Key Drivers of Private Equity FirmCertification at Initial Public Offering

Autor:	Donald G. Ross, Mike Hopkins
Rok vydání:	2013
Předmět:	Finance Economics and Econometrics Equity risk business.industry Private equity secondary market Accounting Private equity firm Private investment in public equity Club deal Private equity fund Private equity business Equity capital markets
Zdroj:	The Journal of Private Equity. 16:69-89
ISSN:	2168-8508 1096-5572
DOI:	10.3905/jpe.2013.16.2.069
Popis:	Private equity firms have been shown to add considerable value to investee companies. This article examines buy-side financial analyst perceptions of the determinants of private equity firm value added. The findings reveal significant relationships between the attractiveness of private equity firms’ IPOs and 1) their reputations, 2) their level of retained ownership, 3) the duration of their involvement prior to the IPO, and 4) the interaction between duration and intensity of involvement. The research reveals certification effects are best explained by theories of resource exchange and reduced informational asymmetries with reduced agency risk being a much lesser influence.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::c15792d57a47acc5068f0451d2727285 https://doi.org/10.3905/jpe.2013.16.2.069 Zobrazit plný text záznamu