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1
Bürer, Mary Jean. "Public Policy and Clean Energy Private Equity Investment." kostenfrei, 2008. http://www.biblio.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3421.
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2
Tsai, Jengbin Patrick. "A successive effort on performance comparison between public and private real estate equity investment." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42016.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 50-51).
The research has a two-fold objective. Initially, the author compares the performance between public and private real estate equity investment represented by NAREIT Equity REIT Index and NCREIF Property Index from 1987 to 2005. Before comparison, the two return series are restated to eliminate their discrepancies in leverage, property-sector mix, and asset management fees. In addition to the 2.66% difference in mean returns between public and private markets over the 19-year research timeframe, the results indicate that the return restatement is able to reconcile the performance of the indices both by property sector (i.e. retail, apartment, office, and industrial) and at the aggregate level. Subsequently, the author compares MIT CRE's Transactions-Based Index (TBI) with NCREIF Property Index in order to confirm the advantage of transaction- over appraisal-based indices under some circumstances. After TBI goes through a similar restatement process, TBI and NCREIF Property Index are respectively benchmarked with NAREIT Equity REIT Index from 1995 to 2005. Although some conflicting results are found in the retail and apartment sectors, the research basically identifies TBI's relative proximity to the public market benchmark, which further supports the argument that transaction-based indices are better data sources for the analyses in which responsive reflections on private market conditions are necessary.
by Jengbin Patrick Tsai.
S.M.in Real Estate Development
3
Rebelo, Diogo Bebiano de Sá Viana. "Assessing the performance of private equity investments." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13462.
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This study presents an alternative investment projection model to estimate the future values of Private Equity (PE) investments. The performance of PE investments is assessed by analyzing the risk-return relationship relative to simulated Public Market (PM) investments that mimic the cash flow patterns of PE investments. The model allows for a quantified analysis of the underlying inputs that outline the PE performance and risks, and accounts for survivorship bias. These inputs include the fund manager’s decisions regarding the selection, leverage, size, duration and timing of investment and divestments.
Este estudo apresenta um modelo de projeção de investimentos alternativos para estimar os valores futuros de investimentos de Private Equity (PE). O desempenho dos investimentos de PE é avaliado pelo risco-retorno em relação a investimentos de Mercados Públicos simulados de forma a imitar os padrões de fluxo de caixa dos investimentos de PE. O modelo permite uma análise quantificada dos inputs que caraterizam o desempenho e riscos de investimentos de PE, e tem em consideração rácios de sobrevivência (survivorship bias) destes investimentos. Estes inputs incluem decisões dos gestores do fundo em relação à seleção, alavancagem, tamanho, duração e timings dos investimentos e desinvestimentos.
4
Dzenga, Bruce. "Public policy and clean energy venture capital private equity investments in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/97395.
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Thesis (MDF)--Stellenbosch University, 2013.ENGLISH ABSTRACT: In 2007, Bürer and Wüstenhagen (2009) conducted a survey amongst European and United States venture capital and private equity investors (VC/PE) to ascertain their public clean energy policy preference and concluded that VC/PE investors view the feed-in tariff (FIT) scheme to be the most preferred policy option. In this research study, the author re-conducted part of the Bürer and Wüstenhagen (2009) survey with thirty South African VC/PE investors to determine their perceptions on clean energy public policy preference. It is evident from the survey, that opinions are varied and at times even contradictory. This in itself demonstrates an important feature of the South African VC/PE and clean energy industry: it is young, dynamic, changing rapidly and can look very different, depending on the vantage point. The investors surveyed were mainly optimistic about the long-term development of the South African renewable energy industry led by private investors. VC/PE investors in South Africa have mixed views on various investment options, and are concerned about both the regulatory and macro-economic trends. The interviews and survey results show a number of recurring issues. Altogether, the survey results indicate that VC/PE investors consider FITs to be the best public clean energy policy instrument in leveraging private investment and finance for renewable energy in South Africa. This study serves to illustrate and confirm, in line with empirical studies, that VC/PE investors in South Africa believe that clean energy market-pull policies provide an impetus and indeed spur private investor participation in clean energy in developing countries. While it is true that most VC/PE investors would prefer the price certainty associated with a FIT regime, this is almost an irrelevant question in South Africa since constitutionally the state is bound to procure through competitive tendering. This study also serves to highlight the need for more active research and attention in this field.
5
Barbarosh, Jason S. "PIPE Discounts, Premia, and Performance." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2129.
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This paper explores private investments in public equity (PIPE) deals as a means of alternative firm financing. Poorly performing companies often look towards PIPEs to quickly raise capital when traditional means of financing are limited. This study provides an analysis on both the discount and premia that PIPEs are issued at, as well as the performance of firms after the deal announcement. Overall, this study finds that successful PIPEs from the investor’s perspective are issued at a discount of close to 17%, and unsuccessful PIPEs are issued at an average of a 15% premium. I find substantial cumulative abnormal returns of 9% over a three-day period due to positive information shocks. Overall, this thesis corroborates past research in the field.
6
Kim, Dongwook S. M. Massachusetts Institute of Technology. "Adjusted pure-play portfolio REIT equity index : historical performance of public and privacy real estate investment." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42041.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaf 42).
The public real estate market was initiated by the Real Estate Investment Trust Act of 1960. Since then, investors have been concerned with the assessment of performance comparisons between publicly held assets and privately held assets. The main concern for the assessment is to reveal historically which type of ownership provided the more efficient vehicle for the investors. The National Council of Real Estate Investment Fiduciaries (NCREIF) provides the investment performance of privately held commercial real estate, and the National Association of Real Estate Investment Trust (NAREIT) provides that of publicly held commercial real estate by REITs. However, direct comparison between the two indexes is problematic due to the different characteristics of each market and the lack of historical data for accurate assessment. The primary purpose of this study is to adjust characteristics of commercial REIT assets underlying one portfolio to match the characteristics of privately held commercial assets. Since SNL data base provides hedonic data from 1995 and CRSP & Compustat merged data base provides up to 2005 Q4, the sample period of this research is from 1995 Q1 to 2005 Q4. This quarterly assessment is conducted at the property sector (retail, apartment, office and industrial), then at the aggregate level. The main research of this thesis is to create adjusted REIT equity index that is derived from the following treatments in the thesis. Pure-Play' Portfolio Methodology will be applied to replicate the performance of four real estate property-type sectors defined by NCREIF - Implemented updated Equity to Total Asset ratio from De-leveraging REIT returns by WACC formula based on CRSP and Compustat merged data to obtain the value weights of equity, debt and total assets.
(cont.) As a proxy for the returns of debts held by REITs, Gilberto-Levy Historical Mortgage Rate will be used as a proxy for the returns of debts held by REITs. Sector-Mix Adjustment according to NCREIF sector weights. REIT index investment cost proxied by Vanguard REIT fund expense (95-05) will be deducted from adjusted REIT equity index. In this thesis, private real estate equity investment performance is represented by the MIT Transaction Based Index (TBI) and NCREIF Property Index (NPI). Both TBI and NPI returns are deducted by asset management fees estimated by the NFI-ODCE index (NCREIF) over the same time period. Purpose of these adjustments is to improve evaluation of publicly and privately held commercial real estate asset investment performances relative to one another. Preliminary comparison between NAREIT equity REIT index and NPI quarterly returns from 1995-2005 was conducted to collect the mean return difference. Then the difference after the treatments was compared to observe the effects of the author's method. The results demonstrate that at the aggregate level the difference between REIT and NPI returns reduced from 1.08% to 0.74%, and the difference between REIT and TBI returns reduced from 1.64% to 0.18%.
by Dongwook Kim.
S.M.in Real Estate Development
7
Vieira, Carla Sofia Dias. "A performance e o desempenho financeiro das PPP's : o caso das SCUT's para o período de 2003 a 2009." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10944.
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Mestrado em FinançasA ausência de estudos de performance às Parcerias Público-Privadas, releva só por si motivo para a elaboração deste estudo. Ainda mais, porque é um tema onde a informação existente é relativamente recente e comporta por isso bastantes dúvidas sobre quais os melhores modelos a aplicar. A questão de investigação abordada é a performance contabilística das Parcerias Público Privadas, especificamente as concessões sem custos para os utilizadores?. Os métodos utilizados para responder à questão são os métodos tradicionais e os métodos de criação de valor. Os resultados obtidos em ambos os métodos evidenciam uma melhoria significativa, em particular nos últimos três anos analisados. Período em que o Estado iniciou os pagamentos às concessionárias. Conclui-se que neste tipo de parcerias, os intervenientes por vezes não partilham os riscos, como seria de esperar. Visto que, nem sempre o desenvolvimento alcança os objetivos pretendidos, esquecendo-se que uma Parceria Público-Privada envolve uma relação de troca entre o setor público e privado, onde os benefícios e responsabilidades de cada interveniente deveriam ser partilhados.
