Private Equity and its Impact.
Spencer J. Fritz
Bok Engelsk 2009 · Electronic books.
| Omfang | 1 online resource (181 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- PRIVATE EQUITY AND ITS IMPACT -- CONTENTS -- PREFACE -- Chapter 1PRIVATE EQUITY: RECENT GROWTH IN LEVERAGEDBUYOUTS EXPOSED RISKS THAT WARRANTCONTINUED ATTENTION* -- WHAT GAO FOUND -- WHY GAO DID THIS STUDY -- WHAT GAO RECOMMENDS -- ABBREVIATIONS -- RESULTS IN BRIEF -- BACKGROUND -- Private Equity-Sponsored LBOs Have Evolved Since the 1980s -- Overview of an LBO Transaction by a Private Equity Fund -- POSITIVE IMPACT ON THE FINANCIAL PERFORMANCE OF ACQUIREDCOMPANIES, BUT LBOS WERE ASSOCIATED WITH LOWEREMPLOYMENT GROWTH -- Private Equity-Owned Companies Usually Outperformed SimilarCompanies Based on Several Financial Benchmarks -- Private Equity LBOs Seek to Enhance Performance throughTechniques Such as Improving Management Incentives -- Private Equity-Sponsored LBOs Were Associated withLower Employment Growth, but Causation Is Difficult to Establish -- CLUB DEALS HAVE RAISED QUESTIONS ABOUT COMPETITION, BUTOUR ANALYSIS OF SUCH DEALS, IN THE AGGREGATE, SHOWS NONEGATIVE EFFECT ON PRICES PAID -- Club Deals Have Grown Substantially in Recent Years,Especially Those Involving Large LBOs -- LBOs Commonly Involve a Competitive Process and ClubDeals Could Support or Undermine this Process -- Our Analysis Indicates that Public-to-Private Club Deals,in Aggregate, Generally Are Not Associated with Lower orHigher Prices Paid for Target Companies, and the Private EquityMarketplace Is Predisposed to Perform Competitively -- Some Large Club Deals Reportedly Have Attracted the Interestof the Department of Justice and Have Prompted Lawsuits againstSome Private Equity Firms -- SEC EXERCISES LIMITED OVERSIGHT OF PRIVATEEQUITY FUNDS, BUT IT AND OTHERS HAVE IDENTIFIEDSOME POTENTIAL INVESTOR-RELATED ISSUES -- Private Equity Funds and Their Advisers TypicallyQualify for an Exemption from Registration with SEC.. - Overview -- Background -- Acquisition -- Strategy and Implementation -- Results -- Exit -- APPENDIX VI: HERTZ CORP. CASE STUDY -- Overview -- Background -- The Acquisition -- Strategy and Implementation -- Results -- Exit -- APPENDIX VII: SHOPKO STORES, INC., CASE STUDY -- Overview -- Background -- The Acquisition -- Strategy and Implementation -- Results -- Exit -- APPENDIX VIII: NORDCO, INC., CASE STUDY -- Overview -- Background -- The Acquisition -- Strategy and Implementation -- Results -- Exit -- APPENDIX IX: SAMSONITE CORP. CASE STUDY -- Overview -- Background -- The Acquisition -- Strategy and Implementation -- Results -- Exit -- APPENDIX X: ECONOMETRIC ANALYSIS OF THEPRICE IMPACT OF CLUB DEALS -- RESULTS -- Data Sample Was Created Using the Dealogic Database with AdditionalFields from SEC's Edgar, LexisNexis and Audit Analytics -- Econometric Modeling Procedures -- Variables Included in the Model -- APPENDIX XI: COMMENTS FROM THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM -- APPENDIX XII: COMMENTS FROM THE SECURITIESAND EXCHANGE COMMISSION -- APPENDIX XIII: COMMENTS FROM THE OFFICE OF THECOMPTROLLER OF THE CURRENCY -- BIBLIOGRAPHY -- REFERENCES -- Chapter 2PRIVATE EQUITY'S EFFECTS ON WORKERS ANDFIRMS, HEARING BEFORE THE COMMITTEE ONFINANCIAL SERVICES, U.S. HOUSE OFREPRESENTATIVES,MAY 16, 2007 -- STATEMENT OF ANDREW L. STERN, PRESIDENT, SERVICEEMPLOYEES INTERNATIONAL UNION -- STATEMENT OF JON L. LUTHER, CHAIRMANAND CHIEF EXECUTIVE OFFICER, DUNKIN' BRANDS INC. -- STATEMENT OF DOUGLAS LOWENSTEIN,PRESIDENT, PRIVATE EQUITY COUNCIL -- STATEMENT OF DR. ROBERT H. FRANK, JOHNSON GRADUATESCHOOL OF MANAGEMENT, CORNELL UNIVERSITY -- INDEX.. - SEC Examinations of Registered Advisers to Private Equity FundsHave Identified Deficiencies in Some Compliance Controls -- Growth in Private Equity-Sponsored LBOs HasLed to Greater Regulatory Scrutiny -- RECENT CREDIT EVENTS RAISED REGULATORY SCRUTINY ABOUTRISK-MANAGEMENT OF LEVERAGED LENDING BY BANKS -- Major Commercial and Investment Banks HavePlayed a Key Role in Financing U.S. LBOs -- Before 2007, Federal Banking Regulators Generally Found RiskManagement for Leveraged Financing to Be Satisfactory -- SEC Began to Supervise Financing of LBOs byInvestment Banks around 2005 -- 2007 Market Events Increased Risk Exposures of Banks that FinancedLBOs and Raised Some Concerns about Systemic Risk that WarrantRegulatory Attention -- Pursuant to Recent Credit Market Problems, Regulators and Others HaveRaised Concerns about the Risk Management of Leveraged Finance -- CONCLUSIONS -- RECOMMENDATION FOR EXECUTIVE ACTION -- AGENCY COMMENTS AND OUR EVALUATION -- APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY -- Determining the Effect of Recent LBOs on AcquiredFirms and Employment -- Assessing the Impact of Club Deals on Competition -- Reviewing SEC's Oversight of Private Equity Fund Advisors and Funds -- Reviewing Financial Regulatory Oversight of Bank LBO Lending Activity -- Addressing Pension Plan Investments andTaxation on Private Equity Fund Profits -- APPENDIX II:PENSION PLAN INVESTMENTS IN PRIVATE EQUITY -- APPENDIX III: OVERVIEW OF TAX TREATMENT OF PRIVATE EQUITYFIRMS AND PUBLIC POLICY OPTIONS -- Private Equity Firms Receive Two Types of Income,and They Are Taxed Differently -- Tax Treatment of Carried Interest as a Capital Gain Is Subject to Debate -- Several Bills Have Been Introduced and Other Ideas Suggested to Changethe Tax Treatment of Private Equity Firms' Income -- APPENDIX IV: CASE STUDY OVERVIEW -- APPENDIX V: NEIMAN MARCUS GROUP, INC., CASE STUDY.
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| Emner | |
| Sjanger | |
| Dewey | |
| ISBN | 9781614706199
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