@article{LoosSchwetzler2017,
  author    = {Loos, Robert and Schwetzler, Bernhard},
  title     = {Fueling the buyout machine},
  journal   = {Financial Markets and Portfolio Management},
  volume    = {31},
  number    = {4},
  issn      = {1934-4554},
  doi       = {10.1007/s11408-017-0298-8},
  institution = {Chair of Financial Management},
  pages     = {397 -- 443},
  year      = {2017},
  abstract  = {This paper analyzes the impact of performance, iestment-firm-related, and macroeconomic variables on fundraising activities in private equity (PE). We use a novel, backward-looking approach to link current to preceding funds, which allows for including several parallel predecessor funds in our analysis. We employ logit and tobit models to a global sample of 1463 fundraising events observed between 2000 and 2010 in order to estimate the probability of raising and the volume of follow-on funds. Our results show that the average buyout duration of past transactions has a negative impact, whereas exits via an initial public offering (IPO) and deals without industry-style drift positively affect fundraising activities. Larger, industry-diversified, and independent PE firms exhibit a higher likelihood of fundraising and collect larger amounts.},
  language  = {en}
}