کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960690 929619 2013 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Contracts and returns in private equity investments
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری استراتژی و مدیریت استراتژیک
پیش نمایش صفحه اول مقاله
Contracts and returns in private equity investments
چکیده انگلیسی

We analyze the relationship between contracts and returns in private equity (PE) investments. Contractual control in the form of covenants tends to be employed to identify good deals. Better quality firms are more likely to have covenant-rich contracts, as they are less concerned by the constraints imposed by the covenants. PE investors appoint closer associates of the fund in deals that are performing poorly but tend to outsource board governance in better deals. Collectively, our evidence suggests that PE investors operate along two dimensions, choosing covenants and board seats differently, based on the ex ante quality of the company.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Intermediation - Volume 22, Issue 2, April 2013, Pages 201–217
نویسندگان
, , ,