The absence of performance studies for Public-Private Partnerships reveals itself the reason to write this study. Moreover, because this is a subject of complex analysis, where the existing information is relatively recent and still holds many doubts about the best model to apply. The question made is whether the use of Public-Private Partnerships really presents a good performance for the public sector? That is, if the relationship between the state and the private sector represents or not a gain in creating value (Value for Money). The approach taken to assess the performance of concessions under ?no costs to the users?, was conducted thought the traditional methods as well as thought methods of creating value. The results obtained with both methods show an improved performance, especially in the last three years. The justification has to do with the fact that, since then, the state has begun payments to concessionaries. It is concluded that in this type of partnerships, the participants sometimes do not share the risks, as would be expected. This is because its development not always reaches the intended objectives, forgetting that a Public-Private Partnerships involves an exchange between the public and the private sector, where the benefits and responsibilities of each participant are shared.
8
Xu, Boying. "Private equity investment in China." Thesis, SOAS, University of London, 2016. http://eprints.soas.ac.uk/23657/.
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De, Klerk Jakob. "Private equity and responsible investment in Namibia." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59814.
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Private equity (PE) firms are facing increasing pressure from their investors to consider environmental, social and governance (ESG) factors in their investment processes. Few studies have been performed on ESG issues, which confine the understanding of ESG profiles to very few countries. For this reason there is a need to better understand whether responsible investing (RI) practices are restricted to certain countries or whether the drivers and maturation differ between PE markets. This paper investigates the extent to which PE firms incorporate ESG into their investment processes, focussing on the Namibian PE industry. This study was a qualitative study using data collected via 17 semi-structured interviews. These interviews included ten PE firms, three limited partners, two portfolio companies, the Namibian Financial Institutions Supervisory Authority and the economic policy advisory services department within the Ministry of Finance. Computer-assisted qualitative data analysis software was used to process the data. Thematic coded analysis was performed on the data, and relationships were defined in accordance with the categorisation of themes.
The research found that while the Namibian PE industry does consider ESG factors within their investment practice, the integration of ESG factors in investment processes are somewhat limited. The Namibian PE industry is regulated, though ESG is not specifically addressed in the regulatory framework. Furthermore the drivers of and motivation for ESG differ between developed and developing markets, and limited partner education on ESG is needed to promote the integration of ESG factors in the PE industry.Mini Dissertation (MBA)--University of Pretoria, 2017.
nk2017
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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CANALINI, ALEXANDRE DE ALMEIDA. "THE DEVELOPING PRIVATE EQUITY INVESTMENT IN BRAZILIAN MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2007. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=9858@1.
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O segmento das participações privadas vem funcionando com
sucesso
nos países desenvolvidos. Graças à maturidade alcançada
por esta modalidade
de investimento nestes mercados, esses empreendimentos
passaram a ter
relevância também nos países em desenvolvimento. No
Brasil, entretanto, o
segmento de participações privadas não se desenvolveu como
esperado. Assim,
o objetivo deste estudo foi o de conhecer as principais
razões do não
desenvolvimento das participações privadas no mercado
nacional. Pesquisas
bibliográficas e de campo, apontaram cinco principiais
fatores que dificultaram o
desenvolvimento deste tipo de investimento no país nos
últimos 15 anos. Foram
eles: (a) a dificuldade que o investidor encontra para
sair de investimentos,
principalmente devido a um mercado de capitais pequeno,
poucos compradores
estratégicos e dificuldade para abertura de capital; (b) a
elevada taxa de juros,
que aumenta o custo de oportunidade e restringe o fomento
de capital para o
setor produtivo; (c) a instabilidade política e a
econômica, que colocam em
dúvida o destino do país e afastam investimentos de longo
prazo e alto risco; (d)
a ineficiência do poder judiciário, inapta para avaliar
rapidamente disputas e a
falta de instrumentos alternativos para fazer avaliações e
tomar decisões; (e) a
informalidade da cadeia produtiva, que cria ambientes onde
os concorrentes não
pagam impostos gerando desvantagens competitivas. Apesar
destes problemas
a perspectiva para investimentos das participações
privadas no país é boa,
porém, condicionada à manutenção da estabilidade
econômica, crescimento
econômico, alternativas para saída de investimentos,
modernização do poder
judiciário e melhoria da legislação vigente.There has been a global growth in the private equity segment over the last fifteen year. The current levels of global liquidity have facilitated the capital flows and emerging countries have been among the beneficiaries. Brazil, has been slow to develop in the private equity segment. Therefore, the objective of this study is to uncover the main factors that have arrested the development of this sector of the capital market in the country in the past 15 years. Research on specialized bibliography and interviews allowed us to pinpoint the five main factors: (a) difficulties to exit investments, due to a small market, shortage of strategic buyers and difficulties in creating an open capital market; (b) high interest rates, which increase costs and reduce applications in production; (c) economical and political instability, which generates uncertainty and scares investors; (d) inefficiency and slowness of the judicial system, unable to efficiently settle disputes and, the lack of alternative instruments, such as arbitration chambers, to evaluate and resolve disputes; (e) the informality of the production chain, that creates an environment of unfair competition which, in turn, dampens productivity and economic growth. Despite all these problems, the professionals believe that there could be room in the Brazilian market for the development of the private equity segment. However, before this can happen, conditions such as, stability of the economy and economic growth, better alternatives to exit businesses, modernization of the judiciary and improvement of the legislation have to be attained.
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Schulz, Matthias. "Real Estate Private Equity im institutionellen Portfolio." [S.l. : s.n.], 2005. http://www.bsz-bw.de/cgi-bin/xvms.cgi?SWB12103694.
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Söderblom, Anna. "Private equity fund investing : investment strategies, entry order and performance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Företagande och Ledning, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1295.
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Private equity investing (PE) has experienced rapid growth on a global scale over the last few decades to become a significant industry. While scholars have devoted considerable effort to studying the area of risk capital investing into businesses, research about private equity as an asset class is surprisingly scarce. This dissertation addresses this gap by enhancing understanding of PE fund investing in general, and specifically about how heterogeneity in investor-specific characteristics and entry order strategies may impact performance. Based on a comprehensive set of interviews with PE fund investors, in-dept insights about variances in motives for investing in the asset class, ways of working, and investment strategies across investors were acquired; findings that are elaborated upon in the dissertation. In addition, to facilitate a thorough investigation of the links between organizational characteristics, entry order and performance, hypotheses were tested through the statistical analysis of unique data covering PE funds raised in Sweden over a twenty-year period. Among several novel results, this study indicates that the level of environmental uncertainty has a clear impact on which organization-specific factors explain entry order, as well as which factors impact the ability of an organization to take advantage of a chosen entry order. Furthermore, the study points at organizational reputation as an especially valuable asset in situations of uncertainty. While a good reputation does not directly lead to superior performance, it may be used in exchange for favorable entry order positions.Diss. Stockholm : Handelshögskolan i Stockholm, 2011
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Paelmo, Kay L. (Kay Lee) 1977. "Factors influencing German private equity investment in US real estate." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/29768.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2003.Includes bibliographical references (leaves 75-78).
This thesis identifies and ranks in order of importance the key factors influencing high net-worth German investors' decisions about US real estate private equity investments. Through research and in-depth interviews with key clients and investment advisors of Taurus Investment Holdings, LLC, each factor is examined based on available data and is ranked in a significance hierarchy according to client responses. Interview results indicate that "Higher Expected Returns in US Real Estate," "Trust in the Investment Advisor/Company," and "Diversification" are the three most influential factors for investor decisions about US real estate investment. Investors reported that exogenous factors such as German and US tax laws, US economic/political climate, and currency exchange rates are not as important. However, these exogenous factors are intimately linked to the more personal factors: both rational (Higher expected returns in US real estate, Diversification benefits) and emotional ones (Trust in the Investment Advisor). Furthermore, investors' decisions to invest in US real estate is crucially dependent on their trust in the investment advisor, regardless of high promised returns or diversification benefits. In a global recession where the sagging US economy and the weakening US dollar have eroded the returns for German investors with US real estate investments, the element of trust is more important than ever. A carefully chosen US investment advisor / partner plays a critical role in accomplishing investment objectives and achieving optimal results for German investors.
by Kay L. Paelmo.
S.M.
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Martignier, Romain Paul. "Private equity regulation: what are the consequences of the alternative investment fund managers directive (AIFMD) on private equity managers?" reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/14093.
