Silvio Vismara

University of Bergamo

Professor of Entrepreneurial Finance

Via dei Caniana

2

Bergamo, 24127

Italy

http://https://scholar.google.it/citations?user=Sa8sBkoAAAAJ&hl=en

SCHOLARLY PAPERS

48

DOWNLOADS
Rank 3,231

SSRN RANKINGS

Top 3,231

in Total Papers Downloads

20,000

SSRN CITATIONS
Rank 3,017

SSRN RANKINGS

Top 3,017

in Total Papers Citations

424

CROSSREF CITATIONS

148

Scholarly Papers (48)

1.

Returns on Investments in Equity Crowdfunding

Number of pages: 43 Posted: 19 Apr 2016 Last Revised: 02 Jun 2016
Andrea Signori and Silvio Vismara
Catholic University of Milan and University of Bergamo
Downloads 2,089 (13,724)
Citation 22

Abstract:

Loading...

Crowdfunding, Equity Offerings, Security issuance, Private Equity; Public Equity; Entrepreneurial Finance

2.

Information Cascades Among Investors in Equity Crowdfunding

Number of pages: 49 Posted: 05 Apr 2015
Silvio Vismara
University of Bergamo
Downloads 1,211 (31,435)
Citation 85

Abstract:

Loading...

Crowdfunding, Information cascades, Crowdcube, Signaling, Entrepreneurial finance.

3.

IPO Pricing: Growth Rates Implied in Offer Prices

Number of pages: 33 Posted: 06 Mar 2008 Last Revised: 09 Apr 2010
University of Bergamo - Department of Economics and Technology Management, University of Bergamo - SIGE Sezione di Ingegneria Gestionale and University of Bergamo
Downloads 1,083 (36,883)
Citation 2

Abstract:

Loading...

Initial Public Offerings (IPOs), valuation, growth rates

4.

The Operating Performance of Initial Public Offerings: The UK Experience

Universita di Bergamo Working Paper
Number of pages: 29 Posted: 19 Nov 2003
Arif Khurshed, Stefano Paleari and Silvio Vismara
University of Manchester - Manchester Business School, Division of Accounting Finance, University of Bergamo - SIGE Sezione di Ingegneria Gestionale and University of Bergamo
Downloads 1,050 (38,591)
Citation 7

Abstract:

Loading...

Initial Public, Going public, Operating Performance

5.

Does Ownership Structure Affect Ipo Valuation?

Number of pages: 21 Posted: 05 Mar 2008
Michele Meoli, Stefano Paleari and Silvio Vismara
University of Bergamo, University of Bergamo - SIGE Sezione di Ingegneria Gestionale and University of Bergamo
Downloads 880 (49,357)
Citation 1

Abstract:

Loading...

Ipo, Valuation, Ownership Structure

6.

The Operating and Shareprice Performance of Initial Public Offerings: The UK Experience

Number of pages: 29 Posted: 24 May 2005
Arif Khurshed, Stefano Paleari and Silvio Vismara
University of Manchester - Manchester Business School, Division of Accounting Finance, University of Bergamo - SIGE Sezione di Ingegneria Gestionale and University of Bergamo
Downloads 770 (59,304)
Citation 13

Abstract:

Loading...

Initial Public Offerings (IPOs), going public, operating performance, long-run

The CEO Beauty Premium: Founder CEO Attractiveness and Firm Valuation in Initial Coin Offerings

Number of pages: 52 Posted: 06 Jan 2022
Politecnico di Milano, University of Luxembourg - Interdisciplinary Centre for Security, Reliability and Trust (SnT), Technische Universität München (TUM) - TUM School of Management and University of Bergamo
Downloads 198 (271,977)
Citation 14

Abstract:

Loading...

CEO attractiveness, beauty premium, initial coin offering (ICO), token offering, entrepreneurial finance, firm valuation

The CEO Beauty Premium

Number of pages: 52 Posted: 19 Aug 2020 Last Revised: 06 Nov 2021
Politecnico di Milano, University of Luxembourg - Interdisciplinary Centre for Security, Reliability and Trust (SnT), Technische Universität München (TUM) - TUM School of Management and University of Bergamo
Downloads 546 (90,727)
Citation 11

Abstract:

Loading...

CEO attractiveness, beauty premium, initial coin offering (ICO), token offering, entrepreneurial finance, firm valuation

8.

