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Kolloquium/Oberseminar am Montag, den 23. Januar 2012 |
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Wednesday, 18 January 2012 13:46 |
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Social Enterprise Conference SensAbility 2012 |
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Monday, 16 January 2012 10:13 |
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Paper accepted for publication in Zeitschrift für Beriebswirtschaft (ZfB) |
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Monday, 09 January 2012 10:35 |
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The paper 'Leverage and The Performance of Buyouts: (How) Does The Use of Debt Impact Equity Returns?´ by Nico Engel, Reiner Braun and Ann-Kristin Achleitner was accepted for publication in Zeitschrift für Betriebswirtschaft (ZfB). This paper investigates the effects of debt usage on (risk-adjusted) equity returns in private equity-backed buyout transactions. The results show a positive relationship between debt levels and equity returns indicating the return-enhancing effects related to leverage. However, it is possible to ‘over-leverage’ a company, i.e. at very high levels of leverage (debt to total capital of approximately 90%) the increased company default risk outweighs the positive effects related to leverage resulting in decreasing equity returns. In addition, private equity sponsors successfully conduct debt-equity-arbitrage in times of favorable debt market conditions. |
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Kolloquium/Oberseminar am Montag, den 16. Januar 2012 |
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Monday, 09 January 2012 10:15 |
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Ernst & Young Graduate´s Breakfast@Advisory |
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Monday, 19 December 2011 00:00 |
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