Private Equity (eBook, ePUB)
Fund Types, Risks and Returns, and Regulation
Redaktion: Cumming, Douglas
Private Equity (eBook, ePUB)
Fund Types, Risks and Returns, and Regulation
Redaktion: Cumming, Douglas
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A comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with the right guidance, you can gain a firm understanding of everything private equity has to offer. This reliable resource provides a comprehensive view of private equity by describing the current state of research and best practices in this arena. Issues addressed include the structure of private equity funds and fundraising, the financial and real returns of private equity,…mehr
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- Produktdetails
- Verlag: John Wiley & Sons
- Seitenzahl: 624
- Erscheinungstermin: 11. Januar 2010
- Englisch
- ISBN-13: 9780470579558
- Artikelnr.: 37297367
- Verlag: John Wiley & Sons
- Seitenzahl: 624
- Erscheinungstermin: 11. Januar 2010
- Englisch
- ISBN-13: 9780470579558
- Artikelnr.: 37297367
the Editor. PART I The Structure of Private Equity Funds and Fund-Raising.
2 Institutional Investment in Private Equity:Motivations, Strategies, and
Performance. Introduction. Institutional Investment: Motivations and
Behavior. Structure and Strategies. Performance. 3 IPOs and Other
Nontraditional Fund-Raising Methods of Private Equity Firms. Introduction.
Recent Trends in the Private Equity Industry. Traditional Fund-Raising
Methods. Nontraditional Fund-Raising Methods. Private Equity IPOs:
Performance and Implications for the Future. Sovereign Wealth Funds
Complementing and Substituting for Private Equity Investments. 4 Listed
Private Equity. Introduction. Listed Private Equity: Definitions and
Categorization. Terms and Definitions. Further Empirical Insights on Listed
Private Equity. Investments. 5 The Syndication of Private Equity.
Introduction. Motives for Syndication. Partner Selection. Structuring and
Managing the Syndicate. Syndication and Performance. The Future of
Syndication Research. 6 The Structure of Venture Capital and Private Equity
Fund Portfolios. Why the Structure of Venture Capitalists' Portfolios
Matters. Optimal Effort Levels. Optimal Portfolio Size and Profit-Sharing
Rule. Empirical Tests. 7 The Rise of the PIPEMarket. Introduction. What Is
a PIPE? Contract Terms in PIPE Offerings. Firms Issuing PIPEs. Investors in
the PIPE Market. The Role of Placement Agents. Issues in the PIPE Market
and SEC Regulations. The PIPE Market Down the Road. 8 Private Placements by
Small Public Entities: Canadian Experience. Introduction. The Canadian
Context. Private Placements and the Issuers. Returns Surrounding Private
Placements. Discounts. 9 Hedge Funds' Activism: A New Trend of Convergence
toward Private Equity in Public Firms? Introduction. Hedge Funds and
Private Equity: Market Data and Trends toward Convergence. Hedge Funds'
Approach to Activism. Features of Targeted Companies. How Hedge Funds
Engage a Fight against Incumbent Management. Clinical Study of Carl Icahn
versus Time Warner, Inc. PART III Financial and Real Returns to Private
Equity. 10 Projection of Private Equity Fund Performance: A Simulation
Approach. Introduction. Related Literature. A Simulation Approach for
Venture Capital Performance Projection and Risk Management. Simulation
Results for Two Fictitious Venture Capital Funds. 11 Value Creation in
Middle-Market Buyouts: A Transaction-Level Analysis. Introduction.
Background, Context, and Prior Literature. Regression Results. 12 Risk and
Return of Private Equity: An Overview of Data, Methods, and Results.
Introduction. The Data. Results. Additional Discussion. 13 Private Equity
Fund Selection: How to Find True Top-Quartile Performers. Introduction.
Hypothesis Development. The Research Approach. Measurement and
Operationalization. Which Factors Correlate with Future Performance? Random
Choice versus the Crystal Ball: An Approach to Measuring PE Fund Selection
Efficiency. The Peracs Private Equity Selection Efficiency Measure. The
Selection Efficiency of Performance-Based Fund Selection Rules.
Shortcomings of the Traditional Benchmarking Approach. Using and
Interpreting the Right Public Market Benchmarks. Advanced Private Equity
Benchmarking Based on Deal-Level Benchmarks. Quantitative Due Diligence
Case Study: Advanced Private Equity Benchmarking. The Fund Selection
Efficiency of Advanced Private Equity Benchmarking Techniques. 14 Real
Effects of Private Equity: Empirical Evidence and a Research Agenda.
