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Private Equity

Private Equity Author P. Jowett
ISBN-10 9780230308664
Release 2011-01-26
Pages 626
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This tells the story of the development of the private equity industry in Germany. It is the first comprehensive history of the private equity industry for any country, revealing the vicissitudes of private equity investing, warts and all. It is an engaging chronicle for anyone interested in the industry or the modern German economy.



German Buyouts Adopting a Buy and Build Strategy

German Buyouts Adopting a Buy and Build Strategy Author Nils Hoffmann
ISBN-10 3834996343
Release 2008-02-29
Pages 253
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Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.



J Curve Exposure

J Curve Exposure Author Pierre-Yves Mathonet
ISBN-10 0470723408
Release 2008-07-31
Pages 476
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Building on the success of the author’s previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable. Factors that can sometimes cause institutions to shy away from venture capital are the industry’s opaque track record, unclear valuations and risks, perceived lack of transparency as well as the significant entry barriers to overcome before tangible results show. These issues are all addressed in details with practical solutions to the problems. Among other topics J-Curve Exposure includes discussions of: Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS. Approaches for splitting and prioritizing distributions from private equity funds. Techniques for track record analysis and other tools to help limited partners in their due diligence. Approaches to dealing with uncertainty, the relevance of real options, and co-investments and side funds as advanced portfolio management techniques. Questions related to limited partner decision making fallacies and how to manage portfolios of VC funds. Securitization backed by portfolios of investments in private equity funds. Real life case studies illustrate the issues relevant for the practitioner.



Private Equity

Private Equity Author Douglas Cumming
ISBN-10 0470579552
Release 2009-12-31
Pages 608
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A comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with the right guidance, you can gain a firm understanding of everything private equity has to offer. This reliable resource provides a comprehensive view of private equity by describing the current state of research and best practices in this arena. Issues addressed include the structure of private equity funds and fundraising, the financial and real returns of private equity, and the structure of private equity investments with investees, to name a few. Discusses the role of private equity in today's financial environment Provides international perspectives on private equity Details the regulation of private equity markets Filled with in-depth insights and expert advice, this book will provide you with a better understanding of private equity structures and put you in a better position to measure and analyze their performance.



Private Equity Investments in Family Businesses

Private Equity Investments in Family Businesses Author Götz Müller
ISBN-10 9783847100935
Release 2013
Pages 239
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English summary: There is only limited academic attention paid to the topic of Private Equity Investments in Family Businesses although the topic is becoming increasingly relevant for both entity types. In order to advance the field, this study focuses on the organizational metamorphosis of Family Businesses as a response to a Private Equity investment. In specific, changes in performance and its potential determinants were researched by means of eight case studies. The results indicate a neutral to beneficial performance development when Private Equity companies acquired a majority stake and a neutral development in case of a minority investment. Analyses further revealed that the positive performance improvement correlated with an organizational context that nurtured higher levels of individual discipline and stretch as well as organizational values that became aligned with market imperatives. German description: Investitionen von Private-Equity-Firmen in Familienunternehmen werden fur beide Parteien zunehmend relevanter. Um diesem Gebiet Rechnung zu tragen, wurde die Veranderung der wirtschaftlichen Leistungsfahigkeit von Familienunternehmen im Zuge einer Private Equity Investition in acht Fallstudien untersucht. Die Resultate zeigen eine neutrale bis positive Veranderung der Leistungsfahigkeit wenn Private-Equity-Hauser eine Mehrheitsbeteiligung in Familienunternehmen erwerben. Bei Minderheitsbeteiligungen konnte keine weitreichende Veranderung festgestellt werden. Weiterhin zeigen die Ergebnisse, dass die untersuchten Mehrheitsbeteiligungen einen Kontext entwickeln, welcher das individuelle Leistungsverhalten des Managements zu einem hoheren Masse fordert. Dies beruht vor allem darauf, dass sich jene Firmen zunehmend Umwelt- und Marktbedingungen offnen und neue Operationsweisen adaptieren.



