Die Auswirkungen der Subprime-Krise auf dendeutschen LBO-Markt für Small- und MidCaps

Since summer 2007 the Subprime credit crisis has been affecting the international financialmarkets. One of the consequences of the crisis was the collapse of the market for large-sizedleveraged buyout transactions in late 2007 and early 2008.The goal of this Working Paper is to examine to what extent also small and mid-sized LBOdeals in Germany were affected by the market turbulences. After illustrating the aspects of thecrisis which are relevant for this topic, six hypotheses regarding potential consequences of thecrisis on the German LBO market for Small- and MidCaps were set up. To verify these hypothesesa survey among the market participants, namely financing banks and LBO investors,was conducted in May and June 2008.