Arbeitspapier
Economic consequences of private equity investments on the German stock market
This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership structure of publicly listed companies and the protection of minority shareholders. We find that PE investors generate positive wealth effects for target shareholders of 5.90% around the event day (t = -1 to t = 0). In addition, we find that the wealth effects of PE investor involvement in Germany are positively related to the target's tax liabilities and degree of undervaluation and negatively related to the target's leverage and the shareholding of the second largest ownership block. The latter effect can be interpreted as a supplementary monitoring effect of the management or a monitoring effect of the largest shareholder through which private benefits of control are reduced.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2008-05
- Klassifikation
-
Wirtschaft
Information and Market Efficiency; Event Studies; Insider Trading
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
- Thema
-
Private Equity
Corporate Governance
Agency Theory
Event Study
Private Equity
Corporate Governance
Prinzipal-Agent-Theorie
Aktiengesellschaft
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Achleitner, Ann-Kristin
Andres, Christian
Betzer, André
Weir, Charlie
- Ereignis
-
Veröffentlichung
- (wer)
-
Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
- (wo)
-
München
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Achleitner, Ann-Kristin
- Andres, Christian
- Betzer, André
- Weir, Charlie
- Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
Entstanden
- 2008
Ähnliche Objekte (12)
US International Equity Investment and Economic Fundamentals
The Economic Consequences of Demographic Change: Its Impact on Growth, Investment and the Capital Stock
Private equity's unintended dark side: On the economic consequences of excessive delistings
Investments of private equity funds : PIPE ; the temptation of public equity investments to private equity firms
Managers' investment decisions: Incentives and economic consequences arising from leases
Negative equity and housing investment
Economic and Political Consequences of Foreign Direct Investment for Developing Countries
Private-equity-Investments : Praxis des Beteiligungsmanagements
Private equity investments : Praxis des Beteiligungsmanagements
Local Economic Consequences of Investment in Children: Capitalization of Child Care Services
The economic consequences of including fair value adjustments to shareholders' equity in regulatory capital calculations
Private equity investments : drivers and performance implications of investment cycles
US International Equity Investment and Economic Fundamentals
The Economic Consequences of Demographic Change: Its Impact on Growth, Investment and the Capital Stock
Private equity's unintended dark side: On the economic consequences of excessive delistings
Investments of private equity funds : PIPE ; the temptation of public equity investments to private equity firms
Managers' investment decisions: Incentives and economic consequences arising from leases
Negative equity and housing investment
Economic and Political Consequences of Foreign Direct Investment for Developing Countries
Private-equity-Investments : Praxis des Beteiligungsmanagements
Private equity investments : Praxis des Beteiligungsmanagements
Local Economic Consequences of Investment in Children: Capitalization of Child Care Services
The economic consequences of including fair value adjustments to shareholders' equity in regulatory capital calculations
Private equity investments : drivers and performance implications of investment cycles
US International Equity Investment and Economic Fundamentals
The Economic Consequences of Demographic Change: Its Impact on Growth, Investment and the Capital Stock
Private equity's unintended dark side: On the economic consequences of excessive delistings
Investments of private equity funds : PIPE ; the temptation of public equity investments to private equity firms
Managers' investment decisions: Incentives and economic consequences arising from leases
Negative equity and housing investment
Economic and Political Consequences of Foreign Direct Investment for Developing Countries
Private-equity-Investments : Praxis des Beteiligungsmanagements
Private equity investments : Praxis des Beteiligungsmanagements
Local Economic Consequences of Investment in Children: Capitalization of Child Care Services
The economic consequences of including fair value adjustments to shareholders' equity in regulatory capital calculations