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Private Equity In The Shadow Of The Crisis
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Book Synopsis Private Equity in the Shadow of the Crisis by : Mark Lemnitz
Download or read book Private Equity in the Shadow of the Crisis written by Mark Lemnitz and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of the financial crisis on a large sample of US buyout funds and investigates the macroeconomic drivers behind the observed developments by means of a regression analysis. Following the typical private equity life cycle, four issues are considered: (i) Fundraising developments, (ii) investments in portfolio companies, (iii) performance developments, and (iv) exit activity. The evidence presented in the study gives strong support to the view that the private equity industry was substantially affected by the financial crisis and has not fully recovered, yet. In addition, the results suggest that the activities of buyout funds are driven by economic conditions, the state of the equity market, and market entry/exit conditions.
Book Synopsis Coming Together After the Crisis by : Houman B. Shadab
Download or read book Coming Together After the Crisis written by Houman B. Shadab and published by . This book was released on 2010 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the subprime-initiated financial crisis, there was a trend within the alternative investment industry towards the convergence of certain private equity and hedge fund strategies and structures. This brief article suggests that although the financial crisis will slow the process of convergence, the trend toward convergence will ultimately continue and strengthen, albeit in some ways along a different trajectory than before the crisis and with some important variations across national boundaries.
Book Synopsis Private Equity at Work by : Eileen Appelbaum
Download or read book Private Equity at Work written by Eileen Appelbaum and published by Russell Sage Foundation. This book was released on 2014-03-31 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence—including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship—to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies—representing almost 8 million employees—have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms’ financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.
Book Synopsis The Buyout of America by : Josh Kosman
Download or read book The Buyout of America written by Josh Kosman and published by Penguin. This book was released on 2009-11-12 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative exposé of the mysterious and potentially dangerous world of private equity Few people realize that the top private equity firms, such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts, have become the nation’s largest employers through the businesses they own. Using leveraged buyouts that load their acquired companies with loans, private equity firms have generated more than $1 trillion in new debt—which will come due just when these businesses are least likely to be able to pay it off. Journalist Josh Kosman explores private equity’s explosive growth and shows how its barons wring profits at the expense of the long-term health of their companies. He argues that excessive debt and mismanagement will likely trigger another economic meltdown within the next five years, wiping out up to two million jobs. He also explores the links between the private equity elite and Washington power players, who have helped them escape government scrutiny. The result is a timely book with an important warning for us all.
Book Synopsis An Analysis of the Current Financial Crisis' Impact on Private Equity Funds' Investment Policy by : Johannes Donabauer
Download or read book An Analysis of the Current Financial Crisis' Impact on Private Equity Funds' Investment Policy written by Johannes Donabauer and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Debt Trap by : Sebastien Canderle
Download or read book The Debt Trap written by Sebastien Canderle and published by Harriman House Limited. This book was released on 2016-09-19 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the inside story of private equity dealmaking. Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong. Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today. From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up. Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets. Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account.
Book Synopsis The Buyout of America by : Josh Kosman
Download or read book The Buyout of America written by Josh Kosman and published by Penguin. This book was released on 2009 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative exposé of the elusive and potentially hazardous world of private equity reveals how top firms have become the nation's largest employers, predicting that excessive debt and mismanagement may trigger another major economic collapse.
Book Synopsis Private Equity's Public Distress by : Sebastien Canderle
Download or read book Private Equity's Public Distress written by Sebastien Canderle and published by CreateSpace. This book was released on 2011-12-27 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2008, the world of private equity experienced the worst crisis in its history. The PE industry is very secretive and therefore little known or understood. Still, it manages trillions of dollars in debt and equity, owns thousands of companies across the world, and frequently accounts for more than half of corporate acquisitions in any given year. What goes on behind the doors of these very powerful investment institutions that manage money on behalf of the largest pension fund managers, commercial banks, universities and insurance companies? What can explain why such sophisticated investors did not see the credit crunch coming? Or if they saw it coming, why didn't they act accordingly to prepare themselves and avoid losing billions of dollars of their investors' equity? With an urgent need for answers, Private Equity's Public Distress gives a unique account of the practices and principles applied by LBO funds over the last ten years. From stapled financing, public-to-privates and vendor due diligence to covenant-lite debt packages, secondary buyouts and accelerated auctions, eventually private equity hit a mid-life crisis. In particular, through the Candover story, the author describes how one of the world's oldest and largest private equity houses failed to adapt to the increasingly complex environment, stretching further away from its area of competence and the home market that it dominated for over 20 years. We observe the changes endured by the LBO sector from 1980 until the firm's eventual downfall in December 2010. We see the sector morphs from a niche activity of the venture capital world into a global industry capable of reshaping the rules of mergers and acquisitions. From Candover's humble beginnings in a one-room office in the middle of London's financial district to a pan-European operator with Asian outposts and several billions of Euros under management, we witness the mutation of a British icon into a global challenger and the irresistible push forward in order to try and keep pace with a new breed of competitors: the global mega-fund powerhouse. Candover went from being one of the most revered European institutions to becoming the biggest buyout victim of the credit crunch. Investment errors, corporate governance issues and an intense competitive landscape are only half the story. The biggest bubble mania in the history of the LBO industry turning into the most dramatic financial meltdown since the Great Depression helped precipitate the firm into trouble and made it lose control of its own destiny. How did it go so wrong? What are the lessons for the private equity's main protagonists and, more to the point, what is the future of an overextended sector that lost a great deal of credibility during the recent debt frenzy? This book brings you the answers.