Equity Retention and Social Network Theory in Equity Crowdfunding

Number of pages: 25 Posted: 02 Sep 2015
Silvio Vismara
University of Bergamo
Downloads 730 (63,612)
Citation 34

Abstract:

Loading...

Equity, Crowdfunding, Signaling, Network theory, National Systems of Entrepreneurship, Entrepreneurial finance

9.

Academic Freedom and Innovation: A Research Note

Number of pages: 26 Posted: 14 Mar 2023
Indiana University Bloomington - School of Public & Environmental Affairs (SPEA), University of Luxembourg - Interdisciplinary Centre for Security, Reliability and Trust (SnT), Politecnico di Milano - DIG, Technische Universität München (TUM) - TUM School of Management and University of Bergamo
Downloads 683 (69,245)

Abstract:

Loading...

academic freedom, innovation, patent applications, forward citations

10.

Equity Crowdfunding: New Evidence From Us and UK Markets

Number of pages: 47 Posted: 21 Feb 2021
Alice Rossi, Tom R. Vanacker and Silvio Vismara
University of Bergamo, Ghent University and University of Bergamo
Downloads 680 (69,759)
Citation 18

Abstract:

Loading...

Equity Crowdfunding, Entrepreneurial Finance, US, New Ventures, Startup Financing

11.

The Geography of Initial Coin Offerings

Number of pages: 34 Posted: 23 Jul 2018
Winifred Huang, Michele Meoli and Silvio Vismara
University of Bath, University of Bergamo and University of Bergamo
Downloads 590 (83,209)
Citation 48

Abstract:

Loading...

Initial Coin Offerings, ICOs, Entrepreneurial Finance, Crowdfunding, Geography

The Economic Costs of the Russia-Ukraine War: A Synthetic Control Study of (Lost) Entrepreneurship

Number of pages: 26 Posted: 09 Mar 2023
Indiana University Bloomington - School of Public & Environmental Affairs (SPEA), Technische Universität München (TUM) - TUM School of Management, Goethe University Frankfurt - Faculty of Economics and Business Administration and University of Bergamo
Downloads 456 (113,741)

Abstract:

Loading...

Entrepreneurship, war, Russia-Ukraine conflict

War and Entrepreneurship: A Synthetic Control Study of the Russia-Ukraine Conflict

CESifo Working Paper No. 10466
Number of pages: 47 Posted: 07 Jun 2023
Indiana University Bloomington - School of Public & Environmental Affairs (SPEA), Technische Universität München (TUM) - TUM School of Management, Goethe University Frankfurt and University of Bergamo
Downloads 129 (394,123)

Abstract:

Loading...

entrepreneurship, war, Russia-Ukraine conflict

13.

Europe's Second Markets for Small Companies

Number of pages: 49 Posted: 09 Nov 2011 Last Revised: 05 Jan 2012
Silvio Vismara, Stefano Paleari and Jay R. Ritter
University of Bergamo, University of Bergamo - SIGE Sezione di Ingegneria Gestionale and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 583 (84,698)
Citation 1

Abstract:

Loading...

stock exchanges, second markets, financial regulation, IPOs, AIM, London Stock Exchange, Neuer Markt

14.

Economies of Scope and IPO Activity in Europe

Number of pages: 29 Posted: 02 Nov 2012
Jay R. Ritter, Andrea Signori and Silvio Vismara
University of Florida - Department of Finance, Insurance and Real Estate, Catholic University of Milan and University of Bergamo
Downloads 551 (90,703)
Citation 9

Abstract:

Loading...

IPOs, initial public offerings, IPO volume, trade sales, M&A, economies of scope, financial regulation, European markets

15.

Motives to Invest in Initial Coin Offerings (ICOs)

Number of pages: 37 Posted: 11 Dec 2018
University of Luxembourg - Interdisciplinary Centre for Security, Reliability and Trust (SnT), University of Trier - Faculty of Management, University of Bergamo and University of Trier - Faculty of Management
Downloads 493 (104,127)
Citation 10

Abstract:

Loading...

Initial coin offering (ICO), entrepreneurial finance, investment motives, distributed ledger technology (DLT), blockchain, cryptocurrency, Ethereum, factor analysis

16.

