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Description
(Short description)
Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a"GP effect"in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
(Text)
Over the last years, buyout activity has risen dramatically - especially in Europe - sparking intense public discussion about financial investors'role and the value they can add to companies and the overall economy.
Based on a dataset of more than 3,000 leveraged buyout transactions from the U.S. and Europe, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. Using quantitative analysis, he shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a"GP effect"in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
(Table of content)
Literature review
Methodology and research design
Empirical part: market and financial value drivers
The GP firm and manager effect
Buyout strategies
(Author portrait)
Dr. Nicolaus Loos promovierte bei Prof. Dr. Martin Hilb am IFPM Institut der Universität St. Gallen und forschte am Buyout Research Center am INSEAD. Er ist als Investment Banker für den Bereich Private Equity bei J.P. Morgan in New York, USA tätig.
