The Role of Private Equity for Firms Restructuring: The Going Private Strategy

Posted: 5 Jan 2013

See all articles by Vincenzo Capizzi

Vincenzo Capizzi

University of Piemonte Orientale - Department of Economics and Business Studies; SDA Bocconi School of Management

Stefano Caselli

Bocconi University - Department of Finance

Renato Giovannini

Guglielmo Marconi University - Department of Economics and Management; SDA Bocconi

Valerio Pesic

University of Rome I - Department of Management

Date Written: January 1, 2013

Abstract

In this paper we consider the role of private equity for growth and restructuring processes, through the analysis of a comprehensive dataset of European going private deals during the period 1998-2007, for which we explore the post-transaction operating performance of companies gone private and potential variables that can explain this choice. We show that the presence of a private equity provider appears to positively affect long-term performance, especially when the target company is large and needs to embark on a complex restructuring process.

Suggested Citation

Capizzi, Vincenzo and Caselli, Stefano and Giovannini, Renato and Pesic, Valerio, The Role of Private Equity for Firms Restructuring: The Going Private Strategy (January 1, 2013). Bancaria No. 12/2012. Available at SSRN: https://ssrn.com/abstract=2196348

Vincenzo Capizzi (Contact Author)

University of Piemonte Orientale - Department of Economics and Business Studies ( email )

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Stefano Caselli

Bocconi University - Department of Finance ( email )

Via Roentgen 1
Milano, MI 20136
Italy

Renato Giovannini

Guglielmo Marconi University - Department of Economics and Management ( email )

Via Plinio, 44
Rome, 00193
Italy

SDA Bocconi ( email )

Via Bocconi, 8
milan, 20137
Italy

Valerio Pesic

University of Rome I - Department of Management ( email )

Via del Castro Laurenziano, 9
Rome, 00161
Italy

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