Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chen, Guojun | - |
dc.contributor.author | Kang, Jun-Koo | - |
dc.contributor.author | Kim, Jin-Mo | - |
dc.contributor.author | Na, Hyun Seung | - |
dc.date.accessioned | 2021-09-05T02:38:31Z | - |
dc.date.available | 2021-09-05T02:38:31Z | - |
dc.date.created | 2021-06-15 | - |
dc.date.issued | 2014-12 | - |
dc.identifier.issn | 0929-1199 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/96687 | - |
dc.description.abstract | Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the target's industry on the target's board when the need for target oversight and/or advice is higher. The targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets with PE-appointed directors who have experience in the target's industry, realize both higher announcement returns and better post-acquisition operating performance than do targets in non-PE acquisitions. These findings suggest that the governance and operational engineering that PE acquirers apply to their targets constitutes important sources of value creation in PE minority equity investments. (C) 2014 Elsevier B.V. All rights reserved. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER SCIENCE BV | - |
dc.subject | TOP EXECUTIVE TURNOVER | - |
dc.subject | FREE CASH FLOW | - |
dc.subject | MANAGEMENT BUYOUTS | - |
dc.subject | LEVERAGED BUYOUTS | - |
dc.subject | FIRM PERFORMANCE | - |
dc.subject | OPERATING PERFORMANCE | - |
dc.subject | CORPORATE GOVERNANCE | - |
dc.subject | OWNERSHIP STRUCTURE | - |
dc.subject | LARGE SHAREHOLDERS | - |
dc.subject | HEDGE FUNDS | - |
dc.title | Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Na, Hyun Seung | - |
dc.identifier.doi | 10.1016/j.jcorpfin.2014.09.003 | - |
dc.identifier.scopusid | 2-s2.0-84908229497 | - |
dc.identifier.wosid | 000347265500024 | - |
dc.identifier.bibliographicCitation | JOURNAL OF CORPORATE FINANCE, v.29, pp.449 - 474 | - |
dc.relation.isPartOf | JOURNAL OF CORPORATE FINANCE | - |
dc.citation.title | JOURNAL OF CORPORATE FINANCE | - |
dc.citation.volume | 29 | - |
dc.citation.startPage | 449 | - |
dc.citation.endPage | 474 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.subject.keywordPlus | TOP EXECUTIVE TURNOVER | - |
dc.subject.keywordPlus | FREE CASH FLOW | - |
dc.subject.keywordPlus | MANAGEMENT BUYOUTS | - |
dc.subject.keywordPlus | LEVERAGED BUYOUTS | - |
dc.subject.keywordPlus | FIRM PERFORMANCE | - |
dc.subject.keywordPlus | OPERATING PERFORMANCE | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | OWNERSHIP STRUCTURE | - |
dc.subject.keywordPlus | LARGE SHAREHOLDERS | - |
dc.subject.keywordPlus | HEDGE FUNDS | - |
dc.subject.keywordAuthor | Private equity | - |
dc.subject.keywordAuthor | Minority equity investment | - |
dc.subject.keywordAuthor | Governance engineering | - |
dc.subject.keywordAuthor | Operational engineering | - |
dc.subject.keywordAuthor | Board of directors | - |
dc.subject.keywordAuthor | Monitoring and advisory roles | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
(02841) 서울특별시 성북구 안암로 14502-3290-1114
COPYRIGHT © 2021 Korea University. All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.