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dc.creatorGill, Andrej
dc.creatorVisnjic, Nikolai
dc.date.accessioned2021-09-28T09:17:19Z
dc.date.available2021-09-28T09:17:19Z
dc.date.issued2013-06-18
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2124
dc.description.abstractWe are able to shed light on the black box of restructuring tools private equity investors use to improve the operational performance of their portfolio companies. By building on previous work considering performance evaluation of PE backed companies, we analyze whether private equity improves operating efficiency and which of the typical restructuring tools are the main performance drivers. Using a set of over 300 international leveraged buyout transactions of the last thirty years, we find that while there is vast improvement in operational efficiency, these gains vary considerably. Our top performing transactions are subject to strong equity incentives, frequent asset restructuring and tight control by the investor. Furthermore, investors’ experience has a positive influence while financial leverage has no influence on operational performance.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectCorporate Finance
dc.subjectTransparency Lab
dc.titleInsight Private Equity
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1509?TOVE
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1376?Compustat
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1354?Bloomberg
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1506?Thomson One
dc.source.filename23_SSRN-id2281229
dc.identifier.safeno23
dc.subject.keywordsprivate equity
dc.subject.keywordsleveraged buyouts
dc.subject.keywordsactive shareholders
dc.subject.keywordscorporate restructuring
dc.subject.keywordsoperational performance
dc.subject.jelG23
dc.subject.jelG24
dc.subject.jelG32
dc.subject.jelG34
dc.subject.topic1business
dc.subject.topic1growth
dc.subject.topic1control
dc.subject.topic2mbis
dc.subject.topic2sit
dc.subject.topic2wealth
dc.subject.topic3table
dc.subject.topic3sample
dc.subject.topic3transaction
dc.subject.topic1nameSaving and Borrowing
dc.subject.topic2nameCorporate Governance
dc.subject.topic3nameCorporate Finance
dc.identifier.doi10.2139/ssrn.2281229


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Attribution-ShareAlike 4.0 International
Except where otherwise noted, this item's license is described as Attribution-ShareAlike 4.0 International