Private equity firm heterogeneity and cross-border acquisitions

被引：7
|
作者：
Holloway, Isaac [1 ]
Lee, Hoan Soo [2 ]
Shen, Tao [2 ]
机构：
[1] Univ Western Ontario, Richard Ivey Sch Business, London, ON, Canada
[2] Tsinghua Univ, Sch Econ & Management, Weilun 323, Beijing 100084, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2016年 / 44卷
基金：
中国国家自然科学基金;
关键词：
Cross-border mergers and acquisitions (M&As); Private equity; Leveraged buyout; SPATIAL-DISTRIBUTION; FUND MANAGER; PERFORMANCE; PERSISTENCE; GOVERNANCE; DISCLOSURE; ECONOMICS; INVESTORS; LEGALITY; INDUSTRY;
D O I：
10.1016/j.iref.2016.04.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study the global competition among private equity (PE) buyout firms. Using a detailed database of PE firm characteristics, we investigate how PE firm heterogeneity across strategy and performance affects the volume of global acquisitions. A one-standard-deviation increase in a firm's average internal rate of return is associated with an approximate doubling of the number of deals in any given country. We also find that transaction costs associated with geographic, cultural, and administrative distance matter to different degrees across PE firms, and that these differences are related to the strategic profiles of the firms. (C) 2016 Elsevier Inc. All rights reserved.
引用
收藏
页码：118 / 141
页数：24
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