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The recent global financial crisis brought significant regulatory changes in the worldwide financial industry. In Europe and in the alternative asset sector specifically, a new regulation by the name of Alternative Investment Fund Managers Directive saw the daylight in 2010. This far-reaching and complex Directive with the main goal of regulating and overseeing alternative investment funds has triggered many discussions and represents an industry game-changer. Thus, this research will focus on the impact and consequences of the Directive on private equity fund managers and the role of regulators. In other words, what are the effects, what does that mean in a quantitative and qualitative sense, and how is it likely to influence the outlook of this asset class? In order to provide the reader with an extensive view on the topic, the paper will first discuss relevant theory and literature, using mix-methods and legal-dogmatic approaches. Further, descriptive case studies, analysis of existing surveys, and interviews with industry experts will supplement the paper in order to understand primary implications of the Directive with the goal of providing useful insights for further private equity regulation research.
A recente crise financeira global trouxe mudanças regulatórias significativas no setor financeiro em todo o mundo. Na Europa e no setor de ativos alternativos especificamente, um novo regulamento com o nome de Directiva Gestores de Fundos de Investimento Alternativos viu a luz do dia em 2010. Este abrangente e complexa directiva, com o principal objetivo de regulamentar e fiscalizar os fundos de investimento alternativos provocou muitas discussões. Assim, esta pesquisa vai se concentrar sobre o impacto e as consequências da directiva relativa aos gestores de fundos de private equity e o papel dos reguladores. Em outras palavras, quais são os efeitos, o que isso significa em um sentido quantitativo e qualitativo, e como ele é susceptível de influenciar as perspectivas de esta classe de activos? A fim de fornecer ao leitor uma ampla visão sobre o tema, o papel vai primeiro discutir teoria e literatura relevante, usando mixmétodos e abordagens jurídico-dogmático. Além disso, estudos descritivos de caso, análise de inquéritos existentes e entrevistas com especialistas da indústria irá complementar o papel de forma a compreender as implicações principais da directiva com o objetivo de fornecer informações úteis para pesquisas futuras private equity regulamento.
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Bolf, David. "Private Equity jako alternativní forma investování." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224443.
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The diploma thesis deals with the different ways of investment in Private Equity. The work is focused on investment decision making, investment process and due diligence. In the analytical part, the author evaluates the results of the questionnaire, which focuses on the factors of investment decision. Factors that investment decisions are divided into three categories examined by the author.
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Marešová, Jana. "Private equity jako forma financování podniků." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-196956.
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This thesis focuses on specification of key characteristics and principles of private equity and includes specification of both the local market and the international market trends. Furthermore this paper defines institutional framework for support of private equity in the Czech Republic and specifies the history and operations of leveraged buyouts including description of leverage effect and its illustration. The leverage effect arises when combination of debt and equity is used for financing. Private equity transactions are characterized by uniqueness and this paper describes the investment process starting from the identification of investment opportunity through monitoring to exit. Analysis and definition of key characteristics of target companies is also included.
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Midoux, Julien Jérôme. "Compared private equity impact investments." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/19478.
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This research aims to study private equity impact investments based on a comparative analysis of different private equity funds practices. In particular, it examines how the requirements of impact investing are encompassed in private equity investment processes. First, a literature review was conducted to better define impact investing and assess the complementarity of private equity with impact investing. Secondly, a qualitative study was pursued based on a panel of interviews. Interviewees are investment professionals working for private equity firms with interests in impact investing. The analysis of the interviews indicates a certain commonality of the investment methods between the funds paneled whether they are pure player private equity impact investors or traditional private equity firms investing for impact. Beyond the proximity between investment strategies, the research also shows a strong focus on in-house impact targeting and measurement, with little resort to external tools. Such flexibility negatively affects the readability of impact performance from a market perspective. The research concludes impact investing still has to go through a standardization process to gain global recognition as a private equity segment.
Esta pesquisa tem como objetivo de estudar os investimentos de impacto de private equity com a base de uma análise comparativa de diferentes práticas de fundos de private equity. Em particular, examina como os requisitos de investimento de impacto estão abrangidos nos processos de investimento em private equity. Em primeiro lugar, uma revisão da literatura foi feita para melhor definir o investimento de impacto e avaliar a complementaridade do private equity com os investimentos de impacto. Em segundo lugar, um estudo qualitativo foi realizado com base de um painel de entrevistas. Os entrevistados são profissionais de investimento que trabalham para empresas de private equity com interesses em investimentos de impacto. A análise das entrevistas indica uma certa semelhança dos métodos de investimento entre os fundos estudados que eles sejam unicamente investidos em impacto o que sejam fundos de private equity que fazem investimentos de impacto além de investimentos tradicionais. Além da proximidade entre as estratégias de investimento, a pesquisa também mostra um forte foco em processos de segmentação e de medida do impacto internos, com pouco recurso para ferramentas externas. Essa flexibilidade afeta negativamente a legibilidade da realização do impacto por parte do mercado. A pesquisa conclui que os investimentos em impacto ainda precisam passar por um processo de padronização para obter reconhecimento global como um segmento de private equity.
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Haško, Miroslav. "Private equity - leveraged buyouts a KKR." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75159.
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The aim of this thesis is description and understanding of private equity industry as a part of alternative asset class. In the first part, we describe the basic concepts of private equity industry and characteristics of individual subjects present in this sector. Analysis of the industry and basic comparison of private equity in Europe and United States is the theme of the second part of this paper. The base of knowledge created in the previous parts supports the analysis of buyouts and their value creation strategies. On the example of Kohlberg Kravis Roberts, pre-eminent private equity firm, we show how private equity works in practice and what current trends in the industry are. In the end, we estimate the subjective value of one unit of ownership in KKR and list that risks could affect the company and the industry.
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Miller, Lloyd. "Private equity buyouts and firm efficiency : evidence from UK public to private transactions." Thesis, University of Greenwich, 2014. http://gala.gre.ac.uk/14274/.
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This study investigates the impact of 293 public to private buyouts in the UK manufacturing industry during the period 1997-2007 on firms’ technical efficiency using a probabilistically matched buyout dataset. I use data envelopment and stochastic frontier analysis techniques to empirically measure production efficiency, which differs from most previous studies where the impact of financial performance or the movement in a company’s share price is tested. For the sample used and period investigated, no evidence is found that companies involved in public to private buyout ownership changes operate more efficiently than a control sample of PLCs not involved in buyouts. This finding is consistent with the hypothesis that managers of PLCs have learned how to operate their companies in a similar way to those owned by private equity.
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Shafik, Nemat. "Private investment and public policy in Egypt, 1960-1986." Thesis, University of Oxford, 1989. http://ora.ox.ac.uk/objects/uuid:d3c6cec8-2027-4952-95ff-bead802bd8ef.
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The determinants of private investment and the role of government policy in Egypt are analyzed with a focus on the debate over "crowding out" versus "crowding in," the implications of administered interest rates, and the consequences of uncertainty. A theoretical model of investment is developed that integrates the microfoundations of firm decision making with the determinants of investment at the macroeconomic level. The model, which draws on case studies of fifty private firms in Egypt, is characterized by oligopolistic markets, putty-clay technology, credit rationing, and rigidities in the supply of capital goods. Econometric testing of the model uses the recent literature on cointegration and error correction to address the problem of spurious correlations while retaining long run information about the equilibrium relationship between aggregate investment and its determinants. The empirical evidence shows that the investment decision depends on expected profits which are a function of demand, costs and mark ups. The impact of government policy on private capital formation operates through these determinants, such as the positive effects of protection or restrictive licensing on private sector mark ups. Using the model to analyze the oil boom of the 1970s, it is possible to explain the sectoral distribution of private investment, which diverged from the predictions of conventional Dutch disease theory about the consequences of a trade shock. The findings indicate that the sharp rise in the private investment ratio during the 1970s in Egypt stemmed more from the consequences of the foreign exchange windfall on demand, costs, and mark ups than from the effect of fiscal incentives introduced by the state. However, government policy was crucial in determining the structure of incentives in the economy which favoured capital intensive, heavily indebted, import substituting investments in protected sectors. The private sector responded to this incentive structure by concentrating on those activities where economic rents were highest.
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Baek, Kiwoong 1960. "Economic modeling of Korean private equity market through comparisons of market structures and investment strategies between the Korean and American private equity market." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17852.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2004.Includes bibliographical references (leaves 198-202).
