By Daniel Pindur, Prof. Dr. Frank Richter

The LBO phenomenon has lately skilled enormous cognizance in educational literature; in particular wealth results at the events concerned appear to be on the leading edge of curiosity. even though, empirical educational paintings on ex-post worth production and function research remains to be in its infancy, predominantly as a result of loss of avaliable info on organizations that experience skilled and accomplished an LBO.

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42. See Benston, G. /Smith, C. W. (1976), pp. 215ff. Leland, H. /Pyle, D. H. (1977), p. ” Introduction 11 (ii) Operational Performance Studies (iii) PE Performance Studies serves to review relevant empirical work. Such classification (i) structures selected key contributions alongside three prominent approaches to proxy for value creation in LBO investments, (ii) provides an understanding of the status quo of relevant research, and (iii) creates bridges to shortcomings and research gaps in the subsequent chapter as the starting point for this thesis.

Wilhelm, J. E. M. (1985), pp. 40-59. See Jensen, M. C. (1993), p. 868. /Santomero, A. M. (1997), p. 1462. 6 Introduction however, from the associated restrictive assumptions, there are a number of arguments contradicting the irrelevancy of financing decisions and serving to explain the existence of 17 financial intermediation. Empirical work questions the efficient information processing of capital markets and tends to support weak form informational efficiency and partially backs 18 semi-strong form efficiency.

See Akerlof, G. A. (1970), pp. 490-494. 41 10 Introduction Transaction Cost Theory The transaction cost theory is closely related to the property rights theory. 43 The objective function hereby is the minimization of transaction costs that arise from market imperfections 44, which reduces the cost of capital and hence increases the expected rate of return for investors. Based on these three criteria the probability that transaction cost is lowest in the firm setting is higher “given high transaction frequency, the higher the internal uncertainty or asset specificity of a transaction”45.

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