By Mark Broere

The judgements of non-public fairness agencies have an effect on the advance of industries and nationwide economies, but little is understood approximately how those judgements are made. Mark Broere makes use of proprietary survey info from 136 deepest fairness organisations (venture capital and buyout) situated within the US, Canada, and Europe to discover determinants and ideas in their decision-making. the consequences show new proof approximately their targets, luck measures, choice standards, go out selection energy and principles. A dialogue in mild of latest monetary concept highlights, e.g. the position of recognition, and strength pitfalls within the decision-making of practitioners. the writer means that deepest fairness companies may perhaps enhance their functionality via a extra cautious collection of selection ideas and standards and by means of a extra constant program of those throughout various choice types.

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Additional info for Decision-Making in Private Equity Firms: An Empirical Study of Determinants and Rules

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All ps are two-tailed. Table 7 shows overall fairly high degrees of correlation between the survey responses and the corresponding data in the external database. The comparatively low coefficient of Spearman rank correlation for Firm Type is caused by a larger number of other type private equity firms in the Preqin database than in the study sample — this is most likely the result of an incomplete allocation of database entries to the firm types venture capital and buyout. 0005, two-tailed, n = 108).

Range specifications were replaced by their means, and amounts in other currencies were converted to € amounts using the averages of market exchange rates over the time of the survey. Firm Type contains all sample firms, categorised as either buyout (BO), venture capital (VC), or other. VC includes eight firms of related firm types, such as “growth equity” and “business angel”; BO includes two firms of related firm types (“industry specific buyout” and “restructuring buyout”). BO – VC contains only sample firms with firm types BO and VC.

2001). Gallen, Switzerland). , Sapienza, H. , & Beekman, A. (2002). Determinants of required return in venture capital investments: a fivecountry study. Journal of Business Venturing, 17(4), 291–312; Matz, C. (2002). Wettbewerbsentwicklung im deutschen PrivateEquity-Markt: Strategieoptionen für Beteiligungskapital-Gesellschaften (Doctoral dissertation, WHU – Otto Beisheim School of Management, Koblenz, Germany, 2001). Wiesbaden, Germany: Deutscher Universitäts-Verlag; Meier, D. (2006). Postinvestment value addition to buyouts: Analysis of European private equity firms (Doctoral dissertation, RWTH Aachen, Germany, 2005).

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