Ефективність регулювання інвестицій фондів прямих інвестицій в українські банки

Хорт Ю. В. Ефективність регулювання інвестицій фондів прямих інвестицій в українські банки / Ю. В. Хорт // Актуальні проблеми держави і права : зб. наук. пр. / редкол.: С. В. Ківалов (голов. ред.), В. М. Дрьомін (заст. голов. ред.) Ю. П. Аленін [та ін.] ; МОН України; НУ ОЮА. – Одеса : Юрид. л-ра, 2014. – Вип. 73. – С. 349-354.У статті надається правова оцінка ефективності регуляторних обмежень, покладених на інвестиції фондів прямих інвестицій до банківських установ України. Автором пропонується їх суттєво спростити з метою забезпечення потреб банків у капіталі

Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts

Abstract We test whether the well-documented high returns of private equity sponsors result from wealth transfers from other financial claimants and counterparties, or from a focus on short-term profits at the expense of long-term value. Bondholders and buyers of private equity portfolio companies represent the two potential sources of wealth transfers. Yet, we find that public companies benefit when they buy financial sponsors' portfolio companies, experiencing positive abnormal returns upon the announcement of the acquisition and long-run post-transaction abnormal returns indistinguishable from zero. We further find that large portfolio company payouts to private equity have no relation to future portfolio company distress, suggesting that bondholders are not suffering systematic wealth losses, either. Finally, we find that portfolio companies invest no differently than a matched sample of public control firms, even when they are not profitable, an observation inconsistent with short-termism

Why do financial acquirers pay less than strategic acquirers? The impact of industry characteristics on the premium difference

This study provides new evidence on the role of industry characteristics in the difference of premiums paid by strategic and financial acquirers. Consistent with Bargeron, Schlingemann, Stulz and Zutter (2008), I show that financial acquirers do indeed pay smaller premium than strategic acquirers. Further, I find evidence that supports the hypothesis that financial acquirers prefer target companies in mature industries. Moreover, there is suggestive evidence that target company’s industry has a relatively high impact on the amount of premium paid by a financial acquirer

Long-term performance of private equity backed : mergers and acquisitions

This paper explores the impact of Private Equity funds on firms’ performance post-deal, in the period of investments made between 2011 and 2017. Further analysis is made to explore the divergence in performance for Anglo-Saxon and non-Anglo-Saxon countries. Our sample is composed of 129 deals, of which 86 are from non-Anglo-Saxon and 43 from Anglo-Saxon countries. Our results do not suggest a unanimous behavior of general overperformance from our target firms, but rather specific areas of enhanced performance. We found a statistically significant decline in profitability for Return on Assets, and EBIT margin. But in contrast, concerning operating efficiency level, we found signs of a positive increase in Sales over Employees, post-deal. Our DID regression shows evidence of a positive increase in the number of employees Finally, moving to leverage, our results show statistical significant results, expecting leverage to increase post-deal.Esta tese analisa o impacto de Private Equity funds no desempenho das empresas-alvo após investimento, no período de investimentos realizados entre 2011 e 2017. Uma análise mais aprofundada é executada com o intuito de explorar a divergência de desempenho entre países de origem anglo-saxónica e países sem ser de origem anglo-saxónica. A amostra utlizada é composta por 129 observações, dos quais 86 pertencentes a países não anglo-saxónicos e 43 de países anglo-saxónicos. Os resultados obtidos não demonstram um comportamento unânime de desempenho geral superior por parte das empresas PE-backed, exibindo um aumento de desempenho em níveis específicos. Os resultados apontam para um decréscimo estatisticamente significativo a níveis de lucratividade para ROA e EBIT margin. Em contrapartida, no que respeita ao nível de eficiência operacional, encontrámos sinais de um aumento em Sales over employees. Os resultados da regressão Difference-in-Difference feita sobre o número de funcionários apresenta evidências de um aumento positivo. Por último, e passando para a Leverage, os nossos resultados mostram provas de um aumento de Debt over Equity

Private equity vs. strategic acquirers : who wins on the M&A game in the UK?

This study investigates the post-deal performance of firms acquired by Private Equity versus Strategic Acquirers in the UK. We use a combination of counterfactual matching (controlling for self-selection) together with a differences-in-differences analysis to capture the marginal effect of Private Equity buyers and Strategic Acquirers towards their targets’ performance. For our sample of 56 Private Equity deals and 69 Strategic transactions, we do not find clear evidence that neither of both types of buyers outperforms the other in a broad extent. Notwithstanding, in measures related to profitability, such as the Gross Margin, our results suggest that Strategic Acquirers outperform Private Equity targets’ performance, which we attribute to higher synergy-related gains at a raw-material level, resulting from the complementarity between resources of both parties engaged in the transaction. Contrary evidence is found when analyzing efficiency gains and growth metrics, as our results suggest that Private Equity targets experience a higher decline in Working Capital-to-Sales, arising from better management practices, as well as superior Assets Growth, as a consequence of Private Equity’s role as a source of capital.Este estudo investiga o desempenho de empresas adquiridas por fundos de capital de risco, em comparação com empresas adquiridas por compradores estratégicos, com sede no Reino Unido. Utilizamos uma combinação de emparelhamento com empresas do grupo de controlo (resolvendo o viés de auto-seleção), juntamente com uma análise de Diferenças-em-Diferenças para capturar o efeito marginal das empresas de Capital de Risco e adquirentes Estratégicos no desempenho das empresas adquiridas. Com a nossa amostra de 56 aquisições por fundos de Capital de Risco e 69 transações cujo comprador é uma empresa Estratégica, não encontramos sinais inequívocos de que um dos dois tipos de compradores tem um desempenho superior, num sentido amplo. Ainda assim, nas medidas relacionadas com a rentabilidade, como a Margem Bruta, os nossos resultados sugerem que as empresas compradas por adquirentes Estratégicos atingem um desempenho superior quando comparado com empresas detidas por fundos de Capital de Risco, o que atribuímos a maiores ganhos relacionados com sinergias verificados ao nível de matérias primas, dada a complementaridade entre os recursos de ambas as partes da transação. Obtemos o resultado oposto ao analisar ganhos de eficiência e medidas de crescimento, já que os nossos resultados sugerem que as empresas adquiridas por investidores de Capital de Risco experienciam uma maior redução do Fundo de Maneio em percentagem das vendas, fruto de melhorias nas políticas de gestão, bem como um acentuado crescimento dos ativos, o que advém do papel das empresas de Capital de Risco como provedoras de capital

Private Equity Firms\u27 Reputational Concerns and the Costs of Debt Financing

A popular view is that private equity (PE) firms tend to expropriate other stakeholders of their portfolio companies. Bonds offered during 1992-2011 by companies after their initial public offerings (IPOs) do not reflect this view. We find that yield spreads on bonds offered by PE-backed companies are on average 70 basis points lower, holding other things constant. We also find that PE-backed companies have more conservative investment and dividend policies after bond offerings compared to non-PE-backed companies. These results suggest that PE firms’ reputational concerns dominate their wealth expropriation incentives and help their portfolio companies reduce the costs of debt

Divisional Buyouts by Private Equity and the Market for Divested Assets

We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in enterprise value in buyouts are significantly greater than for benchmark firms. Corporate seller excess returns are positively correlated with subsequent gains in asset enterprise value. A parsimonious auction model suggests that only restructuring capabilities of PE (not acquisition of undervalued assets) can explain the pattern of the gains generated in these PE deals