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The Role Of Institutional Investors In Public To Private Transactions
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Book Synopsis The Role of Institutional Investors in Public-to-Private Transactions by : Emanuele Bajo
Download or read book The Role of Institutional Investors in Public-to-Private Transactions written by Emanuele Bajo and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In Italy, as in many other European countries, listed firms will normally go dark through controlling owner-initiated tender offers. We find that institutional investors play a central role in the bid process and can protect minority shareholders from being frozen out in the bid. Specifically, tender offers are less likely to succeed when a firm has institutional investors in its ownership structure. When public-to-private offers are accepted, bid premiums are significantly greater if a financial institution (particularly when it is foreign, independent or activist) has a stake in the firm. We explore the effect of a number of hitherto unexplored factors on the takeover premium and find that shareholder agreements facilitate public-to-private acquisitions. Other factors, such as a threat to merge the target if the bid fails, or external validation of the offer price, have no impact on either the likelihood of delisting or the premium paid by the bidder.
Book Synopsis Institutional Investor Activism by : William Bratton
Download or read book Institutional Investor Activism written by William Bratton and published by OUP Oxford. This book was released on 2015-08-20 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.
Book Synopsis The Rise of Fiduciary Capitalism by : James P. Hawley
Download or read book The Rise of Fiduciary Capitalism written by James P. Hawley and published by University of Pennsylvania Press. This book was released on 2000-10-06 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the rise of public and private pension funds, which now control as much as 50 percent of the equity in American corporations, and argues that shareholders in those funds could use their power to make corporations more responsive to social needs.
Book Synopsis Investor Engagement by : Roderick Martin
Download or read book Investor Engagement written by Roderick Martin and published by OUP Oxford. This book was released on 2007-07-05 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. This book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equity firms, two types of investors with overlapping but different reasons for engagement. Questions addressed include: What are the incentives, and disincentives, for investment engagement? How is investor engagement organized? What areas of management practice are of particular concern to investors? The discussion shows in detail how private equity firms play a major role in developing new companies, beyond the provision of finance, especially in the IT, biotechnology, and pharmaceutical sectors. The discussion is primarily based on British and US research. The debate has wider international relevance, because there are strong pressures for establishing shareholder value as the international 'norm' for systems of corporate governance. Following a detailed discussion of Germany, the authors conclude that there is no inevitable trend to shareholder value: shareholder value depends upon complementary institutional arrangements in national business systems, which are far from universal. The book concludes with a critical analysis of the justifications for shareholder value and investor engagement, highlighting the weaknesses of both efficiency and equity justifications.
Book Synopsis Investing in Private Equity Partnerships by : Kay Müller
Download or read book Investing in Private Equity Partnerships written by Kay Müller and published by Springer Science & Business Media. This book was released on 2008-06-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kay Müller provides insight into the monitoring activities of private equity fund investors and explores their information requirements. He analyzes the reporting of private equity fund managers, reveals information gaps and provides guidance on how to improve investor relations.
Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Book Synopsis Institutional Investors In Global Capital Markets by : Narjess Boubakri
Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Book Synopsis Private Equity. Critical analysis from the points of view of investors and target companies by : Henning Wenzel
Download or read book Private Equity. Critical analysis from the points of view of investors and target companies written by Henning Wenzel and published by GRIN Verlag. This book was released on 2016-02-19 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences, Cologne, course: International Investment & Controlling, language: English, abstract: Private Equity plays an increasingly important role in the financing of a wide range of businesses. Over the past 20 years, private equity has been on of the fastest growing markets for corporate finance. One of the reasons the private equity industry exist is that, in many cases, companies have needs for capital which, for various reasons, cannot be met from the public markets. Investors that provide capital to private equity funds invest in an asset class that entails relatively high-risk and high illiquidity in what remains a largely unregulated market. Planning how to exit an investment is just as important as preparing to make one because a merger adds value only if synergy, better management, or other changes make the two firms worth more together than apart. The target companies are supported with accountants, lawyers, investment bankers and other specialists. Especially Start-up companies are often characterised by negative cash flows and demand high investments. PE gives the chance to reduce the financial gap between selffinancing and stock exchange listing and can also help to improve the equity ratio. Another advantage of PE for target companies is the increase of equity and an improved balance sheet structure. Regarding to that, the negotiating position is strengthened towards creditors, the credit rating is improved and the financial room for investments increases. The main disadvantage of PE for target companies is the weakened influence of the initial shareholders. Especially different strategically views between those two groups might be difficult to solve. Due to the fact of the high risk, from the investors’ perspective, PE is a very interesting form of investment. Especially under diversification aspects the investment in PE funds make sense, because the investors offer investment opportunities that can not be replicated in the financial market and on top of that have a low correlation with other asset class. The firms standard practice of buying businesses and then, after steering them through a transition of rapid performance improvement and selling them is at the core of private equity’s success.
