Percorrer por autor "Ferreira, Afonso Filipe dos Reis Estorninho Bayan"
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- Long-term performance of private equity backed : mergers and acquisitionsPublication . Ferreira, Afonso Filipe dos Reis Estorninho Bayan; Bunkanwanicha, Pramuan; Faias, JoséThis paper explores the impact of Private Equity funds on firms’ performance post-deal, in the period of investments made between 2011 and 2017. Further analysis is made to explore the divergence in performance for Anglo-Saxon and non-Anglo-Saxon countries. Our sample is composed of 129 deals, of which 86 are from non-Anglo-Saxon and 43 from Anglo-Saxon countries. Our results do not suggest a unanimous behavior of general overperformance from our target firms, but rather specific areas of enhanced performance. We found a statistically significant decline in profitability for Return on Assets, and EBIT margin. But in contrast, concerning operating efficiency level, we found signs of a positive increase in Sales over Employees, post-deal. Our DID regression shows evidence of a positive increase in the number of employees Finally, moving to leverage, our results show statistical significant results, expecting leverage to increase post-deal.