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Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions

หน่วยงาน Nanyang Technological University, Singapore

รายละเอียด

ชื่อเรื่อง : Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions
นักวิจัย : Chen, Guojun , Kang, Jun-Koo , Kim, Jin-Mo , Na, Hyun Seung
คำค้น : DRNTU::Business::Finance::Corporate finance
หน่วยงาน : Nanyang Technological University, Singapore
ผู้ร่วมงาน : -
ปีพิมพ์ : 2557
อ้างอิง : Chen, G., Kang, J.-K., Kim, J.-M., & Na, H. S. (2014). Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions. Journal of corporate finance, 29, 449-474. , 0929-1199 , http://hdl.handle.net/10220/24450 , http://dx.doi.org/10.1016/j.jcorpfin.2014.09.003
ที่มา : -
ความเชี่ยวชาญ : -
ความสัมพันธ์ : Journal of corporate finance
ขอบเขตของเนื้อหา : -
บทคัดย่อ/คำอธิบาย :

Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the target's industry on the target's board when the need for target oversight and/or advice is higher. The targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets with PE-appointed directors who have experience in the target's industry, realize both higher announcement returns and better post-acquisition operating performance than do targets in non-PE acquisitions. These findings suggest that the governance and operational engineering that PE acquirers apply to their targets constitutes important sources of value creation in PE minority equity investments.

บรรณานุกรม :
Chen, Guojun , Kang, Jun-Koo , Kim, Jin-Mo , Na, Hyun Seung . (2557). Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions.
    กรุงเทพมหานคร : Nanyang Technological University, Singapore.
Chen, Guojun , Kang, Jun-Koo , Kim, Jin-Mo , Na, Hyun Seung . 2557. "Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions".
    กรุงเทพมหานคร : Nanyang Technological University, Singapore.
Chen, Guojun , Kang, Jun-Koo , Kim, Jin-Mo , Na, Hyun Seung . "Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions."
    กรุงเทพมหานคร : Nanyang Technological University, Singapore, 2557. Print.
Chen, Guojun , Kang, Jun-Koo , Kim, Jin-Mo , Na, Hyun Seung . Sources of value gains in minority equity investments by private equity funds : evidence from block share acquisitions. กรุงเทพมหานคร : Nanyang Technological University, Singapore; 2557.