Book Synopsis The Role of Institutional Investors in Initial Public Offerings by : Thomas J. Chemmanur
Download or read book The Role of Institutional Investors in Initial Public Offerings written by Thomas J. Chemmanur and published by . This book was released on 2010 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we use a large sample of transaction-level institutional trading data to analyze the role of institutional investors in initial public offerings (IPOs). The theoretical literature on IPOs has long argued that institutional investors possess private information about IPOs and that underpricing is a mechanism for compensating them to reveal this private information. We study whether institutions indeed have private information about IPOs, retain their information advantage in post-IPO trading, and are able to realize significant profits from their participation in IPOs. We also study institutional IPO allocations and allocation sales to analyze whether institutions play an important role in supporting IPOs in the aftermarket and are rewarded by underwriters for playing such a role. We find that institutions sell 70.2% of their IPO allocations in the first year, fully realize the ldquo;money left on the table,rdquo; and do not dissipate these profits in post-IPO trading. Further, institutions hold allocations in IPOs with weaker post-issue demand for a longer period, and they are rewarded for this by underwriters with more IPO allocations. Finally, institutional trading has predictive power for long-run IPO performance, especially in IPOs in which they received allocations; however, this predictive power decays over time. Overall, our results suggest that institutional investors possess significant private information about IPOs, play an important supportive role in the IPO aftermarket, and receive considerable compensation for their participation in IPOs.
Book Synopsis Publicy listed private equity by : Marc Jacob
Download or read book Publicy listed private equity written by Marc Jacob and published by GRIN Verlag. This book was released on 2019-02-27 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Business economics - Investment and Finance, grade: 2,0, International School Of Management, Campus Frankfurt, language: English, abstract: In the following, I will point out the different business models, strategies and opportunities for private individuals to invest in the industry. The methods and analysis that are used in this paper are aimed to explain traded private equity to private individuals. In recent years, the term „private equity“ has become increasingly important in the financial industry due to strong returns and growing revenues. Not only was the industry able to improve its reputation, but it also grew to become more and more interesting for investors, even in risk-averse countries like Germany. The ability of the private equity industry to achieve high returns was driven by different factors, such as the high incentives for both private equity portfolio managers and for the operating managers of businesses in the portfolio. On the other hand, the aggressive use of debt provided by banks with low-interest rates helped the industry to invest with a high leverage ratio. While the industry was able to use financing and tax advantages, which are not open to other companies, they used the advantage of being less regulated. Additionally, the high confidence in the industry is a reason for the growing interest. A recent survey of institutional investors found that 49 percent of markets analysts expect private equity to outperform the public equity market by a strong 4 percent per year or more. In addition, 45 percent believe that private equity will outperform the public equity market by 2 to 4 percent per year. Because of this high confidence within the industry, private equity has grown to become one of the most attractive and an alternative investment opportunity. Especially in regards to the financial market with low-interest rates and high multiples in the public equity market, there are reasons as to why private individuals are seeking alternative investment opportunities. Due to a growing economy, private equity funds have had years of strong growth and have been the biggest winner in the ten-year cycle since the global financial crisis. The global private equity industry still has more than US$v3.1 trillion in assets under management with US$ 1.1 trillion in cash, or so-called ‘dry powder’, to invest, based on the research of data provider Preqin. While looking at the industry statistics, it is apparent that private equity is already on the same path that they have been on prior to the financial crisis that took place in 2007.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities Publisher : ISBN 13 : Total Pages :378 pages Book Rating :4.F/5 ( download)
Book Synopsis The Impact of Institutional Investors on Corporate Governance, Takeovers, and the Capital Markets by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities
Download or read book The Impact of Institutional Investors on Corporate Governance, Takeovers, and the Capital Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1990 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Institutional Investors and Corporate Governance by : Theodor Baums
Download or read book Institutional Investors and Corporate Governance written by Theodor Baums and published by Walter de Gruyter. This book was released on 2011-05-02 with total page 725 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
Book Synopsis Asset Management and Institutional Investors by : Ignazio Basile
Download or read book Asset Management and Institutional Investors written by Ignazio Basile and published by Springer. This book was released on 2016-07-27 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses investment management policies for institutional investors. It is composed of four parts. The first one analyses the various types of institutional investors, institutions which, with different objectives, professionally manage portfolios of financial and real assets on behalf of a wide variety of individuals. This part goes on with an in-depth analysis of the economic, technical and regulatory characteristics of the different types of investment funds and of other types of asset management products, which have a high rate of substitutability with investment funds and represent their natural competitors. The second part of the book identifies and investigates the stages of the investment portfolio management. Given the importance of strategic asset allocation in explaining the ex post performance of any type of investment portfolio, this part provides an in-depth analysis of asset allocation methods, illustrating the different theoretical and operational solutions available to institutional investors. The third part describes performance assessment, its breakdown and risk control, with an in-depth examination of performance evaluation techniques, returns-based style analysis approaches, and performance attribution models. Finally, the fourth part deals with the subject of diversification into alternative asset classes, identifying the common characteristics and their possible role within the framework of investment management policies. This part analyses hedge funds, private equity, real estate, commodities, and currency overlay techniques.