Dynamic Efficiency and Path Dependencies in Venture Capital Markets

Dynamic Efficiency and Path Dependencies in Venture Capital Markets Author Andrea Schertler
ISBN-10 3540407103
Release
Pages
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Dynamic Efficiency and Path Dependencies in Venture Capital Markets has been writing in one form or another for most of life. You can find so many inspiration from Dynamic Efficiency and Path Dependencies in Venture Capital Markets also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Dynamic Efficiency and Path Dependencies in Venture Capital Markets book for free.



The Deal

The Deal Author
ISBN-10 CORNELL:31924083424998
Release 2005-07-11
Pages
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The Deal has been writing in one form or another for most of life. You can find so many inspiration from The Deal also informative, and entertaining. Click DOWNLOAD or Read Online button to get full The Deal book for free.



Spatial Proximity in Venture Capital Financing

Spatial Proximity in Venture Capital Financing Author Marko Bender
ISBN-10 3834961728
Release 2011-01-22
Pages 358
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Marko Bender analyzes the impact of spatial proximity between venture capitalists and new ventures throughout the investment process. He elaborates a comprehensive theoretical framework and empirically validates resulting hypotheses concerning the observed spatial proximity and the impact of spatial proximity on the likelihood of a venture capital investment using a German dataset.



German Politics and Society

German Politics and Society Author
ISBN-10 UOM:39015066247985
Release 2006
Pages
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German Politics and Society has been writing in one form or another for most of life. You can find so many inspiration from German Politics and Society also informative, and entertaining. Click DOWNLOAD or Read Online button to get full German Politics and Society book for free.



Debt Or Equity

Debt Or Equity Author David B. Audretsch
ISBN-10 UVA:X004714266
Release 2002
Pages 30
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Debt Or Equity has been writing in one form or another for most of life. You can find so many inspiration from Debt Or Equity also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Debt Or Equity book for free.



BoogarLists Directory of Venture Capital Private Equity

BoogarLists   Directory of Venture Capital   Private Equity Author
ISBN-10
Release
Pages
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BoogarLists Directory of Venture Capital Private Equity has been writing in one form or another for most of life. You can find so many inspiration from BoogarLists Directory of Venture Capital Private Equity also informative, and entertaining. Click DOWNLOAD or Read Online button to get full BoogarLists Directory of Venture Capital Private Equity book for free.



The American Economic Review

The American Economic Review Author American Economic Association. Meeting
ISBN-10 UOM:39015035346777
Release 1965
Pages
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Includes the Hand book of the American Economic Association.



Innovation and Technology Policy ITP for Catching Up

Innovation and Technology Policy  ITP  for Catching Up Author
ISBN-10 OSU:32435078828860
Release 2007
Pages 60
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This paper outlines a dynamic, medium/long term Innovation and Technology Policy framework for industrializing economies directed to stimulate innovation and to contribute to the eventual creation of high impact innovative entrepreneurial clusters. The paper is predicated on the assumption that while cluster creation policies are possible in many contexts they require the adoption of a System Evolutionary perspective to Innovation and Technology Policy. Publishing Agency: United Nations (UN).



Chambers global

Chambers global Author Chambers & Partners
ISBN-10 0855143649
Release 2004
Pages 2120
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Chambers global has been writing in one form or another for most of life. You can find so many inspiration from Chambers global also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Chambers global book for free.



Venture Capitalist Participation and the Performance of IPO Firms

Venture Capitalist Participation and the Performance of IPO Firms Author Georg Rindermann
ISBN-10 STANFORD:36105114284198
Release 2004
Pages 203
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This thesis investigates whether venture capitalists in Europe have a positive impact on the operating and long-run market performance of firms they bring public. To examine this issue a hand-collected international data set of venture- and non venture-ba



