Essays on the effect of local offices and economic policy uncertainty in the private equity industry

This cumulative dissertation aims to complement existing literature with insights on two topics gaining strong importance in the Private Equity Industry: 1) cross-border investments and 2) co-investments with portfolio firm management in times of uncertainty. Results in paper on cross-border investments suggest that the physical presence of a local office of PE firms can actually make a difference for foreign investments. With a local office, operating performance of PE firms is higher after the buyouts. Local offices are especially beneficial for performance the higher the perceived foreignness between PE firm and portfolio firm is. In addition, PE firms increase deal flow after a local office opening, do less syndicates and have higher deal volumes. Respective results imply it is worth in future research to differentiate between pure cross-border deals and deals operated through a local office. The forth paper sheds light on the positive relationship between management buyouts (MBOs) and economic policy uncertainty. Analyses indicate that access to information is a relevant channel for higher propensity of MBOs in uncertain times.

Level thesis:degree_level

thesis.doctoral

Grantor dc:publisher

HHL Leipzig Graduate School of Management

Year

2020

Author dc:creator

• Mettner, Sven

Contributors dc:contributor

• Schwetzler, Bernhard
• Althammer, Wilhelm

• Private Equity
• Cross-Border-Investitionen
• Leveraged Buyouts
• lokale Büros
• Management Buyouts
• politische Unsicherheit
• cross-border-investments
• lokal offices
• economic policy uncertainty