1,720,992 research outputs found
Risks and perils in LBO transactions
No full textIn this study we analyze the risks and perils arising from LBO transactions, in order to
consider the impact of private equity in this category of transactions. From this
perspective, focusing attention on 2,450 deals occurred during the period 2002-2011, our
study adds to previous literature that has investigated the post-LBO operating performance
and the factors that can determine the success of those deals. In particular, by running a
multivariate regression analysis in order to test for different research hypothesis proposed
by literature dealing with the determinants of LBO deals, we confirm the validity of the
assets stripping hypothesis, even if we find evidence that the presence of private equity,
among other factors, can help to mitigate that peril. We find evidence that, especially in the
short term, enterprises suffer from a slight deterioration in operating performance
compared to their situation before the buyout. Moreover, under specific circumstances,
enterprises experience a slight improvement in the ability to generate cash. Finally, we find
positive evidence about the presence of private equity investors, which are mainly able to
promote the growth of firms, as well as to increase the capability to generate cash, rather
than generate positive effects on the level of employment. At the same time, we find also
evidence that the presence of private equity investors is a significant determinant of
distress for firms involved in LBO transactions
Does corporate governance really matter for firms performance? Evidendence from Italian IPOS market
Full text linkDuring recent years, corporate governance has received an increasing attention in the academic debate due to several scandals in financial world and consequent changes in the regulatory framework. Through this paper, we aim to take part in the stimulating debate about the relation between corporate governance and performance. Previous literature on this topic provided a solid theoretical framework for our research. This paper contributes to this investigation with an analysis of the Italian market, by the examination of the relation between the market performance of Italian IPOs and their governance structure. In particular, we find evidence of a positive relation between governance, which we measured by a new and original governance index made by 40 provisions, and IPOs performance occurred in the Italian market during period 1998-2008
Business angels e informal venture capital in Italia. Caratteristiche, strategie e processi gestionali
No full textI Business Angels sono investitori che operano in quel settore specifico del Venture Capital denominato Informal Venture Capital. La loro particolarità consiste nell'investire capitali propri nel capitale di rischio delle aziende in fase di seed o di start-up, fornendo così le risorse per finanziare progetti di portata medio-piccola e andando a coprire il funding gap che altrimenti si creerebbe tra la fondazione dell'impresa e l'eventuale finanziamento da parte dei Venture Capitalist.
Negli anni il mercato internazionale dell'Informal Venture Capital si è evoluto al punto da giustificare, sulla scia del modello americano, la creazione di Network che raccolgono questo tipo di investitori; inoltre, si sono fatte più frequenti le opportunità di collaborazione tra Business Angels e Venture Capitalist, tradizionalmente operanti in contesti separati. Anche in Italia, dalla fine degli anni Novanta, i Business Angels hanno in IBAN il loro Network di riferimento ed è proprio da questa esperienza che nasce il volume, del quale viene presentata l'analisi dei dati raccolti tramite un'indagine di mercato che ha coinvolto 140 Business Angels italiani.
Nonostante la difficoltà di reperire i dati delle operazioni effettuate e di quantificarne il valore, per la prima volta le informazioni raccolte consentono di dare una dimensione al fenomeno dell'Angel Investing italiano permettendo, inoltre, di individuare un trend di comportamento in tali investitori e di focalizzarne le caratteristiche principali
I business angels e l'informal venture capital 19
No full textI Business Angels sono investitori che operano in quel settore specifico del Venture Capital denominato Informal Venture Capital. La loro particolarità consiste nell'investire capitali propri nel capitale di rischio delle aziende in fase di seed o di start-up, fornendo così le risorse per finanziare progetti di portata medio-piccola e andando a coprire il funding gap che altrimenti si creerebbe tra la fondazione dell'impresa e l'eventuale finanziamento da parte dei Venture Capitalist.
Negli anni il mercato internazionale dell'Informal Venture Capital si è evoluto al punto da giustificare, sulla scia del modello americano, la creazione di Network che raccolgono questo tipo di investitori; inoltre, si sono fatte più frequenti le opportunità di collaborazione tra Business Angels e Venture Capitalist, tradizionalmente operanti in contesti separati. Anche in Italia, dalla fine degli anni Novanta, i Business Angels hanno in IBAN il loro Network di riferimento ed è proprio da questa esperienza che nasce il volume, del quale viene presentata l'analisi dei dati raccolti tramite un'indagine di mercato che ha coinvolto 140 Business Angels italiani.
Nonostante la difficoltà di reperire i dati delle operazioni effettuate e di quantificarne il valore, per la prima volta le informazioni raccolte consentono di dare una dimensione al fenomeno dell'Angel Investing italiano permettendo, inoltre, di individuare un trend di comportamento in tali investitori e di focalizzarne le caratteristiche principali
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Corporate Restructuring, Leveraged Buyout and Voluntary Delisting: a Wisdom of Opportunities for Private Equity Investments
No full textNo abstract availabl
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Voluntary delisting? A valid option for firms restructuring
No full textAnalysing a comprehensive dataset of European going private deals during the period 1998-2007, we explore the post-transaction operating performance of companies gone private and potential variables that can explain this choice. We find these firms’ situations improved slightly before going private, even if the most relevant and significant benefits on operating performance appear in the short and medium term. We show that the presence of a private equity provider appears to positively affect long-term performance, especially when the target company is large and needs to embark on a complex restructuring process. We further analyse restructuring, providing some evidence that, for companies with complex turnaround plans, going private is a valid option for implementing their strategies more effectively away from the public eye. In particular, we also show that this is particularly relevant for smaller public firms that cannot afford to undertake such a process without the whole support of the market. Finally, we do not find any evidence that size is, per se, a factor that has any structural impact on post-deal performance
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