Introduction. Evidence of the Real Effects of Private Equity. Research
Agenda. 15 Employment,Wage, and Productivity Effects of Private Equity
Transactions. The Universe of Private Equity Transactions. Task of the
Chapter. Employment and Productivity Identities. Employment, Wage, and
Productivity Effects. PART IV International Perspectives on Private Equity
and Regulation. 16 Valuation and (Financial) Disclosure in the Private
Equity Industry: Institutional Set-Up, Incentives, and Empirical Analysis.
Introduction. Institutional Setup. Main Problems and Conflicts of Interest.
Incentives for Voluntary Disclosure versus Mandatory Disclosure. Disclosure
and Reporting Patterns of Venture-Backed Portfolio Firms. 17 Private Equity
Regulation: A Comparative Analysis. Introduction. The Growth of Private
Equity. Dealing with Agency Problems: Contractual Arrangements. Regulation
of Private Equity Funds. 18 International Private Equity Flows.
Introduction. A Brief Overview of International Fund-Raising. International
Investments of Private Equity Funds in Western Europe, North America, and
Australia. Private Equity in Emerging Markets. Conclusion and Avenues for
Research. 19 Private Equity in Emerging Markets. Introduction.
International Comparison. What Determines Emerging Market PE Activity?
Survey among Institutional Investors on the Importance of Emerging Markets'
Allocation Criteria. 20 Private Equity in Europe. Introduction. History.
The Structure of Private Equity Funds. Private Equity Investment.
Internationalization of Private Equity. Private Equity Performance. 21
Private Equity and Leveraged Buyouts in Italy: To Prohibit or Not to
Prohibit, That Is the Question. Introduction. The Buyout Market and Its
Puzzling Trend. The LBO Scheme and Related Criticisms. The LBO Legal
Environment: Past, Present, and Future Trends. The Economic Impact of the
2004 Reform. 22 Venture Capital and Private Equity in Germany.
Introduction. The Development of the German Venture Capital Industry. Going
Public as an Exit Route for Venture Capital and the Performance of
Venture-Backed IPOs in Germany. 23 Private Equity in Denmark: Capital
Structure and Taxes. Introduction. Consequences for Capital Structure of
Portfolio Companies. Implications for Tax Payments. 24 Venture Capital and
Private Equity in Canada: Phasing Out an Inefficient Tax Credit.
Introduction. Description of 2008 YORKbiotech Survey Data. Multivariate
Regression Evidence. Index.
the Editor. PART I The Structure of Private Equity Funds and Fund-Raising.
2 Institutional Investment in Private Equity:Motivations, Strategies, and
Performance. Introduction. Institutional Investment: Motivations and
Behavior. Structure and Strategies. Performance. 3 IPOs and Other
Nontraditional Fund-Raising Methods of Private Equity Firms. Introduction.
Recent Trends in the Private Equity Industry. Traditional Fund-Raising
Methods. Nontraditional Fund-Raising Methods. Private Equity IPOs:
Performance and Implications for the Future. Sovereign Wealth Funds
Complementing and Substituting for Private Equity Investments. 4 Listed
Private Equity. Introduction. Listed Private Equity: Definitions and
Categorization. Terms and Definitions. Further Empirical Insights on Listed
Private Equity. Investments. 5 The Syndication of Private Equity.
Introduction. Motives for Syndication. Partner Selection. Structuring and
Managing the Syndicate. Syndication and Performance. The Future of
Syndication Research. 6 The Structure of Venture Capital and Private Equity
Fund Portfolios. Why the Structure of Venture Capitalists' Portfolios
Matters. Optimal Effort Levels. Optimal Portfolio Size and Profit-Sharing
Rule. Empirical Tests. 7 The Rise of the PIPEMarket. Introduction. What Is
a PIPE? Contract Terms in PIPE Offerings. Firms Issuing PIPEs. Investors in
the PIPE Market. The Role of Placement Agents. Issues in the PIPE Market
and SEC Regulations. The PIPE Market Down the Road. 8 Private Placements by
Small Public Entities: Canadian Experience. Introduction. The Canadian
Context. Private Placements and the Issuers. Returns Surrounding Private
Placements. Discounts. 9 Hedge Funds' Activism: A New Trend of Convergence
toward Private Equity in Public Firms? Introduction. Hedge Funds and
Private Equity: Market Data and Trends toward Convergence. Hedge Funds'
Approach to Activism. Features of Targeted Companies. How Hedge Funds
Engage a Fight against Incumbent Management. Clinical Study of Carl Icahn
versus Time Warner, Inc. PART III Financial and Real Returns to Private
Equity. 10 Projection of Private Equity Fund Performance: A Simulation
Approach. Introduction. Related Literature. A Simulation Approach for
Venture Capital Performance Projection and Risk Management. Simulation
Results for Two Fictitious Venture Capital Funds. 11 Value Creation in
Middle-Market Buyouts: A Transaction-Level Analysis. Introduction.
