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Private equity and its impact /
| Clasificación: | Libro Electrónico |
|---|---|
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
New York :
Nova Science Publishers,
c2009.
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| Colección: | Business issues, competition and entrepreneurship series.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- PRIVATE EQUITY AND ITS IMPACT; CONTENTS; PREFACE; Chapter 1PRIVATE EQUITY: RECENT GROWTH IN LEVERAGEDBUYOUTS EXPOSED RISKS THAT WARRANTCONTINUED ATTENTION*; WHAT GAO FOUND; WHY GAO DID THIS STUDY; WHAT GAO RECOMMENDS; ABBREVIATIONS; RESULTS IN BRIEF; BACKGROUND; Private Equity-Sponsored LBOs Have Evolved Since the 1980s; Overview of an LBO Transaction by a Private Equity Fund; POSITIVE IMPACT ON THE FINANCIAL PERFORMANCE OF ACQUIREDCOMPANIES, BUT LBOS WERE ASSOCIATED WITH LOWEREMPLOYMENT GROWTH.
- Private Equity-Owned Companies Usually Outperformed SimilarCompanies Based on Several Financial BenchmarksPrivate Equity LBOs Seek to Enhance Performance throughTechniques Such as Improving Management Incentives; Private Equity-Sponsored LBOs Were Associated withLower Employment Growth, but Causation Is Difficult to Establish; CLUB DEALS HAVE RAISED QUESTIONS ABOUT COMPETITION, BUTOUR ANALYSIS OF SUCH DEALS, IN THE AGGREGATE, SHOWS NONEGATIVE EFFECT ON PRICES PAID; Club Deals Have Grown Substantially in Recent Years, Especially Those Involving Large LBOs.
- LBOs Commonly Involve a Competitive Process and ClubDeals Could Support or Undermine this ProcessOur Analysis Indicates that Public-to-Private Club Deals, in Aggregate, Generally Are Not Associated with Lower orHigher Prices Paid for Target Companies, and the Private EquityMarketplace Is Predisposed to Perform Competitively; Some Large Club Deals Reportedly Have Attracted the Interestof the Department of Justice and Have Prompted Lawsuits againstSome Private Equity Firms.
- SEC EXERCISES LIMITED OVERSIGHT OF PRIVATEEQUITY FUNDS, BUT IT AND OTHERS HAVE IDENTIFIEDSOME POTENTIAL INVESTOR-RELATED ISSUESPrivate Equity Funds and Their Advisers TypicallyQualify for an Exemption from Registration with SEC; SEC Examinations of Registered Advisers to Private Equity FundsHave Identified Deficiencies in Some Compliance Controls; Growth in Private Equity-Sponsored LBOs HasLed to Greater Regulatory Scrutiny; RECENT CREDIT EVENTS RAISED REGULATORY SCRUTINY ABOUTRISK-MANAGEMENT OF LEVERAGED LENDING BY BANKS.
- Major Commercial and Investment Banks HavePlayed a Key Role in Financing U.S. LBOsBefore 2007, Federal Banking Regulators Generally Found RiskManagement for Leveraged Financing to Be Satisfactory; SEC Began to Supervise Financing of LBOs byInvestment Banks around 2005; 2007 Market Events Increased Risk Exposures of Banks that FinancedLBOs and Raised Some Concerns about Systemic Risk that WarrantRegulatory Attention; Pursuant to Recent Credit Market Problems, Regulators and Others HaveRaised Concerns about the Risk Management of Leveraged Finance; CONCLUSIONS.