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The influence of geography on the success of private equity: investments in listed equity

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Abstract:

This article analyses short-term and long-term wealth effects of private equity investments in target companies which are already listed on a stock exchange. It also examines the importance of geography on both stock returns and accounting returns. In general, risk-adjusted short-term and long-term stock returns of target companies are positive. Also, changes in accounting returns are greater for target companies than for companies of the same industry. With respect to geography it is found that almost all of the positive returns result from private equity investments in target companies from the same country.

Keywords: G14; G24; accounting returns; event study; private equity; stock returns

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/09603107.2011.587772

Affiliations: Department of Finance,Frankfurt School of Finance and Management, Sonnemannstr. 9-11, D-60314 Frankfurt am Main, Germany

Publication date: November 1, 2011

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