Book Synopsis Private Equity and Financial Fragility During the Crisis by : Shai Bernstein
Download or read book Private Equity and Financial Fragility During the Crisis written by Shai Bernstein and published by . This book was released on 2019 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are stronger among financially constrained companies and those whose private equity investors had more resources at the onset of the crisis. PE-backed companies consequentially experienced higher asset growth and increased market share during the crisis.
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Private Equity and Financial Fragility During the Crisis by : Shai Bernstein
Download or read book Private Equity and Financial Fragility During the Crisis written by Shai Bernstein and published by . This book was released on 2017 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are stronger among financially constrained companies and those whose private equity investors had more resources at the onset of the crisis. PE-backed companies consequentially experienced higher asset growth and increased market share during the crisis.
Book Synopsis The Financial Crisis's Impact on the Business Model of Private Equity Buyouts by : Stephan Schürer
Download or read book The Financial Crisis's Impact on the Business Model of Private Equity Buyouts written by Stephan Schürer and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Private Equity Globalisation by : Maria Alejandra Caporale Madi
Download or read book Private Equity Globalisation written by Maria Alejandra Caporale Madi and published by Nova Science Publishers. This book was released on 2019 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to fill a gap in existing literature in order to contribute to the understanding of the main features and outcomes of the private equity business model that has already been spread around the world. Private equity funds have been drivers of the financialisation of the global economy. Lying at the juncture of the real economy and the shadow banking system, private equity funds draw upon capital and debt to acquire stakes in companies that are intended to be sold for profit after a number of years. Indeed, these institutional investors have a key role in the diversification of global investments. Although US private equity firms are still dominant, the global private equity industry has been mainly moving toward Europe and the Asia-Pacific region. The process of financialisation has contributed to unprecedented social, political, and environmental challenges. In this setting, the complexity of social and economic policy problems of the 21st century requires the recognition of the role of private equity globalization in the selection of investments and in the creation of new business structures. The shifts in corporate ownership, trough waves of mergers and acquisitions, have created new business structures where companies are considered bundles of assets and liabilities to be traded in order to get short-term returns. Indeed, new investment and portfolio management practices have been overwhelmed by the financialisation of wealth and "short-termism" in American and European business. While private equity investors aim to maximize their short-term returns, private equity funds turn to be major transnational employers. The outcomes of the global financial crisis of 2007-2008 made clear the need to redress and redesign business models and re-balance corporate power in order to broaden the dialogue on social responsibility. Maria Alejandra Madi's book aims to foster a deeper understanding of the ethical challenges related to the private equity financial engineering model. In short, the book aims to prepare the reader for participating in a fruitful debate. The main target is the transformation of the global economy to a more just and sustainable one.This book is recommended for a broad interdisciplinary audience. Not only students in economics, management and international business, but also policy makers, regulators, managers and investors. Reading this book will benefit all those who seek to better understand the complex stakes in the evolution of the capitalist system, in the tensions between short-term profit targets, regulatory policies, and participatory openings in governance and social inclusion.
Download or read book Gods at War written by Steven M. Davidoff and published by Wiley. This book was released on 2009-10-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: An engaging exploration of modern-day deals and deal-making Gods at War details the recent deals and events that have forever changed the world of billion-dollar deal-making. This book is a whirlwind tour of the players determining the destiny of corporate America, including the government, private equity, strategic buyers, hedge funds, and sovereign wealth funds. It not only examines many of the game-changing takeover events that have occurred in the past years, but also puts them into context and exposes what is really going on behind the scenes on Wall Street. Gods at War completely covers the strategic issues that guide the modern-day deal, and since they unfold under the shadow of the law, it also focuses on the legal aspects of deal-making and takeovers. Each chapter unfolds through the lens of a recent transaction, from the battle between Yahoo! and Microsoft to the United Rental/Cerberus dispute Provides in-depth explanations and analysis of the events and actors that have shaped this fast-moving field Examines the federal government's regulation by deal approach to saving the financial system and explains the government's biggest "deals", including its bail-outs of AIG, Bank of America, and Citigroup Filled with in-depth insights that will enhance your understanding of this field, Gods at War offers an engaging look at deals and deal-makers in the context of recent historical events. It's a book for those who want to understand deals, takeovers, and the people and institutions who shape our world.
Book Synopsis Back to the Future Again by : Joseph V. Rizzi
Download or read book Back to the Future Again written by Joseph V. Rizzi and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private equity industry (PE) suffered a setback triggered by the financial crisis in 2007. Some have questioned its continued viability. PE is a major alternative asset class with over one trillion dollars under management. Consequently, its viability is a major investor concern.
Book Synopsis The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by : Ms.Deniz O Igan
Download or read book The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector written by Ms.Deniz O Igan and published by International Monetary Fund. This book was released on 2019-07-30 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.
Book Synopsis Private Equity in a Deleveraged Economy by : Lawale Nicholas Ladapo
Download or read book Private Equity in a Deleveraged Economy written by Lawale Nicholas Ladapo and published by . This book was released on 2010 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
