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Grenzenlose Steuerberatung?
(2024)
Welcher vernünftige Berufstätige würde sich selbst als nicht integer beschreiben? Integrität hat in der aktuellen Managementliteratur Konjunktur. Dabei ist das Konzept der Integrität nicht neu. Schon Sokrates lehrte, dass das gute Leben eines ist, das „richtig“, sprich: integer, gelebt wird; und das hieß für ihn nicht zuletzt: im Einklang mit den Gesetzen. Er ging dafür sogar in den Tod.
Gemeinsam Steuern?
(2022)
Möchten Sie über Ihre Steuern sprechen? „Warum nicht!“, möchte man spontan antworten. Man muss dem Staat ja nichts schenken. Dazu muss man die Vorschriften gut kennen und ein Verständnis dafür entwickeln, wie man sie anwenden kann. Doch kann das zu überraschenden Ergebnissen führen, wie ein Blick in die Vergangenheit zeigt.
Three essays on buy and build strategies and default probabilities in the private equity industry
(2017)
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.
Der Lehrstuhl Finanzmanagement und Banken an der HHL Leipzig Graduate School of Management ermittelt vierteljährlich Multiplikatoren, Beta-Faktoren und Eigenkapitalkosten für den deutschen Kapitalmarkt und stellt diese auf der Internetseite www.finexpert.info und in CORPORATE FINANCE zur Verfügung. Die Daten zeichnen sich durch Transparenz und Nachvollziehbarkeit aus. Im Folgenden finden Sie die entsprechenden Daten zum Stichtag 13.01.2017.
Der Lehrstuhl Finanzmanagement und Banken an der HHL Leipzig Graduate School of Management ermittelt vierteljährlich Multiplikatoren, Beta-Faktoren und Eigenkapitalkosten für den deutschen Kapitalmarkt und stellt diese auf der Internetseite http://www.finexpert.info/ und in CORPORATE FINANCE zur Verfügung. Die Daten zeichnen sich durch Transparenz und Nachvollziehbarkeit aus. Im Folgenden finden Sie die Daten zum Stichtag 14.07.2017.
Increasing holding periods are a notable trend in private equity and a concern to limited partners because they tie up committed capital. I iestigate whether the frequent use of Buy and Build (B&B) strategies can explain this trend. I find that B&B increases holding periods by up to 29%, which is robust to different identification strategies including the application of a survival-time treatment effect estimator. Further iestigating channels through which B&B increases holding periods, I identify factors that can mitigate but not avoid prolongation. Thus, my findings point at increasing illiquidity risk as an unintended "dark side" of B&B strategies._x000D_ Keywords: Private equity, buyout, M&A, buy and build, holding period, duration_x000D_ JEL Classification: G11, G23, G24, G34
This paper presents a first examination of how private equity (PE) fund managers actively develop their portfolio companies through so-called “buy-and-build” strategies (B&B), in which a portfolio company serves as a platform for add-on acquisitions. We argue that, because of holding period constraints, PE fund managers face a trade-off between the quantity and complexity of add-on acquisitions. Thus, in comparison to their peers, portfolio companies could do more, but similar, acquisitions (the “boost hypothesis”) or as many, but different, acquisitions (the “transformation hypothesis”). Using a control group of non-PE-owned companies, we find strong support for the “boost hypothesis.” Difference-in-differences estimates show that the probability of an acquisition is almost doubled after PE entry. However, we find no statistically significant differences in the complexity of acquisitions between PE- and non-PE-owned firms. This holds true for several complexity measures of domestic and cross-border acquisitions. Finally, we iestigate whether buyers pay a premium for this acquisition boost. We find that deals with B&B yield significantly higher multiples at exit, with this effect being driven largely by cross-border B&B strategies._x000D_ Keywords: Buy and build, cross border acquisition, internationalization, private equity_x000D_ JEL Classification: G24, G3
Die Autoren untersuchen das Potenzial von Buy & Build (B&B)-Strategien bei Private Equity Iestments hinsichtlich ihres Einflusses auf die Deal Performance auf Basis eines proprietären Datensatzes. B&B-Deals sind ein relevantes Phänomen mit überdurchschnittlicher Performance. Der Beitrag arbeitet unterschiedliche Werthebel erfolgreicher B&B-Strategien in Bezug auf Deal, PE-Sponsor und Branchen-Charakteristika heraus._x000D_ The authors examine the potential of buy & build (B&B) strategies under private equity ownership regarding their influence on deal performance based on a proprietary dataset. B&B deals are a relevant phenomenon with above-average performance. The paper at hand decomposes performance into its underlying drivers and highlights successful B&B value creation strategies regarding deal, PE sponsor and industry characteristics.