• français
    • English
  • français 
    • français
    • English
  • Connexion
JavaScript is disabled for your browser. Some features of this site may not work without it.
Accueil

Afficher

Cette collectionPar Date de CréationAuteursTitresSujetsNoms de revueToute la baseCentres de recherche & CollectionsPar Date de CréationAuteursTitresSujetsNoms de revue

Mon compte

Connexion

Statistiques

Afficher les statistiques d'usage

The Effects of Private Equity-Backing in the European Acquisitions of Unlisted Companies

Thumbnail
Ouvrir
4C9AC5ABd01.pdf (191.0Kb)
Date
2010
Indexation documentaire
Economie financière
Subject
Private Equity; Acquisitions; Acquirer Returns; Unlisted Targets
Code JEL
G34; G24
Titre du colloque
2010 FMA Annual Meeting
Date du colloque
10-2010
Ville du colloque
New York
Pays du colloque
États-Unis
URI
https://basepub.dauphine.fr/handle/123456789/5889
Collections
  • DRM : Publications
Métadonnées
Afficher la notice complète
Auteur
Joly, Vanessa
Type
Communication / Conférence
Nombre de pages du document
34
Résumé en français
Using a sample of acquisitions of unlisted firms completed by public companies from 17 Western European countries over the period 2003-2008, this study investigates whether private equity (PE)-backing of acquired firms has an impact on announcement period abnormal returns to acquirers. 12.5% of the unlisted targets are PE-backed. Acquisitions of PE-backed firms are more likely to involve larger acquirers, larger targets relative to acquirer size, and high-tech targets; they are more likely to occur in an unrelated industry and to be partially stock-financed. Of most importance for this study, I find that the presence of PE investors in the targets leads to significantly lower acquirer announcement returns. This effect remains after controlling for a large set of deal and acquirer characteristics. Moreover, these results are robust to the use of a propensity score matching method on multiple deal characteristics and suggest that PE investors increase the negotiating power of target shareholders.

  • Accueil Bibliothèque
  • Site de l'Université Paris-Dauphine
  • Contact
SCD Paris Dauphine - Place du Maréchal de Lattre de Tassigny 75775 Paris Cedex 16

 Cette création est mise à disposition sous un contrat Creative Commons.