Modem capitalist societies depend on entrepreneurship for their progress. Entrepreneurs seek profits by introducing new goods, services, and technologies and, in doing so, they advance the economic welfare of society. To maintain and further entrepreneurial activities, each society requires a well-organized resource allocation system that can distribute resources to selected industries or firms. The private equity market is an efficient resource allocation system that provides equity capital to the firms not quoted in the stock market. However, a private equity market is difficult to develop not only due to the high risk characteristics of the market but also because of the needs to establish value added infrastructure and to change the current financial mechanisms as the capital market evolves. The government plays one of the most important roles in initiating a new type of capital market, the private equity market. Significant changes and evolution in the development of private equity markets are typically preceded by changes in the regulatory system (deregulation), tax structure, monetary policy, government policy, and/or pension fund operations. Different starting points lead to different paths of market development. However, many countries have tried to introduce private equity markets with various degrees of success. These attempts highlight the fact that different schemes of private equity market structure are necessary for each country. They will, however, converge into one economic model with efficient and effective resource allocation system in the long run. This thesis analyzes the development history, development strategy, and current situation of the private equity industry in Korea and compares it to
(cont.) the overall situation in leading global countries-specifically, United States. It ultimately delivers recommendations for government policy and investment strategies in Korea and discusses economic modeling aimed at providing guidelines on how to successfully introduce a new private equity market in a certain country to serve as a resource allocation system. Through this thesis, I found that Korea's venture capital industry made an unprecedented economic improvement on the basis its economic recovery after the Korean financial crisis and the introduction of government supporting programs and the KOSDAQ stock market. The KOSDAQ stock market created the third largest market capitalization in the world emerging stock markets. In just eight years, this emerging stock market became a leading trading center in OECD countries due to government driven policies of the previous 22 years. It stimulated the shifting of economic growth engines from large firms to small technology firms in Korea. But after the IT bubble collapsed in 2000, it also experienced long re-adjustment period. Korea's venture capital market seems to have entered into a transitional period from the more government driven system, characterized by corporate venture capital firms, to a market driven system, characterized by limited partnerships, from which the US venture capital market evolved in the 1980s. The Korean venture capital market seems to be about 20 years behind the US market in terms of its economic maturity. The current Korean market situation is similar to that of the American market in the early 1980s ...
by Baek Kiwoong.
M.B.A.
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Bubeník, Martin. "Audit projektů public-private partnerships." Doctoral thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-114187.
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The dissertation thesis provides a comparison of approaches to the audit - compliance audit, performance audit and financial audit, on example of PPP project. The fact that the border between both parties of PPP project can not be generally defined provides space for the comparison of audit in the public and private sector. The topicality of the theme is given the fiscal problems not only in European countries, where most countries are looking for a way of extending the budget constraint to private sector engagement in the form of PPP projects. Therefore, PPP projects in the world are increasingly popular form of financing. Each includes every new minister of finance includes PPP projects as a possible source of budget. PPP projects, however, represent a huge, long-term investment, that large amounts of money are invested over long time periods. Large fiscal risk would occur in the corrupt environment, with a real threat of government failure, where the supplier has better information through a quasi-monopoly position and large fiscal risks. This risk persists many years and is associated with the provision of large state guarantees in an uncertain economic and societal benefit, taking place to constrain the budget for future generations. PPP project can be agreed only if resources are used efficiently in accordance with societal consensus and the pace of economic growth and public revenue consistently exceeds the real interest rate on public debt. Therefore, PPP projects in the world are increasingly popular form of financing.The fact that this form of financing should be transparent among other things, regularly audited.
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Loos, Nicolaus. "Value creation in leveraged buyouts : analysis of factors driving private equity investment performance /." Wiesbaden : Deutscher Universität-Verlag, 2006. http://www.springerlink.com/content/u44p65/.
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Wang, Huifeng S. M. Massachusetts Institute of Technology. "Analysis of investment prospects for Chinese private equity firms in the U.S. market." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98990.
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Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 43-44).
With the wealth and experience accumulated during the past decade, Chinese private equity (PE) firms have emerged as active investors in cross-border acquisition deals. Ambitious global expansion plans of Chinese companies and a supportive regulatory environment further boost the demand for such deals. This thesis examines prospects for such firms to invest in the United States (U.S.), the world's best-established PE market. It analyzes the demand of Chinese PE firms to make global investments, competitiveness of these firms, and the feasibility of investing in the U.S. market. This thesis focuses on privately-held firms as opposed to sovereign wealth funds.
by Huifeng Wang.
S.M. in Management Research
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Ngewnya, Noluthando. "Determinants of private equity investment in South Africa: an ARDL Bounds Testing Approach." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/32328.
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The private sector in Africa is dominated by micro, small, and medium scale enterprises (MSMEs). This sector of the economy often finds it the most difficult to raise financing from the formal financial institutions. This funding problem is further exacerbated by the fact that financial services sector in the economy is very under developed; hence, there is limited sources of debt financing available to entrepreneurs. Private Equity Funding has played a pivotal role in providing capital to this sector and the African continent would benefit from a buoyant Private Equity market. This study, therefore, seeks to examine the determinants of the Private Equity activity in the South African environment, in order to make recommendations to policy makers as to the policies that they should implement in order to increase Private Equity fund raising activity. This study explores the determinants of Private Equity in South Africa from 2002 to 2016. The autoregressive distributed lag (ARDL) bounds approach to co-integration (M. Hashem Pesaran, Shin, & Smith, 2001) is adopted to determine the relationship between economic, financial, and regulatory variables and growth in Private Equity Funds under management. For economic variables, this study looks at exchange rates, interest rates, GDP growth, the inflation rate, and the level of entrepreneurship in the country. Secondly, for financial variables, it looks at stock market development and the development of the financial sector in the country. Lastly, for regulatory variables, it looks at the effect the tax rate, the political environment, and the regulatory environment has on Private Equity activity. The results of the study found no evidence to support a deterministic relationship between the variables macroeconomic environment, financial development, and the regulatory environment with growth in Private Equity Funds under management in the South African context. The findings of this study can be explained by the opportunistic nature of the Private Equity business. This means that investors look for opportunities in markets where they can make substantial returns, and those opportunities are not necessarily informed by the macroeconomic environment of the countries where the opportunities avail themselves.
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Quazzo, Dante. "Examining Gains in Operational Efficiency in Public-to-Private and Private-to-Private Transactions." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1000.
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Using private firm financial data, I compare operational improvements in public-to-private and private-to-private leveraged transactions in Western Europe between 2003 and 2010. Results are consistent with the recent literature and find operational gains to be significantly smaller then when buyouts were originally analyzed by Jensen (1989) and Kaplan (1989). Public firms experience an increase in raw EBITDA margin of 7.2 percentage points three years post-buyout, while a doubling of firm size yields an increase in EBITDA margin of 4.6 percentage points in year three post-buyout. Using industry-adjusted data, prior corporate form is positive and significant in year two post-buyout. Contrary to prior literature’s expectations, governance state does not impact increases in net profit margin or return on assets. My analysis offers support for the free cash flow theory, as the positive and significant effect of a public structure on EBITDA margin suggests that public firms have greater growth potential for private equity investors and more agency costs than their private counterparts.
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Oeby, Simen Berger. "Public private equity : an evaluation of public early stage risk capital initiatives in Norway." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90739.
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Thesis: S.M. in Management Studies, Massachusetts Institute of Technology, Sloan School of Management, 2014.21
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 79-80).
Access to finance limits the ability to grow for many early stage ventures. To mitigate this limitation, the Norwegian State has initiated seed funds partly financed by public funds. The funds carried out many investments during the late 1990s and 2000s. This thesis describes and evaluates the performance of the "second wave" of seed funds established 2006 to 2008. The investments made by the seed funds are compared with investments made by other private equity investors during the same time period. Firstly, the thesis describes the characteristics of companies receiving investments. Secondly, it analyses the development in selected accounting metrics until (and including) 2012. Finally, regression analyses are used to identify the relationship between multiple variables and growth in revenue, operating income and wages. Among these variables is ownership by the second wave of seed funds. The regressions seek to establish a relationship between receiving investments from the seed funds and the subsequent development in revenues, operating income and wages.
by Simen Berger Oeby.
S.M. in Management Studies
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Siming, Linus. "Private equity and advisors in mergers and acquisitions." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-947.
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This doctoral thesis contains three empirical research papers that center on the topics of private equity and the role of advisors in mergers and acquisitions. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors” is a study of how social networks that are formed by previous employment relations affect private equity firms’choice of financial advisors. A financial advisor is more likely to advice on a transaction if a former employee is one of the private equity professionals who constitute the deal team for the particular transaction. In turn, information and deals are sourced to private equity firms from sell-side financial advisors within the previous employment network. "Dual Role Advisors and Conflicts of Interest” focuses on the potential conflicts of interest that may arise when an advisor to a firm targeted in a merger or acquisition is simultaneously involved in financing the bidder. Overall, the results suggest that investment banks in these situations may not have fulfilled their obligation of obtaining the highest possible price on behalf of the seller. "Private Equity Firms and Quick Flip Sales” examines the particulars of quick flip investments and three hypotheses that may explain their prevalence. Private equity firms typically are long term investors, but occasionally exits take place in less than 18 months. Results point to that such quick flips may partly be due to conflicting interests between the limited and general partners.Diss. Stockholm : Handelshögskolan, 2010. Sammanfattning jämte 3 uppsatser
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Lin, Alex. "Real estate private equity : market impacts on investment strategies and compositions of opportunity funds." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58635.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, Center for Real Estate, 2008.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 66-68).
