Hyppää sisältöön
    • Suomeksi
    • In English
Trepo
  • Suomeksi
  • In English
  • Kirjaudu
Näytä viite 
  •   Etusivu
  • Trepo
  • Väitöskirjat
  • Näytä viite
  •   Etusivu
  • Trepo
  • Väitöskirjat
  • Näytä viite
JavaScript is disabled for your browser. Some features of this site may not work without it.

Value Creation in Private Equity: A Case Study of Outperforming Buyouts in the Nordic Countries

Hannus, Simon (2015)

 
Avaa tiedosto
hannus_1328.pdf (5.153Mt)
Lataukset: 



Hannus, Simon
Tampere University of Technology
2015

Tieto- ja sähkötekniikan tiedekunta - Faculty of Computing and Electrical Engineering
This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Näytä kaikki kuvailutiedot
Julkaisun pysyvä osoite on
https://urn.fi/URN:ISBN:978-952-15-3614-4
Tiivistelmä
A number of studies have reported that the returns from acquisitions made by private equity (PE) firms have exceeded those of the public markets, e.g. the S&P 500. The outperformance displayed in the buyouts made by private equity firms is perplexing, particularly given the underperformance and high failure rate typically reported in studies of traditional corporate mergers and acquisitions (M&A). This dissertation strives to shed a light on the dichotomy by examining the activities in a select sample of buyouts during the pre-buyout phase, holding period, and the exit transaction.

The study makes a number of significant contributions. It contributes to the theoretical and conceptual understanding of private equity buyouts by materially extending previous models of value creation into a novel taxonomy and cohesive structure. It contributes empirically by filling an important research gap concerning the subset of buyouts that exhibited exceptional outperformance compared to peer firms in PE portfolios. The inductive multiple–case study approach in combination with access to proprietary interview data permitted an in-depth analysis of the factors conducive to buyout value creation. The analysis indicates the key factors resulting in the outperformance were timing the entry and exit transaction to the business and industry cycles, identifying and executing the apposite business strategy, utilizing alternative modes of debt financing, discerning the pre-buyout target firm characteristics, implementing a pervasive array of operational improvements, and lastly, achieving high-levels of employee motivation and commitment across the organization.
Kokoelmat
  • Väitöskirjat [4329]
Kalevantie 5
PL 617
33014 Tampereen yliopisto
oa[@]tuni.fi | Yhteydenotto | Tietosuoja | Saavutettavuusseloste
 

 

Selaa kokoelmaa

TekijätNimekkeetTiedekunta (2019 -)Tiedekunta (- 2018)Tutkinto-ohjelmat ja opintosuunnatAvainsanatJulkaisuajatKokoelmat

Omat tiedot

Kirjaudu sisäänRekisteröidy
Kalevantie 5
PL 617
33014 Tampereen yliopisto
oa[@]tuni.fi | Yhteydenotto | Tietosuoja | Saavutettavuusseloste