Master-Arbeit Univ. St. Gallen, 2007.

Bachelor-Arbeit Univ. St. Gallen, 2007.

Bachelor-Arbeit Univ. St. Gallen, 2008.

No description available.

Yes / We explore the process of professionalization pre- and post-buyout (MBO) or buyin (MBI) of former private family firms using longitudinal evidence from six UK family firms undergoing an MBO/I in 1998. Professionalization behaviour was monitored up to 2014. Previous studies have conceptualized professionalization as a threshold to be attained. We demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management. Waves of professionalization converge during the MBO/I process. Buyouts provide a funnelling mechanism enabling diverse control systems to be standardized. Post-MBO/I, divergence in the professionalization process reoccurs contingent on firm-specific contexts. Professionalization focuses on operations when stewardship relationships predominate, but on agency control mechanisms when there is increased potential for agency costs. Buyout organizational form is an important transitory phase facilitating the professionalization process. Professionalization is not a once-for-all development stage.

Yes / We explore the process of professionalization pre- and post- buyout (MBO) or buyin (MBI) of former private family firms using longitudinal evidence from six UK family firms undergoing an MBO/I in 1998. Professionalization behaviour was monitored up to 2014. Previous studies have conceptualized professionalization as a threshold to be attained. We demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management. Waves of professionalization converge during the MBO/I process. Buyouts provide a funnelling mechanism enabling diverse control systems to be standardized. Post-MBO/I, divergence in the professionalization process reoccurs contingent on firm-specific contexts. Professionalization focuses on operations when stewardship relationships predominate, but on agency control mechanisms when there is increased potential for agency costs. Buyout organizational form is an important transitory phase facilitating the professionalization process. Professionalization is not a once for all development stage. / The Enterprise Research Centre is an independent research centre which focusses on SME growth and productivity. ERC is a partnership between Warwick Business School, Aston Business School, Imperial College Business School, Strathclyde Business School and Birmingham Business School. The Centre is funded by the Economic and Social Research Council (ESRC); the Department for Business, Innovation & Skills (BIS); Innovate UK; and, through the British Bankers Association (BBA), by the Royal Bank of Scotland PLC; HSBC Bank PLC; Barclays Bank PLC and Lloyds Bank PLC. The support of the funders is acknowledged. The views expressed in this report are those of the authors and do not necessarily represent those of the funders.

The aim of this thesis is description and understanding of private equity industry as a part of alternative asset class. In the first part, we describe the basic concepts of private equity industry and characteristics of individual subjects present in this sector. Analysis of the industry and basic comparison of private equity in Europe and United States is the theme of the second part of this paper. The base of knowledge created in the previous parts supports the analysis of buyouts and their value creation strategies. On the example of Kohlberg Kravis Roberts, pre-eminent private equity firm, we show how private equity works in practice and what current trends in the industry are. In the end, we estimate the subjective value of one unit of ownership in KKR and list that risks could affect the company and the industry.

Using 196 reverse leveraged buyout (RLBO) transactions between 1981 and 2006, I examine the operational benefits to leveraged buyouts (LBO). Operational drivers of firm value are defined as: increases in gross profits, operating income, return on assets, net income, working capital management, and cash flow generation. Initial analysis supports the literature of minimal deterioration of post-IPO performance. Where most studies analyze RLBOs as a whole, I find that when broken into top and bottom performance group pre-IPO, data show performance increases for bottom performers and performance decreases for top performers. Top performing firms pre-IPO lose up to 50% of industry adjusted performance by five years after going public, consistent with the hypothesis that LBO structures increase efficiency.

Master-Arbeit Univ. St. Gallen, 2007.

No description available.