Value Creation in Middle-Market Buyouts: A Transaction-Level Analysis

Chapman, John L.; Klein, Peter G.

doi:10.2139/ssrn.1372381

Cited by 8 publications

(2 citation statements)

References 37 publications

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“…Cao and Lerner () found that firms that had received PE investments yielded better than average market returns for years after the investments. In a study of middle market transactions across 19 industries, Chapman and Klein (, p. 24) found that PE investments were associated with growth, the ultimate driver of wealth creation for smaller companies. For over three‐quarters of their sample, revenues, operating profits, and total employment increased; they concluded that PE investments were a catalyst for exploiting scale and scope economies and providing operating leverage.…”

Section: Introductionmentioning

confidence: 99%

Private Equity as Canary in a Coal Mine: Building the Ecosystem for Effective Global Financial Integration

Mezias

Goutam

2014

Manage. Decis. Econ.

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A burgeoning private equity (PE) industry provides investment capital to build the capacity of an economy for innovation and entrepreneurial growth. We argue that for PE to contribute to this, capacity building requires effective systems for allocation of financial capital to the private sector and an ecosystem of supportive organizations. To illustrate these claims, we review the recent history of PE in the Middle East–North Africa region to contrast the PE industry in Middle East–North Africa, which stagnated after the financial crisis, with the industry in Turkey, which recovered quickly from a brief pause after the crisis and has thrived since 2008. Copyright © 2014 John Wiley & Sons, Ltd.

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Section: Introductionmentioning

confidence: 99%

Private Equity as Canary in a Coal Mine: Building the Ecosystem for Effective Global Financial Integration

Mezias

Goutam

2014

Manage. Decis. Econ.

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“… Private equity is associated with fostering entrepreneurial activity because it can lead to better coordination of assets across firms and markets, as assets are redeployed to higher‐value uses (Klein, ; Chapman and Klein, ). In addition, innovation is encouraged because of firms that receive private equity financing usually pose numerous risks and uncertainties that discourage other investors (Lerner et al ., ).…”

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confidence: 99%

Private Equity and Asset Characteristics: The Case of Agricultural Production

Mondelli¹,

Klein

2013

Manage Decis Econ

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Unlike most other mature industries, family firms, partnerships, and cooperatives dominate the agricultural production sector, with few corporations and limited access to capital derived from a source other than retained earnings and existing owners. However, the use of external equity capital in agriculture has increased dramatically since 1990. This funding source allows farms to exploit entrepreneurial opportunities not easily financed by debt. Following O. Williamson, we view debt and equity as alternative governance structures and argue that transaction cost economics offers insights on firms' financial structure beyond those provided by agency theory. We relate capital structure to asset specificity, a particularly important attribute in agricultural production. We construct an international dataset of agricultural companies receiving external private equity and show that the attributes of the assets involved in production are important determinants of financial structure. Copyright © 2013 John Wiley & Sons, Ltd.

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Data quality problems troubling business and financial researchers: A literature review and synthetic analysis

Liu

2020

Journal of Business & Finance Librarianship

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Value Creation in Middle-Market Buyouts: A Transaction-Level Analysis

Cited by 8 publications

References 37 publications

Private Equity as Canary in a Coal Mine: Building the Ecosystem for Effective Global Financial Integration

Private Equity as Canary in a Coal Mine: Building the Ecosystem for Effective Global Financial Integration

Private Equity and Asset Characteristics: The Case of Agricultural Production

Data quality problems troubling business and financial researchers: A literature review and synthetic analysis

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