Market forces continually change the landscape of the real estate private equity ("REPE") industry. In the current market, robust capital raising and the emergence of new funds in REPE suggest increasing competition to place capital while the credit crisis has marked the end of an era for cheap debt that was previously used by opportunity funds to enhance returns. Under these changing market conditions, opportunity funds seek to continually deliver above market returns through various investment strategies and composition allocations which have major implications on the risk levels of the funds. This thesis seeks to understand if and how recent market changes have influenced the REPE industry. It identifies the kinds of investment strategies currently being used by opportunistic funds, and in particular, whether the investment compositions of the opportunity fund portfolios are changing in terms of geographic allocation or asset type allocation. The study finds that opportunity funds have been notably impacted by forces of the credit crisis, but not necessarily by increasing competition. While it is not readily apparent whether investment compositions of opportunity funds have changed due to the credit crisis, several global funds are increasing geographic allocations to emerging markets, such as Asia, to enhance returns. The interviewees generally believe that they will continue to deliver the proposed returns without necessarily increasing portfolio risks due to their flexible investment mandate, which allows them to invest in opportunities that are inline with their expertise and experience.
(cont.) In the short term, most funds expect opportunities to arise from distressed sellers. This thesis attempts to shed light on some issues involving REPE investing and represents a first attempt to scratch the surface of opportunistic investment portfolio compositions and strategies. Hopefully, readers will gain insight into the workings of this growing and highly proprietary asset class.
by Alex Lin.
S.M.in Real Estate Development
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Arnestrand, Frida, and Charlotte Lindblom. "Leveraging Dynamic Capabilities for Digitalization : A study of the Investment Process in Private Equity." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-301300.
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Digitalization is transforming business operations and forcing organizations to formulate strategic responses. Changing environments, emerging technology, and disruptive competitors forces industries to embark on the digital era and digitalize. An industry identified as lagging in internal digitalization is the private equity sector. Private equity firms operate in a traditional industry with established business processes and core competencies far from digitalization. The purpose of this study is to identify dynamic capabilities for digitalization efforts in transactional processes. The literature review resulted in a dynamic capabilities framework applicable for transactional processes in general and later studied in the context of the investment process in the Nordic private equity industry. Trans-disciplinary research was conducted by combining theories of business process management, digitalization, and dynamic capabilities. The study derived from the belief that organization’s dynamic capabilities are interconnected to digitalization. An exploratory approach and qualitative methods was used to collect data and gain deeper insight about the investment process and its challenges in terms of digitalization. The findings resulted in a revised framework containing twelve dynamic capabilities, essential for driving digitalization in the investment process. To leverage the full potential of digitalization, organizations need to possess dynamic capabilities within digital strategy, culture and people, and business processes and structure. The study concludes that all interviewed firms deploy dynamic capabilities for streamlining the investment process. However, by understanding and seeking to digitalize, additional outcomes may be achieved such as increased competitive advantage, employee motivation and organizational growth.Digitalisering transformerar affärsverksamheter och kräver ofta strategisk omorganisering. Föränderliga miljöer, ny teknik och ökad konkurrens resulterar i digitalisering av industrier. Private equity sektorn har identifierats som en bransch med stor digitaliseringspotential och en avsaknad av intern digitalisering. Private equity företag är verksamma i en traditionell bransch med etablerade affärsprocesser och avsaknad av kärnkompetenser inom digitalisering. Syftet med denna studie är att identifiera dynamiska förmågor för digitalisering i processer bestående av informationsflöden. Den genomförda litteraturstudien resulterade i ett ramverk med dynamiska förmågor, lämpliga för digitalisering av informationsprocesser. Ramverket har sedan applicerats på investeringsprocessen i private equity företag som är verksamma i den nordiska marknaden för att identifiera branschspecifika förmågor. Tvärvetenskaplig forskning genomfördes i syfte att kombinera teorier om business processmanagement, digitalisering och dynamiska förmågor. Studien grundar sig i tron att organisationers dynamiska förmågor är starkt sammankopplade med digitalisering. Kvalitativa metoder användes för datainsamling och för att få en djupare insikt i investeringsprocessen och dess utmaningar. När det gäller digitalisering tillämpades också ett utforskande tillvägagångssätt. Forskningen resulterade i ett reviderat ramverk som består av tolv dynamiska förmågor som visat sig vara nödvändiga för att driva digitalisering i investeringsprocessen. För att uppnå digitaliseringens fulla potential måste organisationer besitta dynamiska förmågor inom digital strategi, organisationskultur samt affärsprocesser och struktur. Studien visar att alla intervjuade företag använder dynamiska förmågor för att effektivisera investeringsporcessen. Vidare kan en fortsatt lyckad digitalisering leda till ytterligare resultat, såsom ökad konkurrenskraft, förbättrade motivation hos de anställda och organisatorisk tillväxt.
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Ain, Tommar Sara. "Trois Essais en Private Equity." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED032/document.
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Les années récentes ont témoigné un manque de dynamisme des marchés boursiers qui a poussé un nombre croissant d'investisseurs à se tourner vers les marchés privés, notamment le private equity. Ce manuscrit aborde des thématiques qui caractérisent les mutations que connait le private equity aujourd'hui: une recherche de liquidité relative, une quête de rendements supérieurs dans de nouveaux marchés et une stabilité des ressources humaines qui restent un vecteur de communication important lors des levées de fonds auprès des investisseurs.Le premier essai de cette thèse examine l'impact de l'introduction en bourse des véhicules de private equity sur leurs performances et montre que cette recherche de liquidité induit une diminution significative des performances réalisées. Le deuxième essai traite de la performance du private equity dans les marchés émergents et montre que la réussite de ces investissements est liée à la distance géographique et à la proximité culturelle entre les firmes de private equity et les entreprises financées.Enfin, le dernier essai de cette thèse examine l'importance du capital humain pour les firmes de private equity et montre que la mobilité des managers détériore les performances réaliséesRecent years have witnessed a lack of momentum in equity markets that has driven a growing number of investors to turn to private markets, including private equity.This manuscript addresses research questions that characterize the changes that private equity is experiencing today: a search for relative liquidity, a quest for superior returns in new markets, and a stability in human capital, which remains an important vector of communication during fundraising.The first dissertation of this thesis examines the impact of the public listing of private equity vehicles on their performance and shows that exposure to liquidity induces significantly lower realized performances.The second dissertation examines the performance of private equity in emerging markets and shows that the success of these investments is related to the geographic distance and the cultural proximity between private equity firms and the investee companies.Finally, the last dissertation of this thesis examines the importance of human capital for private equity firms and shows that manager mobility deteriorates performance
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Schöber, Thomas. "Buyout-Backed Initial Public Offerings." kostenfrei, 2008. http://www.biblio.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3479.
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Munthali, Thomas Beston Chataghalala. "Investment in southern Africa : interaction of the private and public sectors." Thesis, University of Leeds, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.486382.
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While the debate on the crowding-in-out effects of public investment on private investment largely seems to point towards a crowding-in effect in developing economies and the opposite in advanced economies, considerable evidence exists on inconclusiveness of such findings across country and regions. This research study aimed at investigating the possible crowding-in effects of disaggregated public investment, human capital, and corporate governance on private investment on 10 developing economies of one of the world's most underdeveloped regions, Southern Africa. Two investment models of neoclassical and flexible accelerator were modified to empirically capture the structural and institutional characteristics of the region. Further, against the background of capital availability as a binding constraint in developing economies, a survey was conducted on one of the countries in the panel for an in-depth analysis of corporate governance's link to fixed private investment in these least developed economies. The study rejects the hypothesis of 'the lesser developed economy, the higher the crowding-in effect' but instead points to a strong contemporaneous crowding-out effect of public investment in this least developed region. However, the models find that financial and external factors relating to macroeconomic uncertainties are important over institutional factors in conditioning private investment levels in the region. On the other hand, while the results on the components of FDI and domestic private investment are largely similar, it is macroeconomic volatility, particularly that of exchange rates and the size of government, that have the most impact on FDI both in the short and long-term. Human capital as measured by literacy rates is found to have no contemporaneous or long-term effects on all private investment components but education expenditure does except on FDI. Corporate governance, however, has insignificant effects in the region generally, both in the short and long-term.
