Private Equity

The German Experience

Author: P. Jowett

Publisher: Springer

ISBN: 023030866X

Category: Business & Economics

Page: 626

View: 3377

This tells the story of the development of the private equity industry in Germany. It is the first comprehensive history of the private equity industry for any country, revealing the vicissitudes of private equity investing, warts and all. It is an engaging chronicle for anyone interested in the industry or the modern German economy.

Managing Culture and Interspace in Cross-border Investments

Building a Global Company

Author: Martina Fuchs,Sebastian Henn,Martin Franz,Ram Mudambi

Publisher: Routledge

ISBN: 1317399455

Category: Business & Economics

Page: 194

View: 3797

This book focuses on the dialectics between spatio-organisational gaps and local contexts that characterise cross-border investments. "Interspatial" investments – be it mergers & acquisitions (M&A) or greenfield investments – are usually characterised by what is referred to as "otherness", i.e. organisational and cultural distances of the firms involved in relation to their regional contexts. At the same time, economic, political and socio-cultural linkages are decisive for attracting cross-border investments to regions and for providing firms with conditions supportive of their market success. As a consequence of being locked into complex structures of proximities, cross-border investments are situated in contested terrain. This terrain triggers learning processes in both regional actors and investors, which can result in the convergence of mindsets and organisational issues. This book is unique in that it combines interspace (defined as the distance between the new owner and the cross-border venture), place (the target region), interpretation (perception and understanding of the investment by the actors involved) and context (institutions, actor networks and interaction), thus offering better understanding of recent processes of globalisation. Crossing disciplinary boundaries by integrating economic geography and management studies, the volume adopts an innovative and spatially informed perspective on foreign direct investments (FDI). This perspective will be of great value to scholars, students and practitioners. The volume is inventive in its approach in that it offers fresh readings from interdisciplinary theoretical approaches and combines these with valuable empirical insights from developed as well as Emerging Economies.

Industrial Transition

New Global-Local Patterns of Production, Work, and Innovation

Author: Prof Dr Martina Fromhold-Eisebith,Prof Dr Martina Fuchs

Publisher: Ashgate Publishing, Ltd.

ISBN: 1409493024

Category: Science

Page: 260

View: 7815

Recently, the international division of labour in industrial production has grown increasingly more volatile. The separation between 'high-end' tasks undertaken in the traditional core economies and 'low-end' tasks undertaken in newly emerging economies has become increasingly blurred. The new dynamics and unpredictability of actor and process configurations in internationalized production bring new challenges for research in economic geography, regional economics and management sciences. The allocation of R&D and production mandates within or between enterprises, the setting up, closing down, purchase or sale of subsidiaries at different localities, the shifting patterns of collaborative innovation, together with newly evolving forms of capitalism, all appear to interact in ways not seen before. It appears we have entered a new era termed 'industrial transition'. This book forms the first approach toward conceptualising the term and compiling illustrative empirical underpinnings. Contributions by an international set of renowned economic geographers highlight the major features and case studies of 'industrial transition' and address various questions that matter for the future of our global economy: How are regions and localities affected by the shift of product mandates? In which ways do changes differ between industrial sectors and economic regions? How can regions and localities adequately prepare for or react to foreseeable changes; and how can regional resilience and response capacities be built and enhanced?

Venture Capital in Germany and the U.S.: Differences and the Influence of Culture

Author: Lars Abraham


ISBN: 3836637553

Category: Business & Economics

Page: 109

View: 9057

Inhaltsangabe:Introduction: In today s modern economy a country s or region s competitiveness lies in its capability to innovate. Whilst earlier old and established companies were reliable producers of innovation as well as jobs, that is changing. The big corporations are outsourcing and downsizing, and the new technologies are emerging from companies that did not exist 20 years ago . This quotation taken from the Handbook of Research on Venture Capital points out the increasing relevance of the Schumpeterian growth regime of today s advanced economies which means that growth and wealth is unlikely to be maximized if most new business developments are carried out by old long-existing corporations. While in Europe only few global champions have been created in the past 50 years the United States economy seems to be capable of continuously creating great, leading-edge companies. Why is Europe lagging behind in enabling new ventures to become global champions? Why are successful high growth companies like Amazon, AMD, AOL, Apple, Cisco Systems, eBay, Genentech, Intel, Microsoft, Oracle, Sun Microsystems, Yahoo and recently Google all US based corporations and not of European or Japanese origin? One reason is seen in the outstanding capability of the US economy to put innovative business ideas from individuals, universities and other research institutions into practice and thus create with the help of a well developed venture capital industry new global champions. A strong and sophisticated VC industry is widely recognised for providing a major contribution to turn innovation into (internationally) successful high-growth corporations and therewith foster economic growth. Taking Germany as the largest economy in Europe this thesis will try to work out the main differences of the VC market in Germany - which is still considered as lagging behind - and its correspondent in the United States. While most of the previous comparative studies focus on single aspects of the VC market and the VC investment process this work will try to provide a brief but comprehensive empirical analysis of the entire venture capital investment process (from fundraising to exiting investments). As business in general and the venture capital industry in particular is considered to be increasingly influenced by socio-economic and cultural factors this thesis draws special attention to differences related to the influence of culture on both VC markets. Hence it will be [...]

