| dc.contributor.author | Joly, Vanessa | |
| dc.date.accessioned | 2011-04-04T14:00:13Z | |
| dc.date.available | 2011-04-04T14:00:13Z | |
| dc.date.issued | 2010 | |
| dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/5889 | |
| dc.description.abstractfr | 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. | en |
| dc.language.iso | en | en |
| dc.subject | Private Equity | en |
| dc.subject | Acquisitions | en |
| dc.subject | Acquirer Returns | en |
| dc.subject | Unlisted Targets | en |
| dc.subject.ddc | 332 | en |
| dc.subject.classificationjel | G34 | en |
| dc.subject.classificationjel | G24 | en |
| dc.title | The Effects of Private Equity-Backing in the European Acquisitions of Unlisted Companies | en |
| dc.type | Communication / Conférence | |
| dc.identifier.citationpages | 34 | en |
| dc.description.sponsorshipprivate | oui | en |
| dc.subject.ddclabel | Economie financière | en |
| dc.relation.conftitle | 2010 FMA Annual Meeting | en |
| dc.relation.confdate | 2010-10 | |
| dc.relation.confcity | New York | en |
| dc.relation.confcountry | États-Unis | en |
