Andreas Hammer

• This dissertation presents three essays on buy and build strategies (also called inorganic growth strategies), in which a portfolio company serves as a platform for add-on acquisitions, and default probabilities of PE portfolio companies. All three studies have in common that they shed light on positive and negative implications of the maturing of the PE industry. That is, the strong growth of the PE market in the second buyout wave of the 2000's has led to increasing competition and a "commoditization" of many traditional value creation levers. The 2008-2009 Global Financial Crisis has furthermore put the use of leverage for acquisition financing under pressure. As a result, PE firms have been forced to find new ways to generate return for iestors and adapt to a changing market eironment. The presented papers iestigate the implications of the changing PE business model empirically using a global database of 16 years of PE activity. ---------------------_x000D_ A copy of this doctoral thesis can be obtained on account from the HHL Library. Please send your request indicating the delivery address to: library(at)hhl.de._x000D_ For packaging and postage we request an advance payment of EUR 5.00 for deliveries within Germany or EUR 20.00 for international orders.