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Default determinants of PE-backed firms in Europe

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Resumo:This study examines a sample of European private equity transactions undertaken between 2000 and 2015. The factors that have an impact on the likelihood of the target’s default are identified and evaluated through a logistic regression. Three groups of variables are included in the analysis: (1) economic variables which capture the trend of the overall economy; (2) deal features, defined as variables on which the PE has a decisional power; (3) specific characteristics of the target firm before the transaction. The findings suggest that leverage employed in the transaction, cross border deals, targets ROA previous to the transaction, and the fact of being a company from UK has an impact of the likelihood of default
Autores principais:March, Giulia
Assunto:Private equity Leveraged buyouts Default likelihood Probabilidade de falência
Ano:2019
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade Católica Portuguesa
Idioma:inglês
Origem:Veritati - Repositório Institucional da Universidade Católica Portuguesa

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