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The Oxford Handbook of Private Equity

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The Oxford handbook of private equity

The term private equity typically includes investments in venture capital or growth investment, as well as late-stage, mezzanine, turnaround (distressed), and buyout investments. It typically refers to the asset class of equity securities in companies that are not publicly traded on a stock exchange. However, private equity funds do in fact make investments in publicly held companies, and some private equity funds are even publicly listed. Chapters in this book cover both private and public company investments, as well as private and publicly listed private equity funds.

This Handbook provides a comprehensive picture of the issues surrounding the structure, governance, and performance of private equity. It comprises contributions from 41 authors based in 14 different countries. The book is organized into seven parts, the first of which covers the topics pertaining to the structure of private equity funds. Part II deals with the performance and governance of leveraged buyouts. Part III analyzes club deals in private equity, otherwise referred to as syndicated investments with multiple investors per investees. Part IV provides analyses of the real effects of private equity. Part V considers the financial effects of private equity. Part VI provides analyzes of listed private equity. Finally, Part VII provides international perspectives on private equity.

Author Information of The Oxford Handbook of Private Equity

Douglas Cumming, JD, PhD, CFA, is a Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University. His research is primarily focused on venture capital, private equity, IPOs, law and finance, market surveillance, and hedge funds. He has published more than seventy-five refereed papers in leading journals and is the coauthor (with Sofia Johan) of Venture Capital and Private Equity Contracting: An International Perspective. He has consulted for a variety of governmental and private organizations in Australasia, Europe, and North America.

Contributors:

Douglas Cumming, J.D., Ph.D., CFA, is a Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University.

Steven M. Davidoff is Associate Professor of Law at Moritz College of Law and Fisher College of Business (by courtesy), Ohio State University.

Kasper Meisner Nielsen is Assistant Professor of Corporate Finance at Hong
Kong University of Science and Technology.

Dodo zu Knyphausen-Aufseß is Professor of Strategic Leadership and Global Management at the Technical University Berlin, Germany.

Marc Koehnemann is Managing Director of Siegwerk France SAS, the French subsidiary of the Siegwerk Group, an international chemicals company producing inks for the printing industry.

Luc Renneboog is Professor of Corporate Finance at Tilburg University.

Jerry Cao is Assistant Professor of Finance at the Singapore Management University.

Simona Zambelli is Associate Professor of Financial Intermediation at University of Bologna.

Peter Roosenboom is Professor of Entrepreneurial Finance and Private Equity at the Rotterdam School of Management, Erasmus University.

Bram W. van den Bosch studied Finance and Investments at the Rotterdam School of Management and Strategic International Management at the University of St. Gallen (HSG).

Miguel Meuleman works as Assistant Professor Entrepreneurship at the Entrepreneurship Department at the Vlerick Leuven Gent Management School.

Mike Wright is Professor of Financial Studies and Director of the Center for Management Buyout Research at Nottingham University Business School and Visiting Professor at EMLyon, University of Ghent, Erasmus University and Imperial College.

Faysal Barrachdi is attorney at law in Rotterdam.

buy The Oxford Handbook of Private Equity

Joacim Tåg is a Research Fellow at the Research Institute of Industrial Economics (IFN) in Stockholm.

Elisa Ughetto is Research Associate at Politecnico di Torino, where she teaches Financial Accounting and Corporate Finance.

Thomas Poulsen is Assistant Professor at the Department of International Economics and Management at Copenhagen Business School and a core member of the Center for Corporate Governance, also at Copenhagen Business School.

Steen Thomsen is Professor at the Department of International Economics and Management at Copenhagen Business School and Director of the Center for Corporate Governance, also at Copenhagen Business School.

Daniel M. Schmidt is founder and partner at CEPRES, a company that hosts one of the largest -partly online based- community systems connecting private equity funds and institutional investors for portfolio company return data aggregation and merchant banking services.

Christian Graf is a management consultant and works in the private equity and financial institution industry.

Christoph Kaserer is a Professor of Finance at Technische Universität München and a Co-Director of the Center for Entrepreneurial and Financial Studies.

April Knill received her Ph.D. from the University of Maryland at College Park.

Na Dai is an assistant professor of finance at SUNY – Albany.

Igor Filatotchev is Professor of Corporate Governance and Strategy in Cass Business School, City University London, and a Visiting Professor at the Economics University of Vienna.

Halit Gonenc is Assistant Professor of Finance at University of Groningen, the Netherlands.

Koos Leisink is Associate at ABN AMRO Corporate Finance & Capital Markets.

Mark Mieztner is Associate Professor of Alternative Investments & Corporate Governance at Zeppelin University.

Denis Schweizer is Associate Professor of Alternative Investments at WHU – Otto Beisheim School of Management.

Cécile Carpentier is a Professor of Accounting at Laval University and a fellow at CIRANO in Montreal.

Jean-Francois L’Her is a Vice President at the Caisse de depot et placement du Quebec.

Jean-Marc Suret is a Professor of Accounting at Laval University and a fellow at CIRANO in Montral.

