Panacea for M&A dealmaking? : investor perceptions of earnouts

Gespeichert in:

Autor*in:	Dahlen, Niklas [verfasserIn] Lahmann, Alexander [verfasserIn] Schreiter, Maximilian [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	Contingent claims Contingent payments Earnout Mergers and acquisitions Survey

Übergeordnetes Werk:	Enthalten in: Finance research letters - New York : Elsevier Science, 2004, 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11
Übergeordnetes Werk:	volume:60 ; year:2024 ; month:02 ; elocationid:104850 ; pages:1-11

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.frl.2023.104850

Katalog-ID:	1883429560

Internformat


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982			\|2 26 \|1 00 \|x DE-206 \|b We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.

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allfields	10.1016/j.frl.2023.104850 doi (DE-627)1883429560 (DE-599)KXP1883429560 DE-627 ger DE-627 rda eng Dahlen, Niklas verfasserin aut Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Contingent claims (dpeaa)DE-206 Contingent payments (dpeaa)DE-206 Earnout (dpeaa)DE-206 Mergers and acquisitions (dpeaa)DE-206 Survey (dpeaa)DE-206 Lahmann, Alexander verfasserin aut Schreiter, Maximilian verfasserin (DE-588)1232252018 (DE-627)1756000875 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 year:2024 month:02 elocationid:104850 pages:1-11 https://www.sciencedirect.com/science/article/pii/S1544612323012229/pdfft?md5=309bcdc24c52efb4e7bd00f4d546f66f&pid=1-s2.0-S1544612323012229-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2023.104850 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 2024 2 104850 1-11 26 01 0206 4500248161 x1z 14-03-24 26 00 DE-206 We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
spelling	10.1016/j.frl.2023.104850 doi (DE-627)1883429560 (DE-599)KXP1883429560 DE-627 ger DE-627 rda eng Dahlen, Niklas verfasserin aut Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Contingent claims (dpeaa)DE-206 Contingent payments (dpeaa)DE-206 Earnout (dpeaa)DE-206 Mergers and acquisitions (dpeaa)DE-206 Survey (dpeaa)DE-206 Lahmann, Alexander verfasserin aut Schreiter, Maximilian verfasserin (DE-588)1232252018 (DE-627)1756000875 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 year:2024 month:02 elocationid:104850 pages:1-11 https://www.sciencedirect.com/science/article/pii/S1544612323012229/pdfft?md5=309bcdc24c52efb4e7bd00f4d546f66f&pid=1-s2.0-S1544612323012229-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2023.104850 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 2024 2 104850 1-11 26 01 0206 4500248161 x1z 14-03-24 26 00 DE-206 We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
allfields_unstemmed	10.1016/j.frl.2023.104850 doi (DE-627)1883429560 (DE-599)KXP1883429560 DE-627 ger DE-627 rda eng Dahlen, Niklas verfasserin aut Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Contingent claims (dpeaa)DE-206 Contingent payments (dpeaa)DE-206 Earnout (dpeaa)DE-206 Mergers and acquisitions (dpeaa)DE-206 Survey (dpeaa)DE-206 Lahmann, Alexander verfasserin aut Schreiter, Maximilian verfasserin (DE-588)1232252018 (DE-627)1756000875 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 year:2024 month:02 elocationid:104850 pages:1-11 https://www.sciencedirect.com/science/article/pii/S1544612323012229/pdfft?md5=309bcdc24c52efb4e7bd00f4d546f66f&pid=1-s2.0-S1544612323012229-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2023.104850 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 2024 2 104850 1-11 26 01 0206 4500248161 x1z 14-03-24 26 00 DE-206 We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
allfieldsGer	10.1016/j.frl.2023.104850 doi (DE-627)1883429560 (DE-599)KXP1883429560 DE-627 ger DE-627 rda eng Dahlen, Niklas verfasserin aut Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Contingent claims (dpeaa)DE-206 Contingent payments (dpeaa)DE-206 Earnout (dpeaa)DE-206 Mergers and acquisitions (dpeaa)DE-206 Survey (dpeaa)DE-206 Lahmann, Alexander verfasserin aut Schreiter, Maximilian verfasserin (DE-588)1232252018 (DE-627)1756000875 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 year:2024 month:02 elocationid:104850 pages:1-11 https://www.sciencedirect.com/science/article/pii/S1544612323012229/pdfft?md5=309bcdc24c52efb4e7bd00f4d546f66f&pid=1-s2.0-S1544612323012229-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2023.104850 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 2024 2 104850 1-11 26 01 0206 4500248161 x1z 14-03-24 26 00 DE-206 We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
allfieldsSound	10.1016/j.frl.2023.104850 doi (DE-627)1883429560 (DE-599)KXP1883429560 DE-627 ger DE-627 rda eng Dahlen, Niklas verfasserin aut Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Contingent claims (dpeaa)DE-206 Contingent payments (dpeaa)DE-206 Earnout (dpeaa)DE-206 Mergers and acquisitions (dpeaa)DE-206 Survey (dpeaa)DE-206 Lahmann, Alexander verfasserin aut Schreiter, Maximilian verfasserin (DE-588)1232252018 (DE-627)1756000875 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 year:2024 month:02 elocationid:104850 pages:1-11 https://www.sciencedirect.com/science/article/pii/S1544612323012229/pdfft?md5=309bcdc24c52efb4e7bd00f4d546f66f&pid=1-s2.0-S1544612323012229-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2023.104850 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 2024 2 104850 1-11 26 01 0206 4500248161 x1z 14-03-24 26 00 DE-206 We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
language	English
source	Enthalten in Finance research letters 60(2024) vom: Feb., Artikel-ID 104850, Seite 1-11 volume:60 year:2024 month:02 elocationid:104850 pages:1-11
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authorswithroles_txt_mv	Dahlen, Niklas @@aut@@ Lahmann, Alexander @@aut@@ Schreiter, Maximilian @@aut@@
publishDateDaySort_date	2024-02-01T00:00:00Z
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The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.</subfield></datafield></record></collection>
author	Dahlen, Niklas
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topic_title	26 00 DE-206 We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter Contingent claims (dpeaa)DE-206 Contingent payments (dpeaa)DE-206 Earnout (dpeaa)DE-206 Mergers and acquisitions (dpeaa)DE-206 Survey (dpeaa)DE-206
topic	misc Contingent claims misc Contingent payments misc Earnout misc Mergers and acquisitions misc Survey
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title_full	Panacea for M&A dealmaking? investor perceptions of earnouts Niklas Dahlen, Alexander Lahmann, Maximilian Schreiter
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title_short	Panacea for M&A dealmaking?
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ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.</subfield></datafield></record></collection>
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Panacea for M&A dealmaking? : investor perceptions of earnouts

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