Background, Context, and Prior Literature. Regression Results. 12 Risk and
Return of Private Equity: An Overview of Data, Methods, and Results.
Introduction. The Data. Results. Additional Discussion. 13 Private Equity
Fund Selection: How to Find True Top-Quartile Performers. Introduction.
Hypothesis Development. The Research Approach. Measurement and
Operationalization. Which Factors Correlate with Future Performance? Random
Choice versus the Crystal Ball: An Approach to Measuring PE Fund Selection
Efficiency. The Peracs Private Equity Selection Efficiency Measure. The
Selection Efficiency of Performance-Based Fund Selection Rules.
Shortcomings of the Traditional Benchmarking Approach. Using and
Interpreting the Right Public Market Benchmarks. Advanced Private Equity
Benchmarking Based on Deal-Level Benchmarks. Quantitative Due Diligence
Case Study: Advanced Private Equity Benchmarking. The Fund Selection
Efficiency of Advanced Private Equity Benchmarking Techniques. 14 Real
Effects of Private Equity: Empirical Evidence and a Research Agenda.
Introduction. Evidence of the Real Effects of Private Equity. Research
Agenda. 15 Employment,Wage, and Productivity Effects of Private Equity
Transactions. The Universe of Private Equity Transactions. Task of the
Chapter. Employment and Productivity Identities. Employment, Wage, and
Productivity Effects. PART IV International Perspectives on Private Equity
and Regulation. 16 Valuation and (Financial) Disclosure in the Private
Equity Industry: Institutional Set-Up, Incentives, and Empirical Analysis.
Introduction. Institutional Setup. Main Problems and Conflicts of Interest.
Incentives for Voluntary Disclosure versus Mandatory Disclosure. Disclosure
and Reporting Patterns of Venture-Backed Portfolio Firms. 17 Private Equity
Regulation: A Comparative Analysis. Introduction. The Growth of Private
Equity. Dealing with Agency Problems: Contractual Arrangements. Regulation
of Private Equity Funds. 18 International Private Equity Flows.
Introduction. A Brief Overview of International Fund-Raising. International
Investments of Private Equity Funds in Western Europe, North America, and
Australia. Private Equity in Emerging Markets. Conclusion and Avenues for
Research. 19 Private Equity in Emerging Markets. Introduction.
International Comparison. What Determines Emerging Market PE Activity?
Survey among Institutional Investors on the Importance of Emerging Markets'
Allocation Criteria. 20 Private Equity in Europe. Introduction. History.
The Structure of Private Equity Funds. Private Equity Investment.
Internationalization of Private Equity. Private Equity Performance. 21
Private Equity and Leveraged Buyouts in Italy: To Prohibit or Not to
Prohibit, That Is the Question. Introduction. The Buyout Market and Its
Puzzling Trend. The LBO Scheme and Related Criticisms. The LBO Legal
Environment: Past, Present, and Future Trends. The Economic Impact of the
2004 Reform. 22 Venture Capital and Private Equity in Germany.
Introduction. The Development of the German Venture Capital Industry. Going
Public as an Exit Route for Venture Capital and the Performance of
Venture-Backed IPOs in Germany. 23 Private Equity in Denmark: Capital
Structure and Taxes. Introduction. Consequences for Capital Structure of
Portfolio Companies. Implications for Tax Payments. 24 Venture Capital and
Private Equity in Canada: Phasing Out an Inefficient Tax Credit.
Introduction. Description of 2008 YORKbiotech Survey Data. Multivariate
Regression Evidence. Index.
Absolutreport, Nr.3/2010