The Oxford Handbook of Private Equity

The term private equity typically includes investments in venture capital or growth investment, as well as late stage, mezzanine, turnaround (distressed), and buyout investments. It typically refers to the asset class of equity securities in companies that are not publicly traded on a stock exchange. However, private equity funds do in fact make investments in publicly held companies, and some private equity funds are even publicly listed. Chapters in this book cover both private and public company investments, as well as private and publicly listed private equity funds. This Handbook provides a comprehensive picture of the issues surrounding the structure, governance, and performance of private equity. It comprises contributions from 41 authors based in 14 different countries. The book is organized into seven parts, the first of which covers the topics pertaining to the structure of private equity funds. Part II deals with the performance and governance of leveraged buyouts. Part III analyzes club deals in private equity, otherwise referred to as syndicated investments with multiple investors per investees. Part IV provides analyses of the real effects of private equity. Part V considers the financial effects of private equity. Part VI provides analyzes of listed private equity. Finally, Part VII provides international perspectives on private equity.

Autorentext

Douglas Cumming, JD, PhD, CFA, is a Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University. His research is primarily focused on venture capital, private equity, IPOs, law and finance, market surveillance, and hedge funds. He has published more than seventy-five refereed papers in leading journals and is the coauthor (with Sofia Johan) of Venture Capital and Private Equity Contracting: An International Perspective. He has consulted for a variety of governmental and private organizations in Australasia, Europe, and North America.

Inhalt

Contents Part I. Introduction Chapter 1 ?Introduction to the Oxford University Press Handbook of Private Equity? Douglas Cumming, York University Schulich School of Business Part II. The Structure of Private Equity Funds Chapter 2 ?The Private Equity Contract? Steven Davidoff, University of Connecticut School of Law Chapter 3 ?Direct Investments in Private Firms by Institutional Investors: Issues and Evidence? Kasper Meisner Nielsen, Hong Kong University of Science and Technology Chapter 4 ?The Size and Internal Structure of Private Equity? Dodo zu Knyphausen-Aufse?, Technischen Universit?t Berlin, Marc Koehnemann, Siegwerk Druckfarben AG, and Florian Willert, Technischen Universit?t Berlin Part III. Leveraged Buyouts: Structure, Governance and Performance Chapter 5 ?Leveraged Buyouts and Public-to-Private Transactions? Luc Renneboog, Tilburg University Chapter 6 ?Private Equity and Public Corporations? Jerry Cao, Singapore Management University Chapter 7 ?Private Equity Governance and Financing Decisions? Simona Zambelli, University of Bologna Part IV. Private Equity Syndication Chapter 8 ?Syndicate Partner Selection: Who Syndicates with Whom?? Peter Roosenboom, Erasmus University Rotterdam School of Management, and Bram van den Bosch, Erasmus University Rotterdam School of Management Chapter 9 ?Industry Concentration, Syndication Networks and Competition in the UK Private Equity Market for Management Buyouts? Miguel Meuleman, Vlerick Leuven Gent Management School, Mike Wright, Nottingham Business School Chapter 10 ?A Competition Law Analysis of Private Equity 'Club Deals'? Faysal Barrachdi, Houthoff Buruma N.V., Amsterdam Part V. Real Effects of Private Equity Chapter 11 ?The Real Effects of Private Equity Buyouts? Joacim T?g, Research Institute of Industrial Economics, Stockholm Chapter 12 ?Buyouts in Western European Countries: The Impact on Company Growth and Innovation? Elisa Ughetto, Politechnico de Torino Chapter 13 ?The Limits of Private Equity: Evidence from Denmark? Thomas Poulsen, Copenhagen Business School, and Steen Thomsen, Copenhagen Business School Part VI. Financial Effects of Private Equity Chapter 14 ?Private Equity: Value Creation and Performance? Christian Graf, Technische Universit?t M?nchen, Christoph Kaserer, Technische Universit?t M?nchen, and Daniel Schmidt, Center of Private Equity Research (CEPRES) Munich Chapter 15 ?Do Private Equity Fund-of-Fund Managers Provide Value?? April Knill, Florida State University Chapter 16 ?Fund Size, Limited Attention, and Valuation of Venture Capital and Private Equity Backed Firms? Douglas Cumming, Schulich School of Business, York University, and Na Dai, SUNY Albany Chapter 17 ?Private Equity Investors, Corporate Governance and Performance of IPO Firms? Igor Filatotchev, Cass Business School, City University London Chapter 18 ?The Role of Private Equity in Private Acquisitions? Halit Gonenc, University of Groningen, and Koos Leisink, ABN AMRO Corporate Finance & Capital, Amsterdam Chapter 19 ?Private Equity Activism and the Consequences for Targets and Rivals in Germany? Mark Mietzner, Darmstadt University of Technology, and Zeppelin University, and Denis Schweizer, WHU - Otto Beisheim Graduate School of Management Chapter 20 ?The Costs of Issuing Private versus Public Equity for Entrepreneurial Ventures? C?cile Carpentier, Laval University, Jean-Francois L'Her, Caisse de depot et placement du Quebec, and Jean-Marc Suret, Laval University Part VII. Listed Private Equity Chapter 21 ?Risk and Return Characteristics of Listed Private Equity? Christopher Brown, J.P. Morgan Cazenove, and Roman Kraeussl, VU University Amsterdam Chapter 22 ?Listed Private Equity: A Genuine Alternative for an Alternative Asset Class? Matthias Huss, LPX GmbH, and Heinz Zimmermann, University of Basel - Center for Economic Science Chapter 23 ?Listed Private Equity and the Case of Exits? G?tz M?ller, University of Witten/Herdecke, and Manuel Vasconcelos, Erasmus University Rotterdam Part VIII. International Perspectives on Private Equity Chapter 24 ?Buyouts around the World? Christian Andres, Universit?t Mannheim, Andre Betzer, University of Wuppertal, and Jasmin Gider, University of Bonn Chapter 25 ?Leveraged Buyouts and Control Oriented Investments in Asia? Grant Fleming, Continuity Capital Partners and Australian National University, and Mai Takeuchi, Wilshire Associates Chapter 26 ?Private Equity in China? Takeshi Jingu, Nomura Institute of Capital Markets Research