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FILHO, RICARDO FELIX DE O. FARIAS. "PUBLIC VS PRIVATE PENSION FUNDS: WHAT WILL BE THE INVESTMENT PROFILE?" PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2010. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=16513@1.
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Criados inicialmente como uma poupança garantidora de rendimentos
futuros aos seus participantes e assistidos, os Fundos de Pensão assumiram
importante papel no cenário econômico brasileiro. A necessidade legal de
distribuição dos mais de 450 bilhões de reais (dez/2008) em ativos de renda fixa,
de renda variável, no segmento imobiliário e no segmento de
empréstimos/financiamentos, criou carteiras de investimento que de forma
diversificada financiam atividades produtivas no Brasil. Apesar de existir uma
forte sinergia no que se refere ao objetivo principal e também ao ambiente
macroeconômico nos quais estão inseridos, os Fundos de Pensão Públicos e os
Fundos de Pensão Privados além de possuírem consideráveis diferenças de
portfólio de investimento, também vêm respondendo de forma diferente às
variações de algumas variáveis macroeconômicas. Diante do exposto, e a partir da
observação do comportamento dos 10 maiores investimentos dos Fundos de
Pensão Públicos e Privados no período de 2002 a 2008, esta dissertação busca
discutir a sensibilidade dos portfólios de investimentos dos Fundos de Pensão ao
longo de mudanças macroeconômicas. No período estudado, foi observado entre
2002 e 2007 um aumento percentual nos investimentos em ações tanto nas
carteiras dos Fundos Públicos quanto dos Fundos Privados. O ano de 2008
apresentou uma diminuição nesses investimentos de renda variável em ambos os
Fundos de Pensão. No entanto, percebe-se que os Fundos Privados apresentam
composição de carteiras mais conservadoras, mantendo quase 70% dos seus
recursos em ativos de renda fixa. O único ativo de renda fixa onde foi verificado
um percentual de participação em carteira significativamente maior nos Fundos
Públicos foi nas Letras Financeiras do Tesouro. A metodologia estatística
utilizada foi a regressão dinâmica, na qual as variáveis dependentes foram os
investimentos em diferentes ativos da composição da carteira dos Fundos e as
variáveis independentes referiam-se às que representam mudanças no cenário
macroeconômico ( ex: PIB, dolar e juros ). Os resultados obtidos, não somente
reforçam a existência de relação entre indicativos macroeconômicos e a
composição de carteiras dos Fundos de Pensão, mas também apontam que
algumas dessas variáveis independentes influenciam de forma diferente os Fundos
de Pensão Públicos dos Fundos de Pensão Privados.Initially created as a saving asset that should guarantee future income to their participants, the Pension Funds took an important role in the Brazilian economic scenario. The legal necessity of distribution of more than 450 billion reais (Brazilian Money) into assets of fixed income, of variable income, of real estate and loans & financing assets, created investment’s portfolios that in a diversified way financed profitable activities in Brazil. Nevertheless of having a strong synergy in the main objective and also in their macroeconomic scenario, Public Pension Funds and Private Pension Funds have not only considerable differences of investment’s portfolio, but they are also responding the variation of a few macro-economic variables in a different way. Therefore, analyzing the 10 biggest investments in the Public & Private`s Pension Funds between the years of 2002 and 2008, this work aims to discuss the sensibility of the investment`s portfolios of the Pension Funds during macro-economic changes. In the studied period, was observed that between 2002 and 2007 a percentage raise in the investments in the stock market in both Public and Private Pension Funds. In the year of 2008 these kinds of investments decreased in also both Pension Funds. Despite of that, it is observed that the Private Funds have been more conservative, keeping almost 70% of their total amount in fixed income assets. The only asset of fixed income where was verified a higher percentage level in the Public Funds was in the Letras Financeiras do Tesouro (Treasure Bonds). The statistic methodology used was the dynamic regression, in which the dependent variables were the investments in the different assets of the Pension Fund`s portfolios and the dependent variables were the ones that represented changes in the macroeconomic scenario (e.g.: Gross Domestic Product, dollar e interest rate ). The results indicates a correlation between some macro-economic variations and the composition of the investment`s portfolios in the Pension Funds. But, the it also indicates that a few of these macro-economic variations influence in a different way the Public and the Private Pension Funds.
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Sinyard, David B. "The Investment Process Used By Private Equity Firms: Does The Affect Heuristic Impact Decision-Making?" Digital Archive @ GSU, 2013. http://digitalarchive.gsu.edu/bus_admin_diss/25.
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Individuals utilize heuristics in order to simplify problems, which may lead to biases in decision-making. The research question of this study is: “How does the affect heuristic impact the investment process of private equity decision-makers reviewing proposals?” Through an exploratory multi-case analysis, insight is provided into complex private equity decisions by studying biases in the investment process. This is a study of private equity groups’ (PEG) decision-making process when they consider businesses for investment. Qualitative data was generated from semi-structured interviews with twenty private equity decision-makers. The deliberative heuristics applied in the teaser review are learned from process experience and guide the deliberation on whether to proceed. Simplifying heuristics are applied in the more informal review process. Organizational learning was exhibited as the PEGs have modified their investment structures based on previous experiences. The study indicates that experience and learning lead to the construction of an affect heuristic that subsequently impacts investments. It also confirms the need for strategic decision-makers to recognize their own biases and adjust their processes accordingly.
A significant practical implication of this study is the insight provided into the views of the PEG decision-makers as they anticipate the need to supplement the management team is helpful to business owners and their advisors. The study highlights the opportunities for biases in PEG decision-making processes. Accessing decision-makers at larger PEGs and approaching more middle market firms would broaden the results.
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Slabý, Jindřich. "Private Equity a veřejná emise akcií a dluhopisů jako zdroje financování podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4376.
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This thesis inquires into the problems of funding businesses by means of so called alternative financing arrangements, i.e. by Private Equity and Public Stock and Bond Offerings. The first section involves basic ideas and characteristics of the Czech capital market and its structure. The following three sections deal, in sequence, with particular means of financing. They comprise theoretic aspects of particular financing arrangements as well as analysis of advantages and disadvantages to businesses, resulting from their application. Furthermore these sections provide for characteristics of situation in sectors of these particular financing arrangements within the scope of the Czech capital market and detect potentials to improve it.
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Chow, Mark A. (Mark Andrew) 1972. "A rating system to test private investment decisions in public infrastructure projects." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/50511.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 1998.Includes bibliographical references (p. 167-168).
This thesis will develop a basic method to evaluate the overall quality of proposed infrastructure projects for private sector financial investment. INFRATEST is meant to aid both potential private infrastructure developers and public entities, which desire to privatize certain infrastructure projects, in selection of the most appropriate infrastructure projects to benefit from the advantages of free enterprise. INFRATEST is premised on 15 equally-weighted factors which represent the major components that affect overall infrastructure project economic, financial, and technical viability. Associated with each of the 15 factors are indicators which measure the important aspects of their respective factors. There are 31 indicators in all and they are evaluated on a numerical scale of one to ten. Factor scores are determined from indicator value averages. INFRATEST can serve the private developer and the public entity by providing an information base for deciding which privately funded infrastructure development proposals deserve consideration in the capital markets and for deciding which proposed infrastructure projects are to be developed with public or private funds. Application of INFRATEST to two real-world project proposals, the SAVE project and the Northumberland Bridge project, demonstrated the method's ease and universality of application as well as the method's simple and clear conclusions.
by Mark A. Chow.
S.M.
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Bartoš, Jan. "Podnikatelský plán v rámci private equity fondu se zaměřením na finanční část." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261981.
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The thesis analyses and discusses the creation of a business plan inside a private equity fund. The business plan deals with the development and management of a fully illuminated and heated greenhouse and focuses mostly on the financial part, due to reasons explained in the thesis. In the theoretical section, the author discusses the developments in the entrepreneurship and private equity field and follows by describing the important terms concerning a business plan, its structure and the approach to its creation. The practical section deals with the circumstances in which this business opportunity is considered and covers the business plan itself, specifically the market analysis, marketing approach, operational side and financials in detail. The aim of this exercise is to validate the market expectations and economic rentability of the whole project. To this end the author utilizes several standardized criterions for investment assessment.
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Matanova, N. "Private equity and venture capital investors' involvement in firms post initial public offering." Thesis, City University London, 2015. http://openaccess.city.ac.uk/11893/.
