Brexit, Private Equity and Management

Wright, Mike; Wilson, Nick; Gilligan, John; Bacon, Nicolas; Amess, Kevin

doi:10.1111/1467-8551.12191

Cited by 34 publications

(36 citation statements)

References 10 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Other excellent research based on new datasets and topics includes, but is not limited to, Bertoni and Groh (), Butticè, Colombo, and Wright (), Colombo, Franzoni, and Rossi‐Lamastra (), Croce and Marti (), Meuleman, Vanacker, and Manigart (), Tykvova (forthcoming), Wright, Wilson, Gilligan, Bacon, and Amess ().…”

mentioning

confidence: 99%

The Problems with and Promise of Entrepreneurial Finance

Cumming

Johan²

2017

Strat. Entrepreneurship J.

View full text Add to dashboard Cite

Research summary This article provides a review of the entrepreneurial finance literature in the surprisingly not very well integrated entrepreneurship and finance journals. Entrepreneurial finance encompasses venture capital, private equity, private debt, trade credit, IPOs, angel finance, and crowdfunding, among other forms of finance. We analyze trends in citation activity to these topic areas across 16 journals that publish at least somewhat regularly on these topics, and we show there has been a rise in citations on venture capital, private equity, and IPOs post‐2006. We highlight an unfortunate degree of segmentation in the literature, as well as topics that have been the subject of scholarly focus, and identify promising topics for future research. Managerial summary Who does research in entrepreneurial finance—entrepreneurship or finance scholars? And which types of journals are more likely to publish research in entrepreneurial finance? In this article, we provide an overview of the literature on topics that include venture capital, private equity, private debt, trade credit, IPOs, angel finance, and crowdfunding. Our review of the literature shows some elements of segmentation by the specific topic, which we explain is partly due to the fact that datasets on entrepreneurial finance themselves are often segmented and do not include information on more than one form of entrepreneurial finance at a time. Further, we show citation patterns are segmented by the type of journal, with finance journals being much less likely to refer to entrepreneurship journals. Copyright © 2017 Strategic Management Society

show abstract

mentioning

confidence: 99%

The Problems with and Promise of Entrepreneurial Finance

Cumming

Johan²

2017

Strat. Entrepreneurship J.

View full text Add to dashboard Cite

show abstract

“…The lack of liquidity and the need for expansion capital as a consequence of the limited availability of institutional equity finance depressed stock prices and drove small companies into the arms of private-equity firms to obtain funding (Financial Times, June 11, 2003). proposed LBOs were aborted and UK banks pulled out of bigger deals (Wright, Wilson, Gilligan, Bacon, and Amess (2016)). …”

Section: Anglo-american Trends: Us and Ukmentioning

confidence: 99%

Leveraged Buyouts: A Survey of the Literature

Renneboog

Vansteenkiste²

2017

SSRN Journal

View full text Add to dashboard Cite

This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical framework for the potential sources of value creation from going private: a distinction is made between the reduction in agency costs, stakeholder wealth transfers, tax benefits, transaction costs savings, takeover defense strategies, and corporate undervaluation. The paper then reviews and summarizes whether and how these theories have been empirically verified in the four different strands of literature in LBO research. These strands of literature are categorized by phase in the LBO transaction: Intent (of a buyout), Impact (of the LBO on the various stakeholders), Process (of restructuring after the leveraged buyout) and Duration (of retaining the private status). Then, the paper shows that in the first half of the 2000s, a public-to-private LBO wave re-emerged in the US, UK and Continental Europe, whose value vastly exceeded that of the 1980s US LBO wave. Finally, the paper provides suggestions for further research.

show abstract

“…For example, Aguilera (2005) finds that corporate governance matters and director accountability varies, depending on the institutional setting and rule changes. Wright et al (2016), for example, discuss the impact of Brexit on LBOs.…”

Section: Theory and Hypothesesmentioning

confidence: 99%

Pre-Going Private Ownership Around the World

et al. 2016

View full text Add to dashboard Cite

Going private transactions are often highly leveraged, and give rise to potential agency conflicts among existing shareholders. But who exactly are those shareholders, and under what legal conditions are these transaction more likely to occur? We examine ownership structure prior to going private transactions in 33 countries around the world from 2002 to 2014.The data indicate strong and consistent evidence that pre-going private ownership is characterized by higher institutional and corporate ownership. Family ownership lowers the probability of a public to private transaction. Stronger creditor rights increase the probability of going private particularly for whole company and institutional buyouts.

show abstract

Brexit, Private Equity and Management

Abstract: We analyse the expected impact of Brexit on private equity and its implications for management research. Specifically, we explore the implications for private equity funds and funding, and at the portfolio firm level with respect to employment and performance.

Cited by 34 publications

References 10 publications

The Problems with and Promise of Entrepreneurial Finance

The Problems with and Promise of Entrepreneurial Finance

Leveraged Buyouts: A Survey of the Literature

Pre-Going Private Ownership Around the World

Contact Info

Product

Resources

About