Universität zu Köln

Grobecker, Carl Philipp Alexander (2022). Essays on Private Equity and Value Creation Levers in European Buyout Transactions. PhD thesis, Universität zu Köln.

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Abstract

Leveraged buyouts constitute a key pillar of the success private equity funds experience in the domain of alternative investments. This dissertation comprises of three essays, which are based on the empirical analysis of novel data sets. The three essays address the topic of private equity and value creation in European buyouts, which connect to an updated view on the buyout dynamics in the European low interest environment after the global financial crisis of 2008. The first essay (Grobecker and Hartmann-Wendels, 2020, “The Architecture of Success: Value Creation at Transaction Level in European Private Equity Buyouts”) explores the sources of value creation and examines governance, operational and financial effects at transaction level. The second essay (Grobecker and Hartmann-Wendels, 2020, “The Management Narrative in European Private Equity Transactions – an Empirical View on the Accuracy of Buyout Forecasts”) focuses on the accuracy of financial forecasts presented by the target company’s management prior to the buyout and investigates potential drivers of predictive errors. The third essay (Grobecker, 2021, “Negotiation Power of Private Equity Funds – Evidence from Sale and Purchase Agreements in European Buyouts”) analyses the contractual terms governing the buyout acquisition from a risk allocation perspective. Based on a scoring framework, the third essay relates the contractually agreed terms to determinants affecting the negotiation power of private equity funds in buyout settings.

Item Type:	Thesis (PhD thesis)
Creators:	Creators Email ORCID ORCID Put Code Grobecker, Carl Philipp Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-608955
Date:	1 April 2022
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Business Administration > Finance > Professorship for Business Administration and Bank Management
Subjects:	Economics Management and auxiliary services
Uncontrolled Keywords:	Keywords Language Private Equity English Value Creation English Leveraged Buyouts English
Date of oral exam:	1 April 2022
Referee:	Name Academic Title Hartmann-Wendels, Thomas Univ.-Prof. Dr Schradin, Heinrich R. Univ.-Prof. Dr
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/60895