Venture Capital in Europe

Author: Greg N. Gregoriou,Maher Kooli,Roman Kraeussl

Publisher: Elsevier

ISBN: 9780080466071

Category: Business & Economics

Page: 432

View: 8494

Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner. *The only book in which academics from around the world present the latest research on venture capital in Europe *Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage

Private Equity Investments in Family Businesses

An Empirical Investigation of the Organizational Metamorphosis

Author: Götz Müller

Publisher: V&R unipress GmbH

ISBN: 3847100939

Category: Business & Economics

Page: 239

View: 3548

English summary: There is only limited academic attention paid to the topic of Private Equity Investments in Family Businesses although the topic is becoming increasingly relevant for both entity types. In order to advance the field, this study focuses on the organizational metamorphosis of Family Businesses as a response to a Private Equity investment. In specific, changes in performance and its potential determinants were researched by means of eight case studies. The results indicate a neutral to beneficial performance development when Private Equity companies acquired a majority stake and a neutral development in case of a minority investment. Analyses further revealed that the positive performance improvement correlated with an organizational context that nurtured higher levels of individual discipline and stretch as well as organizational values that became aligned with market imperatives. German description: Investitionen von Private-Equity-Firmen in Familienunternehmen werden fur beide Parteien zunehmend relevanter. Um diesem Gebiet Rechnung zu tragen, wurde die Veranderung der wirtschaftlichen Leistungsfahigkeit von Familienunternehmen im Zuge einer Private Equity Investition in acht Fallstudien untersucht. Die Resultate zeigen eine neutrale bis positive Veranderung der Leistungsfahigkeit wenn Private-Equity-Hauser eine Mehrheitsbeteiligung in Familienunternehmen erwerben. Bei Minderheitsbeteiligungen konnte keine weitreichende Veranderung festgestellt werden. Weiterhin zeigen die Ergebnisse, dass die untersuchten Mehrheitsbeteiligungen einen Kontext entwickeln, welcher das individuelle Leistungsverhalten des Managements zu einem hoheren Masse fordert. Dies beruht vor allem darauf, dass sich jene Firmen zunehmend Umwelt- und Marktbedingungen offnen und neue Operationsweisen adaptieren.

Private Equity

Fund Types, Risks and Returns, and Regulation

Author: Douglas Cumming

Publisher: John Wiley and Sons

ISBN: 9780470579558

Category: Business & Economics

Page: 608

View: 8636

A comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with the right guidance, you can gain a firm understanding of everything private equity has to offer. This reliable resource provides a comprehensive view of private equity by describing the current state of research and best practices in this arena. Issues addressed include the structure of private equity funds and fundraising, the financial and real returns of private equity, and the structure of private equity investments with investees, to name a few. Discusses the role of private equity in today's financial environment Provides international perspectives on private equity Details the regulation of private equity markets Filled with in-depth insights and expert advice, this book will provide you with a better understanding of private equity structures and put you in a better position to measure and analyze their performance.

Private Equity Unchained

Strategy Insights for the Institutional Investor

Author: T. Meyer

Publisher: Springer

ISBN: 1137286822

Category: Business & Economics

Page: 320

View: 1913

There are significant returns to be made from private equity, infrastructure, real estate and other illiquid investments, but a competitive strategy is essential for investment success and for meeting objectives. This book takes readers through all the considerations of planning and implementing an investment strategy in illiquid investments.

J-Curve Exposure

Managing a Portfolio of Venture Capital and Private Equity Funds

Author: Pierre-Yves Mathonet,Thomas Meyer

Publisher: John Wiley & Sons

ISBN: 9780470723401

Category: Business & Economics

Page: 476

View: 9044

Building on the success of the author’s previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable. Factors that can sometimes cause institutions to shy away from venture capital are the industry’s opaque track record, unclear valuations and risks, perceived lack of transparency as well as the significant entry barriers to overcome before tangible results show. These issues are all addressed in details with practical solutions to the problems. Among other topics J-Curve Exposure includes discussions of: Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS. Approaches for splitting and prioritizing distributions from private equity funds. Techniques for track record analysis and other tools to help limited partners in their due diligence. Approaches to dealing with uncertainty, the relevance of real options, and co-investments and side funds as advanced portfolio management techniques. Questions related to limited partner decision making fallacies and how to manage portfolios of VC funds. Securitization backed by portfolios of investments in private equity funds. Real life case studies illustrate the issues relevant for the practitioner.

