Listed Private Equity and the Case of Exits

Götz Müller and Manuel Vasconcelos

in The Oxford Handbook of Private Equity

Published in print March 2012 | ISBN: 9780195391589
Published online September 2012 | | DOI:

Series: Oxford Handbooks

 Listed Private Equity and the Case of Exits

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This article studies the return effects seen on listed private equity funds, which are the result of exit events of portfolio companies. It shows that private equity as an asset class has long been connected to sophisticated investors, including high-net-worth institutions or individuals. It then hypothesizes that exit announcements cause significantly positive share price reactions and provides data that was gathered from all exit announcements made by firms. This article determines that the hypothesis is true, and that it is due to the fact that a better price may be achieved in an IPO.

Keywords: return effects; listed private equity funds; exit events; portfolio companies; asset class; exit announcements

Article.  9724 words. 

Subjects: Economics ; Financial Markets ; Industry Studies

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