Book Synopsis Private Equity Deals by : Ted Seides
Download or read book Private Equity Deals written by Ted Seides and published by Harriman House Limited. This book was released on 2024-09-10 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 20 years, the private equity industry went from a cottage industry to a powerful juggernaut that touches every corner of the global economy. Totalling $5 trillion of investments, private equity constitutes an important investment allocation for public and corporate pension funds, university endowments, non-profit foundations, hospitals, insurance companies, families, and sovereign wealth funds worldwide. There’s no more important sector of institutional portfolios or the global economy to understand than private equity. Private equity owned businesses are everywhere around us and touch every aspect of our daily lives. In Private Equity Deals, Ted Seides gives you an insight to the conversations that typically happen behind the closed doors of institutional investors and private equity managers. Through a series of case studies across different types of private equity transactions, Private Equity Deals shares the dynamics of deal making, companies, and ownership that make private equity a force in the world.
Book Synopsis Private Equity 4.0 by : Benoît Leleux
Download or read book Private Equity 4.0 written by Benoît Leleux and published by John Wiley & Sons. This book was released on 2015-03-30 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner.” Dr. Josh Lerner Jacob H. Schiff Professor of Investment Banking Chair, Entrepreneurial Management Unit Harvard Business School A multi-perspective look at private equity's inner workings Private Equity 4.0 provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more. Private Equity 4.0 offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance. Understand the industry's dominant business models Discover how value is created and performance measured Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players Elaborate a clear set of guidelines to invest in the industry and deliver better performance Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work. The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so. Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, Private Equity 4.0 is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.
Book Synopsis Mastering Private Equity by : Claudia Zeisberger
Download or read book Mastering Private Equity written by Claudia Zeisberger and published by John Wiley & Sons. This book was released on 2017-06-06 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive guide to private equity for investors and finance professionals Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals. This book combines insights from leading academics and practitioners and was carefully structured to offer: A clear and concise reference for the industry expert A step-by-step guide for students and casual observers of the industry A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging Markets Features guest comments by senior PE professionals from the firms listed below: Abraaj • Adams Street Partners • Apax Partners • Baring PE Asia • Bridgepoint • The Carlyle Group • Coller Capital • Debevoise & Plimpton LLP • FMO • Foundry Group • Freshfields Bruckhaus Deringer • General Atlantic • ILPA • Intermediate Capital Group • KKR Capstone • LPEQ • Maxeda • Navis Capital • Northleaf Capital • Oaktree Capital • Partners Group • Permira • Terra Firma
Book Synopsis Corporate Governance and Responsible Investment in Private Equity by : Simon Witney
Download or read book Corporate Governance and Responsible Investment in Private Equity written by Simon Witney and published by Cambridge University Press. This book was released on 2021-01-07 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private equity-backed companies are ubiquitous and economically significant. Consequently, the corporate governance of these companies matters to all of us, and – not surprisingly – is coming under increasing scrutiny. Simon Witney, a practicing private equity lawyer, positions private equity portfolio companies within existing academic theory and examines the laws that apply to them in the UK. He analyses the actual governance frameworks that are put in place and identifies problems created by the legal rules – as well as the market's solutions to them. This book not only explains why these governance mechanisms are established, but also what they are expected to achieve. Witney suggests that private equity owners have both the incentives and the capability to focus on responsible investment practices. Good governance, he argues, is a critical success factor for the private equity industry.
