We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leveraged Buyouts (LBOs) by US and European PE firms over the period 2000–2015, we find that both industry and stage specializations of PEs increase the likelihood of exiting via IPO, whereas only industry specialization positively affects the likelihood of divesting through a trade sale. Finally, SBOs are more likely for non-specialized investors.

(2016). The effects of the specialization of private equity firms on their exit strategy [journal article - articolo]. In JOURNAL OF BUSINESS FINANCE & ACCOUNTING. Retrieved from http://hdl.handle.net/10446/74907

The effects of the specialization of private equity firms on their exit strategy

Rigamonti, Damiana;Cefis, Elena;Meoli, Michele;Vismara, Silvio
2016-01-01

Abstract

We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leveraged Buyouts (LBOs) by US and European PE firms over the period 2000–2015, we find that both industry and stage specializations of PEs increase the likelihood of exiting via IPO, whereas only industry specialization positively affects the likelihood of divesting through a trade sale. Finally, SBOs are more likely for non-specialized investors.
articolo
2016
Rigamonti, Damiana; Cefis, Elena; Meoli, Michele; Vismara, Silvio
(2016). The effects of the specialization of private equity firms on their exit strategy [journal article - articolo]. In JOURNAL OF BUSINESS FINANCE & ACCOUNTING. Retrieved from http://hdl.handle.net/10446/74907
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Descrizione: This is the peer reviewed version of the following article: Rigamonti, D., Cefis, E., Meoli, M. and Vismara, S. (2016), The Effects of the Specialization of Private Equity Firms on their Exit Strategy. Journal of Business Finance & Accounting, 43: 1420-1443. , which has been published in final form at https://doi.org/10.1111/jbfa.12221. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/74907
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