Governmental Venture Capital for Innovative Young Firms

Journal of Technology Transfer, Forthcoming
Number of pages: 19 Posted: 26 Jul 2014 Last Revised: 20 Nov 2014
Politecnico di Milano, Florida Atlantic University and University of Bergamo
Downloads 482 (106,955)
Citation 17

Abstract:

Loading...

VC, GVC, intervention, entrepreneurial finance, IPOs

The Exit Choices of European Private Firms: A Dynamic Empirical Analysis

Number of pages: 76 Posted: 28 Nov 2014 Last Revised: 08 Mar 2019
Thomas J. Chemmanur, Andrea Signori and Silvio Vismara
Boston College - Carroll School of Management, Catholic University of Milan and University of Bergamo
Downloads 345 (155,495)
Citation 4

Abstract:

Loading...

Private firm exits; initial public offerings (IPOs); post-IPO acquisitions; delistings

The Exit Choices of European Private Firms: A Dynamic Empirical Analysis

Number of pages: 63 Posted: 02 Sep 2022 Last Revised: 05 Sep 2023
Thomas J. Chemmanur, Andrea Signori and Silvio Vismara
Boston College - Carroll School of Management, Catholic University of Milan and University of Bergamo
Downloads 59 (649,110)

Abstract:

Loading...

IPO versus Acquisitions, Dynamics of Private Firm Exit, Post-IPO Acquisition, Post-IPO Delisting, European Private Firms

18.

Gender in Entrepreneurial Finance: Matching Investors and Entrepreneurs in Equity Crowdfunding

Forthcoming in Albert Link, eds., "Gender and Entrepreneurial Activity", Cheltenham, UK: Edward Elgar
Number of pages: 27 Posted: 05 Sep 2016
Silvio Vismara, Davide Benaroio and Federica Carne
University of Bergamo, University of Bergamo, Students and University of Bergamo, Students
Downloads 392 (135,984)
Citation 8

Abstract:

Loading...

crowdfunding, equity crowdfunding, gender, diversity, crowdinvesting

19.

De-Segmenting Research in Entrepreneurial Finance

Number of pages: 18 Posted: 02 Mar 2016
Douglas J. Cumming and Silvio Vismara
Florida Atlantic University and University of Bergamo
Downloads 387 (137,992)
Citation 12

Abstract:

Loading...

Entrepreneurial Finance; Crowdfunding; VCs; IPOs; Equity crowdfunding; M&As

20.

What Do Crowdfunding Platforms Do? A Comparison between Investment-Based Platforms in Europe

Number of pages: 30 Posted: 20 Jun 2017
Alice Rossi and Silvio Vismara
University of Bergamo, Students and University of Bergamo
Downloads 368 (145,981)
Citation 16

Abstract:

Loading...

crowdfunding, entrepreneurial finance, equity crowdfunding, platforms

Does Equity Crowdfunding Democratize Entrepreneurial Finance?

Number of pages: 38 Posted: 24 Sep 2018
Douglas J. Cumming, Michele Meoli and Silvio Vismara
Florida Atlantic University, University of Bergamo and University of Bergamo
Downloads 194 (277,174)
Citation 17

Abstract:

Loading...

Does Equity Crowdfunding Democratize Entrepreneurial Finance?

Number of pages: 38 Posted: 04 Dec 2018
Douglas J. Cumming, Silvio Vismara and Michele Meoli
Florida Atlantic University, University of Bergamo and University of Bergamo
Downloads 160 (328,870)
Citation 2

Abstract:

Loading...

crowdfunding, equity crowdfunding, entrepreneurial finance, democratizaion, gender, geography, investment crowdfunding

22.

The Impact of Venture Capital Monitoring in Europe

Number of pages: 29 Posted: 27 Jan 2017
Politecnico di Milano, Polytechnic University of Marche, University of Bergamo, University of Milan and University of Bergamo
Downloads 338 (161,159)
Citation 3

Abstract:

Loading...

Venture Capital, Monitoring, Europe, Corporate Venture Capital, Cross-Border Investments

23.

A Research Journey into Entrepreneurial Finance

Number of pages: 16 Posted: 29 Feb 2016
Douglas J. Cumming and Silvio Vismara
Florida Atlantic University and University of Bergamo
Downloads 335 (161,685)
Citation 2

Abstract:

Loading...

