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|Título:||Value creation in Continental Europe leveraged buyouts : an empirical study on stock market reactions|
|Autor:||Lindo, Daniel da Costa|
|Data de Defesa:||2012|
|Resumo:||Private Equity in Continental Europe has historically lagged the Anglo-American market. Thus, most research conducted on the performance of LBOs has been focused either in the US or the UK. However, these results may not be extendible to the European environment because markets differ in a number of aspects. In Continental Europe, there are fewer listed companies, ownership is more concentrated, information disclosure is lower and the regulatory systems offers less shareholder protection. Our research complements the literature by studying the performance of Continental Europe LBOs in absolute terms and in comparison with the Anglo-American market. By looking at 235 Continental Europe LBOs between 1990 and 2011, we find the announcement effect to be largely positive, triggering average abnormal returns of 8.63%. However, when we assess the European performance in relative terms, LBOs in Europe underperform Anglo-American ones by 6.56%. These findings are consistent with the M&A literature reporting relative lower performance of European targets.|
|Aparece nas colecções:||FCEE - Dissertações de Mestrado / Master Dissertations|
R - Dissertações de Mestrado / Master Dissertations
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