Christopher Brown is a Managing Director at J.P.Morgan Cazenove where he heads the Investment Companies Research Team.

Roman Kraeussl is Associate Professor of Finance at VU University Amsterdam and specializes in Venture Capital and Alternative Investments.

Matthias Huss is a partner of LPX Group and holds a Master of Science in
Finance from the University of Basel.

Heinz Zimmermann is a professor of economics and finance at the Wirtschaftswissenschaftliches
Zentrum WWZ at the Universität Basel, Switzerland.

Goetz Mueller is a PhD candidate at University Witten/Herdecke. He studied business administration at Rotterdam School of Management, Erasmus University.

Manuel Vasconcelos is a PhD candidate in Finance at Rotterdam School of Management, Erasmus University.

Christian Andres is Full Professor of Empirical Corporate Finance at WHU – Otto Beisheim School of Management in Vallendar, Germany.

André Betzer is a Full Professor of Finance at the University of Wuppertal, Schumpeter School of Business and Economics (Germany).

Jasmin Gider is a PhD student at the Bonn Graduate School of Economics.

Grant Fleming is a partner at Continuity Capital Partners, and a Visiting Fellow at the Australian National University.

Mai Takeuchi is Senior Associate at Wilshire Private Markets.

Tahsehi Jingu is a Senior Analyst and the Chief Representative, Beijing Representative Office, or Nomura Institute of Capital Markets Research.

The Oxford Handbook of Private Equity Reviews and Awards

“Douglas Cumming, an international authority in the areas of entrepreneurial finance and venture capital, has successfully put together a collection of authoritative articles on private equity that help the reader to gain a deeper understanding about the structure, governance and performance of private equity. This very important handbook is a must read for students, researchers, and practitioners in the field of private equity.”–John A. Doukas, Founding & Managing Editor of European Financial Management

The Oxford Handbook of Private Equity Table of Contents

Contents

Part I. Introduction

Chapter 1
Douglas Cumming, York University Schulich School of Business

Part II. The Structure of Private Equity Funds

Chapter 2
Steven Davidoff, University of Connecticut School of Law

Chapter 3
Kasper Meisner Nielsen, Hong Kong University of Science and Technology

Chapter 4
Dodo zu Knyphausen-Aufseß, Technischen Universität Berlin, Marc Koehnemann, Siegwerk Druckfarben AG, and Florian Willert, Technischen Universität Berlin

Part III. Leveraged Buyouts: Structure, Governance and Performance

Chapter 5
Luc Renneboog, Tilburg University

Chapter 6
Jerry Cao, Singapore Management University

Chapter 7
Simona Zambelli, University of Bologna

Part IV. Private Equity Syndication

Chapter 8
Peter Roosenboom, Erasmus University Rotterdam School of Management, and Bram van den Bosch, Erasmus University Rotterdam School of Management

Chapter 9
Miguel Meuleman, Vlerick Leuven Gent Management School, Mike Wright, Nottingham Business School

Chapter 10
Faysal Barrachdi, Houthoff Buruma N.V., Amsterdam

Part V. Real Effects of Private Equity

Chapter 11
Joacim Tåg, Research Institute of Industrial Economics, Stockholm

Chapter 12
Elisa Ughetto, Politechnico de Torino

Chapter 13
Thomas Poulsen, Copenhagen Business School, and Steen Thomsen, Copenhagen Business School

Part VI. Financial Effects of Private Equity

Chapter 14
Christian Graf, Technische Universität München, Christoph Kaserer, Technische Universität München, and Daniel Schmidt, Center of Private Equity Research (CEPRES) Munich

Chapter 15
April Knill, Florida State University

Chapter 16
Douglas Cumming, Schulich School of Business, York University, and Na Dai, SUNY Albany

Chapter 17
Igor Filatotchev, Cass Business School, City University London

Chapter 18
Halit Gonenc, University of Groningen, and Koos Leisink, ABN AMRO Corporate Finance & Capital, Amsterdam

Chapter 19
Mark Mietzner, Darmstadt University of Technology, and Zeppelin University, and Denis Schweizer, WHU – Otto Beisheim Graduate School of Management

Chapter 20
Cécile Carpentier, Laval University, Jean-Francois L’Her, Caisse de depot et placement du Quebec, and Jean-Marc Suret, Laval University

Part VII. Listed Private Equity

Chapter 21
Christopher Brown, J.P. Morgan Cazenove, and Roman Kraeussl, VU University Amsterdam

Chapter 22
Matthias Huss, LPX GmbH, and Heinz Zimmermann, University of Basel – Center for Economic Science

Chapter 23
Götz Müller, University of Witten/Herdecke, and Manuel Vasconcelos, Erasmus University Rotterdam

Part VIII. International Perspectives on Private Equity

Chapter 24
Christian Andres, Universität Mannheim, Andre Betzer, University of Wuppertal, and Jasmin Gider, University of Bonn

Chapter 25
Grant Fleming, Continuity Capital Partners and Australian National University, and Mai Takeuchi, Wilshire Associates

Chapter 26
Takeshi Jingu, Nomura Institute of Capital Markets Research

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