Computational domain and mesh.

Computational domain and mesh.</p

ΔP at point T5 on the tunnel wall with and without an airshaft.

ΔP at point T5 on the tunnel wall with and without an airshaft.</p

Private equity (PE) and governance in secondary buyouts

No description supplie

Sustaining the buyout governance model: inside secondary management buyout boards

We examine the impact of private equity (PE) directors and their human capital on operating performance in a unique hand collected sample of 200 secondary management buyouts (SMBOs) during 2000-2015. We show that PE directors’ human capital tends to play statistically and economically important role in performance. Financial (rather than operational) experience of PE directors in acquiring PE firms tends to have a substantial impact on post-SMBO profitability while high level business education is especially important in post-SMBO growth performance enhancement. Complementary expertise, provided by directors in buying and selling PE firms, plays an important role only in post-SMBO growth improvements. Overall, our results provide evidence that governance benefits of the buyout model tend not to be exhausted in the primary buyout stage but the effects in the secondary buyout phase depend on the nature of PE directors’ human capital resource, notably in respect of the balance between board monitoring and advisory roles. Our study therefore adds to growing evidence on how ownership and life-cycle nature of firms affect sustainability of boards fulfilling their roles. The results are robust to sample selection bias, different types of PE firms and different measures of human capital

Curves for the pressures at points on the train surface and the tunnel wall with time.

(a) Points at H4 on the train surface; (b) Points at T4 on the tunnel wall.</p

Curves for the slipstreams that changed with time(T5).

Curves for the slipstreams that changed with time(T5).</p

Pressure values at different points (z/H = 0.49) on the train surface under different speeds.

(a), (b), and (c) show Pmax, Pmin, and ΔP, respectively.</p

Wave propagation and reflection with and without an airshaft.

(a) without an airshaft, (b) with an airshaft.</p

1/10-scale train model.

1/10-scale train model.</p

The slipstreams at different points with and without an airshaft.

(a) and (b) show the measuring points before (T3) and after (T7) airshaft, respectively.</p