Staatsbeteiligungen an Übertragungsnetzbetreibern senken die tatsächlichen Kapitalkosten nicht, sondern verlagern Risiken auf Steuerzahler. Gestützt auf das CAPM und das ModiglianiMiller‑Theorem ergeben sich Kapitalkosten aus dem systematischen Investitionsrisiko - nicht aus der...

This working paper assesses the economic impact of EIF-supported equity investments in the Lower Mid-Market (LMM) segment across Europe between 2007 and 2023. Using advanced causal inference techniques, the study compares over 1,700 investee firms with a matched control group to isolate the...

Bedrohen große Vermögensverwalter wie BlackRock den Wettbewerb? Der Autor zeigt, dass es einer wettbewerblichen Schadenstheorie unter Berücksichtigung der rechtlichen und tatsächlichen Rahmenbedingungen an Plausibilität fehlt. In der Theorie lassen sich weder ausreichende...

Purpose of the article: The purpose of this article is to assess private equity exit strategies of CEE portfolio companies with regards to desired exit routes, including a cross-border deal aspect and a pre-exit holding period. Methodology/methods: This paper employs secondary data from the...

Société Générale de Belgique was the world's first universal bank. It pioneered another innovation: investing in non-listed equity. We use hand-collected data to show that the bank earned significant positive risk-adjusted returns from 1850 to 1934. This offset its flat return on the listed...

The main objective of this study is to examine the impact of equity financing on the financial performance of Jordanian industrial companies. The study population comprised 393 board directors from 55 Jordanian industrial companies. Purposive sampling was employed to select 346 board directors...

We demonstrate how the incentives of firms that partially own their suppliers or customers to foreclose rivals depend on how the partial owner can extract profits from the target. Compared to a fully vertically integrated firm, a partial owner may obtain only a share of the target's profit but...

Equity funding is a widespread financing form that often accompanies the life cycle of innovative ventures from initial stages until maturity. From the perspective of investors, the event defining the success of an equity financing operation is the exit, which represents the moment when they...

Bedrohen große Vermögensverwalter wie BlackRock den Wettbewerb? Der Autor zeigt, dass es einer wettbewerblichen Schadenstheorie unter Berücksichtigung der rechtlichen und tatsächlichen Rahmenbedingungen an Plausibilität fehlt. In der Theorie lassen sich weder ausreichende...

Maximilian Möstl deals with the implementation of the transfer of shares of German limited liability companies abroad. This is an everyday problem, particularly in the context of cross-border transactions. The paper explicitly takes into account the changes introduced by the 2008 reform of...

Private equity investors are a relatively new form of financier who play an outsized role in the management of capitalist economies and who, over the last fifty years, have accumulated a vast amount of wealth and power. This entry offers an overview of some recent scholarship on private equity...

Since the last global financial crisis, private equity activities have increased again in Germany. This article provides an overview of developments between 2012 and 2018 from an employee perspective. It shows, among other things, the volume and sectoral focus of company takeovers, the new...

This Article addresses an important question in modern antitrust: when large investment funds have holdings across an industry, is competition depressed?The question of the impact of common ownership on competition has gained much attention as the role of institutional shareholding has grown,...

The valuation of equities remains a challenge both in practice and in theory. The value of an asset must reflect the present value of the future payments that accrue to the holder of the asset. Hence, the key question in equity valuation is how to determine the value today of a sequence of...

This paper offers the first systematic evidence on environmental, social and governance (ESG) disclosures provided by a global sample of private equity (PE) firms. Using historical websites from 2000 to 2021, we develop a novel measure of voluntary PE firm ESG disclosures. We find that these...

We study the incentives of firms that hold partial vertical ownership to foreclose rivals. Compared to a full vertical merger, with partial ownership, a firm may obtain only part of the target's profit but may nevertheless be able to influence the target's strategy significantly. The target may...

This paper examines rent sharing in Private Investments in Public Equity (PIPEs) between newly public firms and private investors. The evidence suggests highly asymmetric rent shar- ing. Newly public firms earn a negative return of up to –15% in the first post-PIPE year, while investors...