Entrepreneurial Finance, IPOs, VCs, Private Equity, Crowdfunding, Equity Crowdfunding, M&As

24.

Sustainability in Equity Crowdfunding

Number of pages: 37 Posted: 12 Mar 2018
Silvio Vismara
University of Bergamo
Downloads 329 (164,867)
Citation 29

Abstract:

Loading...

Crowdfunding, Equity Crowdfunding, Sustainability, Crowdcube, Seedrs, Entrepreneurial Finance

25.

M&A Synergies and Trends in IPOs

Number of pages: 27 Posted: 12 May 2016
Andrea Signori and Silvio Vismara
Catholic University of Milan and University of Bergamo
Downloads 319 (170,441)

Abstract:

Loading...

IPOs, M&As, YICs, NTBFs, Relatedness, Synergies, Security issuance, Public Equity, Entrepreneurial Finance

A Hurdle-Rate Theory of Inventive Procyclicality

Number of pages: 51 Posted: 01 May 2023 Last Revised: 08 May 2023
Indiana University Bloomington - School of Public & Environmental Affairs (SPEA), University of Hamburg, University of Hamburg, Technische Universität München (TUM) - TUM School of Management and University of Bergamo
Downloads 151 (347,180)

Abstract:

Loading...

Corporate innovation, patents, R\&D, equity risk premium, financing conditions, hurdle-rate theory

The Hurdle-Rate Effect on Patents: Equity Risk Premium and Corporate Innovation by Public Firms in the U.S., 1977-2018

Number of pages: 52 Posted: 01 May 2023 Last Revised: 09 May 2023
Indiana University Bloomington - School of Public & Environmental Affairs (SPEA), University of Hamburg, University of Hamburg, Technische Universität München (TUM) - TUM School of Management and University of Bergamo
Downloads 110 (445,244)

Abstract:

Loading...

corporate innovation, patents, R&D, equity risk premium, financing conditions

27.

Signaling to Overcome Inefficiencies in Crowdfunding Markets

Forthcoming in Handbook of Crowdfunding. 2017. Edited by Douglas Cumming and Lars Hornuf: Palgrave
Number of pages: 26 Posted: 14 Jul 2017
Silvio Vismara
University of Bergamo
Downloads 233 (234,397)
Citation 5

Abstract:

Loading...

crowdfunding; equity crowdfunding; entrepreneurial finance; signalling

28.

What Happens After a Crowdfunding Campaign?

Forthcoming chapter in the Handbook of Research on Crowdfunding (Edited by Annaleena Parhankangas, Colin Mason & Hans Landström).
Number of pages: 28 Posted: 16 Jan 2019
Ghent University, University of Bergamo and Ghent University - Faculty of Economics and Business Administration
Downloads 232 (235,340)
Citation 2

Abstract:

Loading...

equity crowdfunding

Corporate governance with crowd investors in innovative entrepreneurial finance: Nominee structure and coinvestment in equity crowdfunding

Essex Finance Centre, University of Essex. Working Paper No 81: 10-2022
Number of pages: 52 Posted: 08 Feb 2022 Last Revised: 01 Jan 2023
University of Essex - Essex Business School, Florida Atlantic University, Audencia Business School and University of Bergamo
Downloads 140 (367,238)

Abstract:

Loading...

Crowdfunding; Platforms; Digital finance; Innovative entrepreneurial finance.

Enfranchising the crowd: Nominee account equity crowdfunding

Number of pages: 46 Posted: 21 Apr 2021
University of Essex - Essex Business School, Florida Atlantic University, Audencia Business School and University of Bergamo
Downloads 86 (523,851)

Abstract:

Loading...

Entrepreneurial finance; corporate governance, nominee account.

30.

Financial Regulation and IPOs: Evidence from the History of the Italian Stock Market

Number of pages: 44 Posted: 18 Dec 2014 Last Revised: 19 Dec 2014
Mattia Cattaneo, Michele Meoli and Silvio Vismara
University of Bergamo, University of Bergamo and University of Bergamo
Downloads 224 (243,340)
Citation 3

Abstract:

Loading...

IPOs; Regulation; Survival; Investor protection; Italy

31.

Are IPO Underwriters Paid for the Services They Provide?

