Suchergebnisse

"This paper measures the risk-adjusted performance of US buyouts. It draws on a unique and proprietary set of data on 133 US buyouts between 1984 and 2004. For each of them we determine a public market equivalent that matches it with respect to its timing and its systematic risk. After a correction for selection bias in our data, the regression of the buyout internal rates of return on the internal rates of return of the mimicking portfolio yields a positive and statistically significant alpha. Our sensitivity analyses highlight the necessity of a comprehensive risk-adjustment that considers both operating risk and leverage risk for an accurate assessment of buyout performance. This finding is particularly important as existing literature on that topic tends to rely on performance measures without a proper risk-adjustment"--National Bureau of Economic Research web site

"This article addresses the rote civil society actors and civil society organisations (CSOs) have played in implementing political, social and cultural change in Tunisia's period of transition from authoritarianism to an emerging democratic system. Civil society has been an effective agent of change, through its political mediation, anti-corruption watchdog, awareness raising and educative roles, but it must continue to develop and evolve if it is to remain an effective agent of change: the issues of funding, training, and information acquisition are addressed, in addition to the approaches of CSOs and civil society's relationship with government." (author's abstract)

AbstractManuscript TypeEmpiricalResearch Question/IssueWe examine the way in which the exit mode (i.e., initial public offering –IPO, trade sale, or write‐off) of venture capital (VC) investments is influenced by the additional exit opportunities brought by cross‐borderVCinvestors.Research Findings/InsightsWe perform our analysis on a sample of 1,062 VC investments in 462 young high‐tech companies in seven European countries. Our findings indicate that, controlling for firm performance, investor characteristics, and local exit conditions, the probability of exiting via trade sale is positively correlated to the additional set of mergers and acquisitions (M&A) opportunities brought by cross‐border investors. A similar effect, but with weaker statistical significance, is also identified for exits byIPO, which are positively affected byIPOvolumes in the countries of cross‐border investors.Theoretical/Academic ImplicationsCross‐borderVCinvestment may, at least partially, compensate for inadequate local exit conditions. Cross‐border investors can spillover the capital market activity of their home country and enhance exit options for young ventures. International syndicates are also quicker to write off their non‐performing investments.Practitioner/Policy ImplicationsNot all exit modes are equally affected by international syndication. The impact of cross‐border investors on the exit mode also depends on their country of origin and, more specifically, on the exit opportunities available there. The mechanism is stronger for trade sales than forIPOs.