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Jurnal

Journal of Financial Economics

Keyword

Private equity; Valuation; Capital structure; Value creation

Pengarang

  1. Paul gompers
  2. Steven N.Kaplan
  3. Vladimir mukharlyamov

    Subject

    1. ECONOMIC
    2. FINANCIAL

      [Abstrak]





      We survey 79 private equity (PE) investors with combined
      assets under management of more than $750 billion about their practices in firm
      valuation, capital structure, governance, and value creation. Investors rely
      primarily on internal rates of return and multiples to evaluate investments.
      Their limited partners focus more on absolute performance as opposed to
      risk-adjusted returns. Capital structure choice is based equally on optimal
      trade-off and market timing considerations. PE investors anticipate adding
      value to portfolio companies, with a greater focus on increasing growth than on
      reducing costs. We also explore how the actions that PE managers say they take
      group into specific firm strategies and how those strategies are related to
      firm founder characteristics.



      Periode

      Vol 121, Nomor 3, Tahun 2016

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