Comet Surveys

1994 ◽  
Vol 161 ◽  
pp. 385-400
Author(s):  
B.G. Marsden
Keyword(s):  
Logical Sequence ◽  
Different Types ◽  
The Future ◽  
Ecliptic Latitude ◽  
Similarities And Differences

Past surveys are described in the logical sequence of (1) comets visually, (2) asteroids visually, (3) asteroids photographically and (4) comets photographically. Plots show the evolution of asteroid surveys in terms of visual discovery magnitude and ecliptic latitude, and similarities and differences between surveys for the different types of body are discussed. The paper ends with a brief discussion of more recent discovery methods and some thoughts on the future.

Analyses and anticipating the future trend of accidents in an electricity distribution company of Iran: A time series analysis

Work ◽  
2021 ◽  
pp. 1-6
Author(s):  
Shirin Nasrollah Nejhad ◽  
Tayebeh Ilaghinezhad Bardsiri ◽  
Maryam feiz arefi ◽  
Amin babaei poya ◽  
Ehsan mazloumi ◽  
...  
Keyword(s):  
Time Series ◽  
Time Series Analysis ◽  
Occupational Injuries ◽  
Model Management ◽  
High Rate ◽  
Electricity Distribution ◽  
Temporary Workers ◽  
Series Analysis ◽  
The Future ◽  
Distribution Company

BACKGROUND: Many work-related fatalities happen every year in electricity distribution companies. This study was conducted to model accidents using the time series analysis and survey descriptive factors of injuries in an electricity distribution company in Tehran, Iran. METHODS: Data related to 2010 to 2017 were collected from the database of the safety department. Time Series and trend analysis were used for data analyzing and anticipating the accidents up to 2022. RESULT: Most of the accidents occurred in summer. Workers’ negligence was the reason for 75%of deaths. Employment type and type of injuries had a significant relationship (p <  0.05). CONCLUSION: The anticipating model indicated occupational injuries are going to have an increase in the future. A high rate of accidents in summer maybe because of the warm weather or insufficient skills in temporary workers. Temporary workers have no chance to work in a year like permanent workers, therefore acquisition experiences may be less in them. Based on the estimating model, Management should pay attention to those sectors of the company where most of the risky activities take place. Also, training programs and using personal protective equipment can help to protect workers in hazardous conditions.

scholarly journals Does Eco-labeling of Services Matter? Evidence from Higher Education

2016 ◽  
Vol 16 (4) ◽  
Author(s):  
Daniel C. Hickman ◽  
Andrew G. Meyer
Keyword(s):  
Higher Education ◽  
Time Series ◽  
Empirical Evidence ◽  
University Presidents ◽  
Interrupted Time Series ◽  
Department Of Education ◽  
Considerable Heterogeneity ◽  
College And University ◽  
The Us ◽  
The Impact

Abstract: Eco-labeling of services has become increasingly common, yet little empirical evidence exists concerning its effectiveness. We address this gap in the literature by analyzing a highly visible eco-label, the American College and University Presidents’ Climate Commitment (ACUPCC), in the sector of higher education. We match information about the ACUPCC to the US Department of Education IPEDS database to examine the impact of signing on student applications, admissions, and enrollment. We mainly utilize a difference-in-difference approach to identify the effects of interest but confirm results with an interrupted time series model. We find that signing the ACUPCC increases applications and admitted students by 2.5–3.5 %. However, the evidence regarding enrollment is weaker with only some specifications finding increases of around 1–2 %. Overall, there is considerable heterogeneity across sectors and selectivity of the institutions. These results show that, at the minimum, voluntary and information-based approaches (VIBAs) for services can be effective in generating visibility and influencing less-costly consumer behavior.

Monetary, Fiscal, and Structural Drivers of Inflation in Ethiopia: New Empirical Evidence from Time Series Analysis

2021 ◽  
Author(s):  
Léonce Ndikumana ◽  
Janvier D. Nkurunziza ◽  
Miguel Eduardo Sanchez Martin ◽  
Samuel Mulugeta ◽  
Zerihun Getachew Kelbore
Keyword(s):  
Time Series ◽  
Time Series Analysis ◽  
Empirical Evidence ◽  
Series Analysis ◽  
Structural Drivers
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