Venture Capital, Private Equity, and the Financing of Entrepreneurship

Author: Josh Lerner,Ann Leamon,Felda Hardymon

Publisher: Wiley Global Education

ISBN: 1118213505

Category: Business & Economics

Page: 464

View: 8437

Venture Capital, Private Equity, and the Financing of Entrepreneurship stems from a realization that private equity overall - defined in this volume as venture capital and buyouts but excluding hedge funds - has become a vastly more sizable and influential part of the global economic landscape over the past two decades. The text explores the world of active investing and showcases ways of doing business in a clear and concise manner. With more than 60 years of combined experience as practitioners in and/or academic investigators of private equity, Lerner, Leamon, and Hardymon explain how the fascinating world of private equity works, from start to finish, how it creates value, and where it may destroy value.

German Brief

Author: N.A

Publisher: N.A


Category: Germany

Page: N.A

View: 8452


German Buyouts Adopting a Buy and Build Strategy

Key Characteristics, Value Creation and Success Factors

Author: Nils Hoffmann

Publisher: Springer Science & Business Media

ISBN: 9783834996343

Category: Business & Economics

Page: 253

View: 8029

Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.

The Shareholder Executive and Public Sector Businesses

Author: Great Britain. Parliament. House of Commons. National Audit Office

Publisher: The Stationery Office

ISBN: 0102944512

Category: Political Science

Page: 45

View: 9553

Despite privatisation, central and local government still own or part own a number of companies with a combined turnover of over £25 billion. Reconciling public policy with shareholder value can be problematic and so the Shareholder Executive was established in 2003 to improve the Government's ability to act as an effective shareholder. This report examines the impact of the Executive and whether it is on course to meet its objectives. The overall finding is that, to date, it has generally acted as an effective and intelligent shareholder and has proved value for money. However there issues that need to be addressed to allow the Executive to build on its early work. A number of recommendations are made, including moving it out of DTI and giving it independent status.

Venture Capitalist Participation and the Performance of IPO Firms

Empirical Evidence from France, Germany, and the UK

Author: Georg Rindermann

Publisher: Peter Lang Pub Incorporated


Category: Business & Economics

Page: 203

View: 3318

This thesis investigates whether venture capitalists in Europe have a positive impact on the operating and long-run market performance of firms they bring public. To examine this issue a hand-collected international data set of venture- and non venture-ba

The Oxford Handbook of Banking, Second Edition

Author: Allen N. Berger,Philip Molyneux,John O. S. Wilson

Publisher: OUP Oxford

ISBN: 0191002208

Category: Business & Economics

Page: 1040

View: 843

The Oxford Handbook of Banking, Second Edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators, and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner, and policy-related material. The Handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with Bank Operations and Performance. A range of issues are covered including bank performance, financial innovation, and technological change. Aspects relating to small business, consumer, and mortgage lending are analysed together with securitization, shadow banking, and payment systems. Part III entitled Regulatory and Policy Perspectives discusses central banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various Macroeconomic Perspectives in Banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in finance and development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the Handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and the developing nations of Asia and Latin America.

Capital in the Twenty-First Century

Author: Thomas Piketty

Publisher: Harvard University Press

ISBN: 0674979850

Category: Business & Economics

Page: 816

View: 8076

The main driver of inequality—returns on capital that exceed the rate of economic growth—is again threatening to generate extreme discontent and undermine democratic values. Thomas Piketty’s findings in this ambitious, original, rigorous work will transform debate and set the agenda for the next generation of thought about wealth and inequality.

The Culture Map (INTL ED)

Decoding How People Think, Lead, and Get Things Done Across Cultures

Author: Erin Meyer

Publisher: PublicAffairs

ISBN: 1610396715

Category: Business & Economics

Page: 288

View: 1233

Whether you work in a home office or abroad, business success in our ever more globalized and virtual world requires the skills to navigate through cultural differences and decode cultures foreign to your own. Renowned expert Erin Meyer is your guide through this subtle, sometimes treacherous terrain where people from starkly different backgrounds are expected to work harmoniously together. When you have Americans who precede anything negative with three nice comments; French, Dutch, Israelis, and Germans who get straight to the point (“your presentation was simply awful”); Latin Americans and Asians who are steeped in hierarchy; Scandinavians who think the best boss is just one of the crowd—the result can be, well, sometimes interesting, even funny, but often disastrous. Even with English as a global language, it's easy to fall into cultural traps that endanger careers and sink deals when, say, a Brazilian manager tries to fathom how his Chinese suppliers really get things done, or an American team leader tries to get a handle on the intra-team dynamics between his Russian and Indian team members. In The Culture Map, Erin Meyer provides a field-tested model for decoding how cultural differences impact international business. She combines a smart analytical framework with practical, actionable advice for succeeding in a global world.