Number of pages: 25 Posted: 20 Feb 2012
Michele Meoli, Andrea Signori and Silvio Vismara
University of Bergamo, Catholic University of Milan and University of Bergamo
Downloads 188 (285,680)
Citation 1

Abstract:

Loading...

IPOs, Underwriters, Investment banks, Gross spread, Price stabilization

32.

Does Blockchain Technology Democratize Entrepreneurial Finance? An Empirical Comparison of ICOs, Venture Capital, and REITs

Number of pages: 38 Posted: 06 Nov 2020
Christian Fisch, Michele Meoli and Silvio Vismara
University of Luxembourg - Interdisciplinary Centre for Security, Reliability and Trust (SnT), University of Bergamo and University of Bergamo
Downloads 187 (287,055)
Citation 15

Abstract:

Loading...

Digital Finance, Initial Coin Offerings, Entrepreneurial Finance, ICOs, Democratization, Gender, Ethnical Minorities, Remote Entrepreneurship

33.

Crowdfunding in Healthcare

Number of pages: 24 Posted: 28 Feb 2018
Gaia Bassani, Nicoletta Marinelli and Silvio Vismara
University of Bergamo - Department of Law, University of Macerata - Department of Economics and Law and University of Bergamo
Downloads 178 (299,831)
Citation 7

Abstract:

Loading...

Crowdfunding, Healthcare, Entrepreneurial finance, Medicine, Policy

34.

Confidence and Capital Raising

Journal of Corporate Finance, Forthcoming
Number of pages: 60 Posted: 02 Aug 2019 Last Revised: 02 Mar 2021
Winifred Huang, Silvio Vismara and Xingjie Wei
University of Bath, University of Bergamo and University of Leeds - Faculty of Business
Downloads 175 (304,353)
Citation 6

Abstract:

Loading...

Capital raising, confidence, initial coin offerings, ICOs, alternative finance

35.

Financial Literacy and Security-based Crowdfunding

Number of pages: 52 Posted: 13 Nov 2020
Michele Meoli, Alice Rossi and Silvio Vismara
University of Bergamo, University of Bergamo and University of Bergamo
Downloads 170 (312,125)
Citation 6

Abstract:

Loading...

Corporate Governance, Crowdfunding, Financial Literacy, Platforms, Survival Profile

36.

Do Regulatory Changes Affect the Underpricing of European IPOs?

Journal of Banking and Finance, Vol. 45, No. 1, 2014
Number of pages: 54 Posted: 05 Jun 2015
Ali C. Akyol, Tommy Cooper, Michele Meoli and Silvio Vismara
University of Ottawa, University of Alabama - Department of Economics, Finance and Legal Studies, University of Bergamo and University of Bergamo
Downloads 165 (320,303)
Citation 3

Abstract:

Loading...

Initial public offerings, corporate governance, regulation, asymmetric information, underpricing

37.

Completing the Technology Transfer Process: M&As of Science-Based IPOs

Number of pages: 29 Posted: 15 Feb 2012
Michele Meoli, Stefano Paleari and Silvio Vismara
University of Bergamo, University of Bergamo - SIGE Sezione di Ingegneria Gestionale and University of Bergamo
Downloads 162 (325,343)
Citation 8

Abstract:

Loading...

38.

Investors’ Choices Between Cash and Voting Rights: Evidence from Dual-Class Equity Crowdfunding

Research Policy, Forthcoming
Number of pages: 66 Posted: 05 Apr 2019 Last Revised: 07 Apr 2019
Douglas J. Cumming, Michele Meoli and Silvio Vismara
Florida Atlantic University, University of Bergamo and University of Bergamo
Downloads 151 (345,063)
Citation 8

Abstract:

Loading...

Equity Crowdfunding, Crowdfunding, Corporate Governance, Entrepreneurial Finance, Voting Rights, Ownership and Control

39.

European Initial Public Offerings

Number of pages: 11 Posted: 25 Jul 2015
Silvio Vismara
University of Bergamo
Downloads 151 (345,063)

Abstract:

Loading...

IPOs, valuation, regulation, entrepreneurial finance, crowdfunding

40.

Changes in Underwriters’ Selection of Comparable Firms Pre- and Post-IPO: Same Bank, Same Company, Different Peers

Number of pages: 35 Posted: 18 Dec 2014
Silvio Vismara, Andrea Signori and Stefano Paleari
University of Bergamo, Catholic University of Milan and University of Bergamo - SIGE Sezione di Ingegneria Gestionale
Downloads 151 (345,063)
Citation 1

Abstract:

Loading...