Von Private Equity Controllern lernen

Von Private Equity Controllern lernen Author Jürgen Weber
ISBN-10 9783527504268
Release 2009
Pages 272
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Im Gegensatz zu traditionellen Investoren führen Private Equity-Gesellschaften ihre Beteiligungen sehr eng und aktiv - und das mit großem Erfolg. Worauf ist dieser Erfolg begründet? Wie managen und controllen Private Equity-Gesellschaften ihre Beteiligungen? Wie nehmen sie Einfluss auf die Unternehmenssteuerungs- und Controllingsysteme ihrer Portfoliounternehmen? Und vor allem: Wie können Manager, CFOs und Controller von diesem erfolgreichen Geschäftsmodell lernen? Das neue Buch von Professor Jürgen Weber gibt umfassende Antworten auf alle aufgeworfenen Fragen des Beteiligungsmanagements und -controllings von Private Equity-Gesellschaften. Es beschreibt für "Nicht-Insider" das Geschäftsmodell Private Equity und dessen Ausgestaltung des Beteiligungsmanagements und -controllings klar und verständlich und zeigt anhand der Unternehmenssteuerung und des Controllings auf, wie Private Equity-Unternehmen ihren Einfluss im Unternehmen geltend machen und diese verändern. Damit wird dringend benötigte Transparenz in den Private Equity-Markt gebracht. Die Erkenntnisse basieren dabei auf umfangreichen Studienergebnissen, die im Rahmen von fast 40 Interviews bei Private Equity-Gesellschaften und Portfoliounternehmen im Forschungsprojekt "Private Equity Controlling" der WHU - Otto Beisheim School of Management gewonnen wurden. Viele Zitate aus den Interviews machen die vorgestellten Mechanismen lebendig. Drei Themen stehen dabei im Mittelpunkt: Die Ausgestaltung des Beteiligungscontrollings von Private Equity-Gesellschaften wird in Abhängigkeit des Beteiligungslebenszyklus (Akquisition, Beteiligung, Exit) sowie vor dem Hintergrund der zentralen Werttreiber, die die Gesellschaften zur Erreichung ihrer hohen Zielrendite (i. d. R. 20-25% p. a.) ansetzen, vorgestellt. Neben den klassischen finanziellen und managementorientierten Werttreibern zeigt sich, dass vor dem Hintergrund der Kreditkrise insbesondere operative Werttreiber an Bedeutung gewinnen. Interessant ist insbesondere der im Vergleich zu traditionellen Konzernen neue Aspekt einer klaren Ausrichtung auf einen Desinvestitionszeitpunkt der Beteiligung. Die Interaktion zwischen Private Equity-Gesellschaft und Portfoliounternehmen ist durch eine aktive Corporate Governance-Kultur gekennzeichnet. Die befragten Private Equity-Gesellschaften verstehen sich vorrangig als Sparringspartner des Managements, dessen Kernaufgabe mit dem englischen Wort "challenging" umschrieben werden kann. Durch ein kontinuierliches Hinterfragen von Prämissen, Plänen und Handlungen, aber auch durch umfangreiche Kontrollen wird dem Management geholfen, eigene Rationalitätsdefizite zu erkennen und effektiv zu beheben. Insgesamt konnte die Studie eine deutliche Professionalisierung der Unternehmenssteuerung sowie der Controllingsysteme durch Private Equity-Häuser aufzeigen. Diese äußert sich vor allem in einer stringenteren Ausrichtung der Controllinginstrumente auf das im Fokus stehende Unternehmensziel der Wertgenerierung. Der Stellenwert der Controller im Unternehmen steigt. Das Management wird zudem meist schon sehr früh im Investitionsprozess bewertet und im Rahmen der Akquisition signifikant am Unternehmen beteiligt. Eine weitgehend gleichgerichtete Incentivierung zwischen Private Equity-Häusern und dem Management der Portfoliounternehmen wird so hergestellt.



Financial Modeling and Valuation

Financial Modeling and Valuation Author Paul Pignataro
ISBN-10 9781118558690
Release 2013-06-18
Pages 432
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Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book. When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities. Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book. Hot keys and explicit Excel instructions aid even the novice excel modeler. Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs. Illustrative concepts including detailing model flows help aid in conceptual understanding. Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional. Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections. Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals. Illustrative comparable company analyses - built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income. Precedent transactions analysis - detailing how to extract proper metrics from relevant proxy statements Discounted cash flow analysis - simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC) Step-by-step we will come up with a valuation on Wal-Mart Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.