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The capital provided by private equity (PE) and venture capital (VC) investors represents an alternative type of financing available to firms in comparison to more traditional financial intermediaries such as banks, equity from owners or angel investors. These financial sponsors not only provide funding, but also complete intense restructuring, improve corporate governance, align interest of managers and shareholders, provide certification and improve performance (Jensen 1986, 1989; Baker and Wruck, 1989; Baker and Gompers, 2003; Hochberg, 2012; Acharya et al, 2009). These investors are likely to realize their highest returns by bringing their sponsored firms to the stock market in the form of initial public offerings (IPOs). However, in practice PE and VC investors do not always exit fully at the IPO date (Celikyurt et al, 2014; Krishnan et al, 2011; Cao, 2011). They tend to maintain a block ownership in some IPOs, which allows them to remain actively involved in shaping firms' corporate policies. It is of great importance to academics, practitioners and other market participants to understand why these investors carry on investing in firms they brought to the market and whether such holdings create or destroy value. These issues motivate my research agenda. I focus on investigating PE and VC investors' post-IPO presence in firms, their effect on corporate policies and impact on the long-run performance. In particular, the three chapters of my thesis pursue the following three distinct objectives: (i) to answer the fundamental question concerning the motivation of PE and VC investors to retain ownership in the post-IPO period and whether this retention affects the firm’s aftermarket performance (ii) to examine whether PE and VC investors remain active monitoring agents and exert significant influence on various corporate policies (iii) to investigate the effect of PE and VC ownership retention on firms' cash reserves, which, as documented in previous studies, can lead to significant agency conflicts. Hence, the main objective of my thesis is to explore the extent, type and channels of private equity and venture capital investors' involvement in firms post-flotation, and its impact on the long-run performance. To answer these research questions, I use a large sample of US and UK IPOs over the 1997 and 2010 period. In this dissertation, I differentiate and analyse separately firms backed by PE and VC investors because these investors are different in many respects, particularly since they provide capital to distinctive type of companies, as VCs invest mainly in young, growing, high-tech firms, while PE investors are likely to back high cash flow mature firms in stable industries. I provide a comparative analysis across these investors to assess whether, after controlling for these fundamental characteristics, their involvement, investment and strategies with their IPOs in the post flotation period are homogeneous. I also contrast the US and the UK markets which I found to be significantly different in terms of the composition of these two types of investors, but also the characteristics and annual distributions of IPOs. In the first empirical study, I focus on the motivations of PE and VC funds to retain voluntarily ownership, defined as holdings outside the lockup restrictions, in the post-IPO period. I test the monitoring and signalling hypotheses, which suggest that IPOs in which VC and PE firms retain their holdings in the post-IPO period are more likely to generate higher returns because of these funds’ certification and their ability to monitor companies in which they hold large stakes. I find that in contrast to UK, where both type of financing play an equally important role in bringing companies to the stock market, the relative importance of VC-backed IPOs in the US is time varying. Moreover, the VC-backed IPOs are equally distributed across various industries in the UK, whereas VC financing is more prominent in certain industries in the US such as high-tech, telecommunications and healthcare. I find a non-monotonic (convex) relationship between financial sponsors’ voluntary ownership and firm performance. Hence, in contrast to managers who become entrenched at higher levels of ownership, financial sponsors create value in companies they hold more concentrated equity stakes. More specifically, I document that financial sponsors’ ownership is positively related to firm value when PE and VC investors’ stake is above 1.83%. Therefore, continued involvement of financial sponsors in the post-flotation period is beneficial for the shareholders. Also, I present evidence that compulsory and voluntary financial sponsors’ equity retention is used to mitigate potential managerial expropriation of outside shareholders. I demonstrate that a different institutional framework in UK and US has a significant impact on financial sponsors’ divestment extent at the IPO date and in the post-flotation period. I find that investment banks impose significantly stricter lockup restrictions (in terms of how much shares to retain) on financial sponsors involved in US backed IPOs than in UK ones. This is driven by more dispersed ownership in US companies, whose market is defined by a lower prevalence of institutional investors and the largest group of shareholders in the US being individual investors. In addition, I find that PE/VC house and underwriter reputations are only considered to be alternative commitment devices in the UK. I also highlight a number of other factors which affect voluntary ownership of PE and VC investors in the post-IPO period. In particular, I show that PE and VC fund characteristics (syndicate size, PE/VC fund’s bank-affiliation and low proximity to IPO firm headquarters) partially explain compulsory and voluntary holdings of financial sponsors post-flotation. This paper extends the literature on IPOs' performance by demonstrating that financial sponsors divest fully from stronger firms at the IPO date, while commit their resources to underperforming ones in which they create value in the post-flotation period. The second empirical study focuses on examining whether PE and VC investors create value by actively shaping IPO firms’ corporate policies in the post-flotation period. In this paper I focus on three corporate policies, namely the corporate governance, as reflected in the structure of the board of directors, the investments’ spending patterns, and the payout policy. These decisions are identified in prior literature to have a direct impact on firm value. I demonstrate that PE and VC investors with retained ownership continue to extensively monitor their backed IPOs. However, the two types of investors implement different monitoring approaches, which are driven by fundamentally different characteristics of the firms they finance: PE investors’ ownership has a significant positive effect on the board’s size, while VC investors primarily focus on the proportion of independent directors on the board of directors. Moreover, I find that the ownership structure of financial sponsors has a material impact on monitoring of portfolio firms, as IPOs backed by bank-affiliated PE funds have significantly larger boards. In terms of investment decisions, VC investors minimize expenditures in all retained IPO firms. PE sponsors’ only reduce expenditures in IPOs with low proximity, so when PE investors’ monitoring abilities are significantly constrained by distance and hence costs of monitoring are higher. In contrast to non-backed IPOs, I find that financially sponsored companies are more likely to initiate a payout via dividends.
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Fu, Yinqiao. "The Return of VC/PE Funds Financed Projects in China: An empirical study of the years 2009 to 2011." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-20681.
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This paper presents an empirical study of the determinants that drive the investment performance of China’s venture capital (VC) and private equity (PE) funds. Using data on VC/PE funds backed initial public offerings (IPOs) from ChiNext between October 2009 to October 2011 and the internal rate of return (IRR) as the measurement for investment performance, this paper finds that fund experience has a positive influence on investment performance whereas investment scale and investment duration have a negative influence on investment performance.
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Molinari, Claire Marcella. "The environment, intergenerational equity & long-term investment." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:30dd270b-3f0f-4b8b-979e-904af5cb597b.
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This thesis brings together two responses to the question ‘how can the law extend the timeframe for environmentally relevant decision-making?’ The first response is drawn from the context of institutional investment, and addresses the timeframe and breadth of environmental considerations in pension fund investment decision-making. The second response is related to the context of public environmental decision-making by legislators, the judiciary, and administrators. Three themes underlie and bind the thesis: the challenges to decision-making posed by the particular temporal and spatial characteristics of environmental problems, the existence and effects of short-termism in a variety of contexts, and the legal notion of the trust as a means for analysing and addressing problems of a long-term or intergenerational nature. These themes are borne out in each of the four substantive chapters. Chapter III sets out to demonstrate the theoretical potential of pension funds to drive the reduction of firms’ environmental impact, and, focusing particularly on the notion of fiduciary duty, explores the barriers that stand in their way. Chapter IV provides a practical application of the theoretical recommendations outlined in its predecessor. It provides a framework outlining how pension funds might implement a longer term, more sustainable approach to investing. The second half of the thesis, operating in the context of public environmental decision-making, is centred upon a particularly poignant legal notion with respect to the environment and time: the concept of intergenerational equity. Just as the first half of the thesis deals with the timeframes relevant to investment decision-making by pension funds within the bounds of fiduciary duty, largely a private law affair with public implications, the second half of the thesis is concerned with the principle of intergenerational equity as a means for extending the decision-making timeframe of legislative, judicial and administrative decision-makers. As previous analyses of the concept of intergenerational equity provide little insight into its practical implications when applied to particular factual situation, Chapter V sets out the structure of the principle of intergenerational equity as revealed by case law. Chapter VI brings together the issues from the first three papers by conceptualising intergenerational equity in resource management as an issue of long-term investment. Long-term environmental decision-making faces many obstacles. Individual behavioural biases, short-term financial incentive structures, the myopic pressures of the electoral cycle and the tendency of the common law to reinforce the (often shorttermist) status quo all present significant barriers to the capacity of both private and public decision-makers to act in ways that favour the longer term interests of the environment. Nonetheless, this thesis argues that there is reason for hope: drawing upon the three themes that underlie all of the substantive Chapters, it articulates potential legislative changes and recommends the adoption of particular governance structures to overcome barriers to long-term environmental decision-making.
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Tarleton, Jonathan. "The power of equity : private motivations and public implications of dissolving affordable housing cooperatives." Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/118200.
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Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2018.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 218-221).