Initial Public Offerings, valuation, underwriters, analyst, comparables

41.

Signalling in Science-Based IPOs: The Combined Effect of Affiliation with Prestigious Universities, Underwriters, and Venture Capitalists

Number of pages: 54 Posted: 30 Jun 2016
Massimo G. Colombo, Michele Meoli and Silvio Vismara
Politecnico di Milano, University of Bergamo and University of Bergamo
Downloads 146 (354,588)
Citation 28

Abstract:

Loading...

IPO, signalling, valuation, underwriter, venture capitalist, academic entrepreneurship, spinoff

42.

Negative Central Bank Rates and Venture Capital Markets

Bellavitis, C., Fisch, C., Vismara, S. 2024. “Monetary policy and venture capital markets”, Review of Corporate Finance.
Number of pages: 45 Posted: 21 Oct 2022 Last Revised: 23 Jan 2024
Syracuse University - Whitman School of Management, University of Luxembourg - Interdisciplinary Centre for Security, Reliability and Trust (SnT) and University of Bergamo
Downloads 139 (372,810)

Abstract:

Loading...

Entrepreneurial finance, venture capital, supply, negative interest rates, central bank rates, monetary policy.

43.

An Equity Crowdfunding Research Agenda: Evidence From Stakeholder Participation in the Rulemaking Process

Cummings, M.E., Rawhouser, H., Vismara, S. et al. Small Bus Econ (2019). DOI: 10.1007/s11187-018-00134-5
Number of pages: 44 Posted: 07 Jan 2019 Last Revised: 14 Jan 2019
University of Arkansas - Sam M. Walton College of Business, Lee Business School - University of Nevada Las Vegas, University of Bergamo and University of Nevada, Las Vegas
Downloads 131 (385,828)
Citation 3

Abstract:

Loading...

crowdfunding, equity crowdfunding, entrepreneurial finance, regulation, qualitative content analysis

44.

Stock-Financed M&As of Newly Listed Firms

Number of pages: 36 Posted: 06 Dec 2015
Andrea Signori and Silvio Vismara
Catholic University of Milan and University of Bergamo
Downloads 119 (415,001)
Citation 13

Abstract:

Loading...

Mergers & Acquisitions, M&As, IPOs, liquidity, method of payment

45.

Voting Rights Delivery in Investment-Based Crowdfunding: A Cross-Platform Analysis

Number of pages: 38 Posted: 12 Nov 2018
Alice Rossi, Silvio Vismara and Michele Meoli
University of Bergamo, University of Bergamo and University of Bergamo
Downloads 97 (480,603)
Citation 9

Abstract:

Loading...

crowdfunding, corporate governance, equity crowdfunding, investment crowdfunding, entrepre-neurial finance

46.

Organizational Goals, Outcomes, and the Assessment of Performance: Reconceptualizing Success in Management Studies

Forthcoming in Journal of Management Studies
Number of pages: 49 Posted: 29 Jul 2023 Last Revised: 02 Aug 2023
Northeastern University - Department of International Business and Strategy, Lancaster University - Lancaster University Management School, University of Bologna - Department of Management and University of Bergamo
Downloads 46 (712,363)

Abstract:

Loading...

Goals, Performance, Outcomes, Success, Purpose, Goal setting, Objectives

47.

Syndicated Equity Crowdfunding and the Collective Action Problem

European Corporate Governance Institute – Finance Working Paper No. 955/2024
Number of pages: 59 Posted: 31 Jan 2024 Last Revised: 11 Feb 2024
University of Essex - Essex Business School, Florida Atlantic University, Audencia Business School and University of Bergamo
Downloads 38 (781,259)

Abstract:

Loading...

Crowdfunding, Platform, Angel, Digital finance, Lead investor, Governance

48.

The Effects of the Specialization of Private Equity Firms on Their Exit Strategy

Journal of Business Finance and Accounting (Forthcoming)
Posted: 22 Oct 2016
Aarhus University - School of Business and Social Sciences, University of Bergamo - Department of Economics, University of Bergamo and University of Bergamo

Abstract:

Loading...

Private Equity, Exit Strategy, Specialization, LBOs, Competing Risks