By Daniel Pindur, Prof. Dr. Frank Richter
The LBO phenomenon has lately skilled significant realization in educational literature; specifically wealth results at the events concerned appear to be on the leading edge of curiosity. in spite of the fact that, empirical educational paintings on ex-post price construction and function research remains to be in its infancy, predominantly as a result of loss of avaliable info on enterprises that experience skilled and accomplished an LBO.
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Additional info for Value Creation in Successful LBOs
Example text
Such classification (i) structures selected key contributions alongside three prominent approaches to proxy for value creation in LBO investments, (ii) provides an understanding of the status quo of relevant research, and (iii) creates bridges to shortcomings and research gaps in the subsequent chapter as the starting point for this thesis. Table 2 summarizes the three approaches. Details are subsequently discussed. Table 2 Overview of Empirical Research Streams to Assess Value Creation in LBOs 49 Approach Research Object Perspective Methodology Important Papers Premia-Paid Studies Going private transactions Investment level Entry of the LBO investment Acquisition premia as indication for expected value creation Deangelo et al.
Hence, from the perspective of the equity investor, value creation can be analyzed by comparing the equity values at exit and entry. This should then allow analyzing of how far operational performance improvements during the holding period translate into higher equity values at exit. However, as will be discussed further shortly, reverse LBO studies by Muscarella/Vetsuypens (1990) and partly by Kaplan (1989a), which apply IPO exit equity valuations for value creation analysis, face shortcomings, such as an inadequate equity valuation at entry and a lack of consideration of interim equity streams, that prevent or limit such analysis.
51ff and Meier, D. (2005), pp. 45ff based on Williamson, O. E. (1975). See Williamson, O. E. (1985), p. 18. See Meier, D. (2005), pp. 46-47 based on Mols, N. P. (2000), p. 238 Williamson, O. E. (1985), pp. , et al. (1997a), p. 109. , et al. (1997b), p. 73. See Hellwig, M. (1991), p. 42. See Benston, G. /Smith, C. W. (1976), pp. 215ff. Leland, H. /Pyle, D. H. (1977), p. ” Introduction 11 (ii) Operational Performance Studies (iii) PE Performance Studies serves to review relevant empirical work. Such classification (i) structures selected key contributions alongside three prominent approaches to proxy for value creation in LBO investments, (ii) provides an understanding of the status quo of relevant research, and (iii) creates bridges to shortcomings and research gaps in the subsequent chapter as the starting point for this thesis.