• xmlui.mirage2.page-structure.header.title
    • français
    • English
  • Help
  • Login
  • Language 
    • Français
    • English
View Item 
  •   BIRD Home
  • IRISSO (UMR CNRS 7170)
  • IRISSO : Publications
  • View Item
  •   BIRD Home
  • IRISSO (UMR CNRS 7170)
  • IRISSO : Publications
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Browse

BIRDResearch centres & CollectionsBy Issue DateAuthorsTitlesTypeThis CollectionBy Issue DateAuthorsTitlesType

My Account

LoginRegister

Statistics

Most Popular ItemsStatistics by CountryMost Popular Authors
Thumbnail - No thumbnail

Pricing companies. Ethno-accounting of private equity activity

Benquet, Marlène (2019), Pricing companies. Ethno-accounting of private equity activity, Finance and society, 5, 2, p. 145-164. 10.2218/finsoc.v5i2.4138

Type
Article accepté pour publication ou publié
External document link
https://doi.org/10.2218/finsoc.v5i2.4138
Date
2019
Journal name
Finance and society
Volume
5
Number
2
Pages
145-164
Publication identifier
10.2218/finsoc.v5i2.4138
Metadata
Show full item record
Author(s)
Benquet, Marlène
Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Abstract (EN)
How do private equity firms decide on a fair price for a business? Drawing on 76 semi-structured interviews, this article contributes to the sociology of finance and valuation studies by showing that pricing companies is not just a valuation operation but also a capital-repartition issue. In so doing, it shows how concrete, local pricing methods contribute to the financialisation of the economy through the creation of a new capital accumulation centre. The article’s ethno-accounting approach describes three pricing steps: first, the capital access rules applicable to the private equity firm members (the price rationale); second, the expectations about the capital that can be transferred from the business to the private equity firm (the theoretical price level); and third, the transaction participant coordination mechanisms (culminating in the actual price). This description of the practices and concepts inherent in business valuation sidesteps the traditional divide between price formation in constructivist concepts of value as well as price discovery in substantivist concepts of value. Instead, value is defined as the expectation of a transfer of capital from the productive sphere to the private equity firm.
Subjects / Keywords
Sociology of finance

Related items

Showing items related by title and author.

  • Thumbnail
    Pricing Companies. Ethno-Accounting of Private Equity Activity 
    Benquet, Marlène (2017) Communication / Conférence
  • Thumbnail
    Coproducing the Rules of the Game State. Insurance Companies, and Private Equity in 1990s France 
    Benquet, Marlène; Foureault, Fabien; Lagneau-Ymonet, Paul (2021) Chapitre d'ouvrage
  • Thumbnail
    Founding a new regime of capital accumulation: entrepreneurs of capitalism, legitimation practices and the institutionalisation of financial irresponsibility. Socio-history of the rise of the French private equity industry (1982-2017) 
    Benquet, Marlène; Bourgeron, Théo (2018) Communication / Conférence
  • Thumbnail
    Building a Centre of Capital Accumulation: A Study of the Institutional Emergence of the French Private Equity Sector (from the Early 1980's to 2017) 
    Benquet, Marlène; Bourgeron, Théo (2020) Article accepté pour publication ou publié
  • Thumbnail
    Building a new centre of capital accumulation. Socio-history of the emergence of the French private equity sector (1982-2017) 
    Benquet, Marlène; Bourgeron, Théo (2018) Communication / Conférence
Dauphine PSL Bibliothèque logo
Place du Maréchal de Lattre de Tassigny 75775 Paris Cedex 16
Phone: 01 44 05 40 94
Contact
Dauphine PSL logoEQUIS logoCreative Commons logo