Private Equity in the Public Market: a Governance Mechanism in a Context of Multiple Large Shareholders

Détails

ID Serval
serval:BIB_1E710B698561
Type
Actes de conférence (partie): contribution originale à la littérature scientifique, publiée à l'occasion de conférences scientifiques, dans un ouvrage de compte-rendu (proceedings), ou dans l'édition spéciale d'un journal reconnu (conference proceedings).
Collection
Publications
Institution
Titre
Private Equity in the Public Market: a Governance Mechanism in a Context of Multiple Large Shareholders
Titre de la conférence
European Accounting Association Annual Conference (EAA)
Auteur(s)
Barroso R., Burkert M., Davila A., Oyon D.
Adresse
Paris, France
Statut éditorial
Publié
Date de publication
2013
Peer-reviewed
Oui
Langue
anglais
Résumé
We examine the performance implications of private equity (PE) investors, particularly focusing on expansion capital in the value of publicly listed firms. In a context of multiple significant shareholders, we address two main research questions: Is the presence of private equity investors associated with firm valuation? How does this relation change in the presence of other types of large shareholders? Our findings indicate that the presence of private equity investors is associated with higher valuation. However, in combination with other shareholders, the results are bounded by the type of shareholders they interact with. We explain those results as a consequence of divergences in agency costs, and the role of PE in reducing those costs more effectively than other types of shareholders.
Création de la notice
08/09/2016 15:11
Dernière modification de la notice
21/08/2019 5:14
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