From 1955 to 1978, New York City and state subsidized the construction of over 67,000 middle-income, limited-equity cooperatives in the city through Mitchell-Lama -- a program often considered one of the most successful efforts to produce affordable housing in American history. By restricting the resale of shares and removing the housing from the open market, limited-equity co-ops allow for the long-term maintenance of housing affordability and make the benefits of homeownership accessible to lower-income individuals than those served by stereotypical homeownership. While most Mitchell-Lama co-ops endure as affordable housing, dramatic increases in housing values in New York City increasingly incentivize cooperators to remove the restriction on the sale of their shares through a collective vote. Through qualitative interviews and advocacy material reviews at two case cooperatives -- South bridge Towers in Manhattan's Financial District and St. James Towers in Clinton Hill, Brooklyn -- this research identifies factors that influence limited-equity cooperators' ultimate decision to vote to remain in the Mitchell-Lama program or to convert to a market-rate cooperative. In doing so, I interrogate what leads individuals to prioritize (or not) collective benefits over individual ones. In addition to considering how cooperators develop a feeling of entitlement to profit realized from publicly subsidized housing or a sense of obligation to future potential recipients of this source of affordable housing, I describe the role that cooperators' understanding of ownership, their experience of internal governance and government supervision, and their perspectives on race and class play in their decision on conversion. Drawing from the factors identified and outcomes observed in the two case cooperatives, I recommend strategies to preserve Mitchell-Lama cooperatives as affordable housing for cooperators, public officials, and advocates. Given the observed irrelevance of existing financial incentives offered by government to cooperatives to remain in Mitchell-Lama, I pay specific attention to non-financial approaches that address the varied social processes inherent in these explosive debates about who should benefit from public subsidy and to whom the value of housing should accrue.
by Jonathan Tarleton.
M.C.P.
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Bilo, Stéphanie. "Alternative asset class : public traded private equity : performance, liquidity, diversification potential, and pricing characteristics /." Bamberg, 2002. http://aleph.unisg.ch/hsgscan/hm00192701.pdf.
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Mubangizi, Deus Bazira. "The public-private mix health care resources distribution implications for equity : Kampala district, Uganda." Master's thesis, University of Cape Town, 2002. http://hdl.handle.net/11427/9447.
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Bibliography: leaves 93-97.While in sociology, choice and equity have always co-existed; this has not been a subject of attention in the health care market. Following promotion of the public- private mix in the health care sector, there have been concerns that the pursuit of efficiency might compromise equity in accessing health care services. The main concern for this study was that the resulting relative health care resources distribution following public-private interaction has equity implications at the household level. Kampala district in Uganda was used to investigate this concern. Data collected from a household survey, key informant interviews and secondary data on health care resources distribution, was analyzed using STATA statistical package. The study findings indicated that the private health care sector in Uganda has grown in size and that it caters for more people in Kampala district than the public health care sector. The findings further indicated that households use private services due to the perceived high quality of services, availability of drugs, availability of doctors and other health workers and the nearness of private providers. On the other hand, public health services where used or preferred was due primarily to availability of doctors. Other findings indicated that there was a relationship between provider choice/use and the distribution of health care resources particularly; health workers and health care facilities. This applied both at household level and geographically. Utilization of health services also varied with distribution of the same resources. Private provider use was not solely dependent on income and hence ability to pay, but on other factors related to service characteristics such as perceived quality. The findings further show that there are inequities in financing health care services with low-income groups paying relatively more than high- income groups. The study proposes to policy makers a monitoring mechanism of the variables and outcome measures, both at household and sectoral level, in order to minimize inequities in access to health care. The study also recommends that a comprehensive regulatory framework needs to be set up to promote and control the activities of the private health sector in Uganda.
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Jüriado, Rein. "Learning within and between public-private partnerships /." Stockholm : Huddinge : Stockholm University, School of Business ; Södertörn University College, Library [distributor], 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-7540.
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Kuo, Chin-Mei, and 郭景玫. "Corporation Financial programme-The Case of Capital Reduction by Cash and Private Investment in Public Equity." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/66138711456547665126.
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碩士義守大學
管理研究所碩士班
96
“Capital reduction by cash” and “Private investment in public equity” are two important financial strategy tools. After Formosa Hotel successfully adopted “Capital reduction by cash” in 2002, many companies adopted the method. Until April 2008, 30 companies adopted the “the cash reduction of capital” grew up. The purpose of “Capital reduction by cash” expands from returning laid-up capital to shareholders to alternatives of corporate finance plan, tax saving plans, or enterprise downsizing. The purpose of “Private investment in public” also expands from saving a company of difficulties to faster funding, being a strategy partner, or faster getting technology. The research is to study the financial effects, tax saving effects, stock price effects, shareholder right impact, and the related regulations if adopting “Capital reduction by cash” and “Private investment in public equity” According to the sample selected which adopted “Capital reduction by cash,” there are only 5% cases are effective in stock prices while applying Jensen’s α, and 37% are effective of β of individual stocks. Others are ineffective. After 2nd “Capital reduction by cash,” EPS of Formosa Hotel increased 2.6 times, net value increased 1.28 times, and the return of stockholders increased 0.57 times. However, not every case is successful. The ratio of “Capital reduction by cash” is one of the keys. Besides, cash dividend can get better tax effects. According to the sample selected which adopted “Private investment in public,” there are only 6% cases are effective in stock prices while applying Jensen’s α, and 12% are effective of β of individual stocks. So, the disclosure of “Private investment in public” does not have big impact on stock prices. Also, it is effective if applying “Private investment in public” to improve financial structures. The stock prices are discount for 83% of the sample selected, and the discount is around 50% to 80%. Also, there are 71% of private investments sources are from legal entities. The internal portion of the private investment sources is about 42%.
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Plavec, Martin. "Private Equity." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-348721.
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74 ABSTRACT This thesis deals with the private equity industry. Its aim is to coherently introduce private equity as a distinctive and integral part of today's economy, to provide relevant insight on the principles of functioning of private equity business model, and to analyse the mechanism of the most commonly used private equity transaction type. The thesis is structured into three chapters with each chapter being dedicated to one of the sub-aims. First chapter defines the notion of private equity and discusses the history of the industry and its economic performance. Private equity encompasses all types of equity investments into non-publicly traded companies. The industry itself has been gaining on significance since its emersion in the 1980s, mainly due to the fact that private equity investments have been consistently outperforming public markets in terms of realized returns. Second chapter is dedicated to the business model of private equity funds, their structure and lifecycle, as well as the investment process itself. Private equity funds take on the limited partnership legal form, which is managed by a professional private equity house while the investors' involvement consists solely in the provision of capital. A fund's lifetime is usually limited by a period of ten years and its lifecycle is...
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WU, YEN-CHANG, and 吳晏彰. "Deal Structuring of the Private Equity Investment." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/01358454405135289483.
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碩士國立臺灣大學
商學研究所
96
This thesis generalizes the incentives to affect deal structures and six aspects to discuss deal structures including purchase price, capital structure, buyout structure, board, business organizations, and exist. Based on these six aspects, this thesis discusses four different types of investment including start-up, late stage, leveraged buyout, and roll-up. From this thesis, readers can understand incentives to different deal structures and why shareholders choose specific deal structure. Through analyzing different deal structures, readers can understand more comprehesnsively about which deal structure investors can choose and how different deal structures influence shareholders.
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Paredes, José, João Pinto, Marko Klipic, and José Luis Lima. "Private equity investment committee paper super group PLC." Master's thesis, 2018. http://hdl.handle.net/10362/32396.
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Pereira, Inácia Carvalho Dias Ferreira Pimentel Pacheco. "Three essays on public investment versus private investment." Doctoral thesis, 2018. http://hdl.handle.net/10400.5/16387.
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Doutoramento em EconomiaThe capacity of public consumption, public investment, and private investment to influence the economic activity has been a research topic for decades, however, there is no consensus about the qualitative effects of fiscal policy. The main goal of this dissertation is to deepen the understanding about what role public intervention, through PPPs, public consumption, and public investment, may play in boosting economic activity and to compare it with the results from innovations in private investment. In the first essay the macroeconomic impact of investment in PPPs, public and private investment in Portugal was tested using a VAR model. The results show that public and private investment has a positive effect in GDP while investment in PPP reduces the Portuguese output. Moreover, an increase in PPP investment crowds-out both private and public investment, while public investment presents a crowding-in effect in both private investment and investment in PPP; and private investment shows the same crowding-in effect in both investment in PPP and public investment. In the second essay, a VAR was applied to a panel data for 14 OECD countries to investigate the dynamic impact of public consumption, public investment, and private investment on the average output of these countries. We find that public consumption plays an active role only in those economies which suffered severe economic consequences in the recent crisis. On the contrary, private investment allows a boost in the output of all the countries under analysis. Finally, in the third essay, a GVAR approach was used to test for the cross- country spillover effects of an increase in public and private investment in 16 countries. The findings show statistically significant cross-border effects mainly in neighboring countries, with the magnitude of the impacts being modest.
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