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Dokumenttyp:
Zeitschriftenaufsatz 
Autor(en):
Achleitner, A.K.; Braun, R.; Engel, N. 
Nicht-TUM Koautoren:
nein 
Kooperation:
Titel:
Value creation and pricing in buyouts: empirical evidence from Europe and North America 
Abstract:
Using a unique proprietary data set of 1980 realized and unrealized buyouts completed between 1986 and 2010, we examine entry and exit pricing in buyouts and its influence on private equity (PE) sponsors' returns. We find that besides leverage and operational improvements, EBITDA multiple expansion (i.e. the difference between entry and exit pricing) is a fundamental factor in explaining equity returns and the result of skill rather than pure luck. We also provide evidence that more experienced...    »
 
Stichworte:
Private equity; Value creation; Leverage; Pricing; Multiple expansion 
Intellectual Contribution:
Discipline-based Research 
Zeitschriftentitel:
Review of Financial Economics 
Journal gelistet in FT50 Ranking:
nein 
Jahr:
2011 
Band / Volume:
20 
Heft / Issue:
Seitenangaben Beitrag:
146-161 
Print-ISSN:
1058-3300 
Key publication:
Nein 
Peer reviewed:
Ja 
International:
Ja 
Book review:
Nein 
commissioned:
not commissioned 
Professional Journal:
Nein 
Interdisziplinarität:
Nein