E-Book, Englisch, 177 Seiten, eBook
Lossen Portfolio Strategies of Private Equity Firms
2007
ISBN: 978-3-8350-9428-4
Verlag: Deutscher Universitätsverlag
Format: PDF
Kopierschutz: 1 - PDF Watermark
Theory and Evidence
E-Book, Englisch, 177 Seiten, eBook
Reihe: Innovation und Entrepreneurship
ISBN: 978-3-8350-9428-4
Verlag: Deutscher Universitätsverlag
Format: PDF
Kopierschutz: 1 - PDF Watermark
Ulrich Lossen explores the trade-off between diversification and specialization in private equity funds. In a first step, he analyzes the influence of external factors on the choice of private equity firms to diversify their portfolios across different dimensions, such as financing stages, industries, and geographic regions. Then, he examines the impact of diversification on private equity funds' performance.
Dr. Ulrich Lossen promovierte bei Prof. Dietmar Harhoff, Ph.D. am Institut für Innovationsforschung, Technologiemanagement und Entrepreneurship der Universität München. Er ist Projektleiter für Unternehmensentwicklung der Leoni Kabel Holding GmbH & Co. KG, Roth.
Zielgruppe
Research
Weitere Infos & Material
1;Foreword;6
2;Acknowledgements;7
3;Table of Contents;9
4;List of Figures;12
5;List of Tables;13
6;List of Abbreviations;15
7;Chapter 1 Introduction;16
7.1;1.1 Portfolio strategies of private equity .rms;16
7.2;1.2 Objective of thesis;18
7.3;1.3 Basics of private equity .nancing;19
7.4;1.4 Structure of thesis;21
8;Chapter 2 Related literature and previous research;22
8.1;2.1 Introduction;22
8.2;2.2 Return and risk of private equity investing;23
8.3;2.3 Portfolio strategies and optimal structure of private equity funds;28
8.4;2.4 Summary: research gaps and contribution of thesis;30
9;Chapter 3 Optimal level of diversi.cation in private equity funds;32
9.1;3.1 Introduction;32
9.2;3.2 Modern portfolio theory;33
9.3;3.3 Optimal number of investment clusters;35
9.4;3.4 Summary: implications for empirical analysis;46
10;Chapter 4 Construction of data set and variables;47
10.1;4.1 Introduction;47
10.2;4.2 Data sets used by other authors;48
10.3;4.3 Description of data set used in this thesis;50
10.4;4.4 Description of variables;57
10.5;4.5 Summary: advantage and drawback of data set;68
11;Chapter 5 Choice of portfolio strategies by private equity . rms;70
11.1;5.1 Introduction;70
11.2;5.2 Data and key variables;71
11.3;5.3 ‘Naive’ diversi.cation across portfolio companies;75
11.4;5.4 ‘Systematic’ diversi.cation across .nancing stages, industries, and countries;82
11.5;5.5 ‘Dynamic’ diversi.cation across time;98
11.6;5.6 Summary: importance of market conditions and . rm characteristics;104
12;Chapter 6 Performance of private equity funds: does diversi . cation matter?;108
12.1;6.1 Introduction;108
12.2;6.2 Impact of diversi.cation on private equity funds’ performance;109
12.3;6.3 Descriptive analysis;112
12.4;6.4 Multivariate analysis;120
12.5;6.5 Summary: two basic strategies to increase rate of return;143
13;Chapter 7 Summary;147
14;Bibliography;151
15;Appendix A Appendix chapter 3;157
15.1;A.1 Expected rate of return and risk of an investment cluster;157
15.2;A.2 Risk of a fund;158
15.3;A.3 Optimal number of investment clusters;159
15.4;A.4 Comparative statics;160
16;Appendix B Appendix chapter 4;162
17;Appendix C Appendix chapter 5;164
18;Appendix D Appendix chapter 6;171
Related literature and previous research.- Optimal level of diversification in private equity funds.- Construction of data set and variables.- Choice of portfolio strategies by private equity firms.- Performance of private equity funds: does diversification matter?.- Summary.
