Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private

Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Weir, Charlie [verfasserIn] Jones, Peter [verfasserIn] Wright, Mike [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2013

Schlagwörter:	Public to private transactions Financial health Private equity

Übergeordnetes Werk:	Enthalten in: Journal of management & governance - Dordrecht [u.a.] : Springer Science + Business Media B.V, 1997, 19(2013), 1 vom: 21. Apr., Seite 91-112
Übergeordnetes Werk:	volume:19 ; year:2013 ; number:1 ; day:21 ; month:04 ; pages:91-112

Links:	Volltext

DOI / URN:	10.1007/s10997-013-9270-9

Katalog-ID:	SPR015458989

Internformat


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allfields	10.1007/s10997-013-9270-9 doi (DE-627)SPR015458989 (SPR)s10997-013-9270-9-e DE-627 ger DE-627 rakwb eng 650 ASE 85.00 bkl Weir, Charlie verfasserin aut Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs. Public to private transactions (dpeaa)DE-He213 Financial health (dpeaa)DE-He213 Private equity (dpeaa)DE-He213 Jones, Peter verfasserin aut Wright, Mike verfasserin aut Enthalten in Journal of management & governance Dordrecht [u.a.] : Springer Science + Business Media B.V, 1997 19(2013), 1 vom: 21. Apr., Seite 91-112 (DE-627)320575497 (DE-600)2016991-7 1572-963X nnns volume:19 year:2013 number:1 day:21 month:04 pages:91-112 https://dx.doi.org/10.1007/s10997-013-9270-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 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_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 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_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 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_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE AR 19 2013 1 21 04 91-112
spelling	10.1007/s10997-013-9270-9 doi (DE-627)SPR015458989 (SPR)s10997-013-9270-9-e DE-627 ger DE-627 rakwb eng 650 ASE 85.00 bkl Weir, Charlie verfasserin aut Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs. Public to private transactions (dpeaa)DE-He213 Financial health (dpeaa)DE-He213 Private equity (dpeaa)DE-He213 Jones, Peter verfasserin aut Wright, Mike verfasserin aut Enthalten in Journal of management & governance Dordrecht [u.a.] : Springer Science + Business Media B.V, 1997 19(2013), 1 vom: 21. Apr., Seite 91-112 (DE-627)320575497 (DE-600)2016991-7 1572-963X nnns volume:19 year:2013 number:1 day:21 month:04 pages:91-112 https://dx.doi.org/10.1007/s10997-013-9270-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 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_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 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_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 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_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE AR 19 2013 1 21 04 91-112
allfields_unstemmed	10.1007/s10997-013-9270-9 doi (DE-627)SPR015458989 (SPR)s10997-013-9270-9-e DE-627 ger DE-627 rakwb eng 650 ASE 85.00 bkl Weir, Charlie verfasserin aut Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs. Public to private transactions (dpeaa)DE-He213 Financial health (dpeaa)DE-He213 Private equity (dpeaa)DE-He213 Jones, Peter verfasserin aut Wright, Mike verfasserin aut Enthalten in Journal of management & governance Dordrecht [u.a.] : Springer Science + Business Media B.V, 1997 19(2013), 1 vom: 21. Apr., Seite 91-112 (DE-627)320575497 (DE-600)2016991-7 1572-963X nnns volume:19 year:2013 number:1 day:21 month:04 pages:91-112 https://dx.doi.org/10.1007/s10997-013-9270-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 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_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 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_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 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_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE AR 19 2013 1 21 04 91-112
allfieldsGer	10.1007/s10997-013-9270-9 doi (DE-627)SPR015458989 (SPR)s10997-013-9270-9-e DE-627 ger DE-627 rakwb eng 650 ASE 85.00 bkl Weir, Charlie verfasserin aut Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs. Public to private transactions (dpeaa)DE-He213 Financial health (dpeaa)DE-He213 Private equity (dpeaa)DE-He213 Jones, Peter verfasserin aut Wright, Mike verfasserin aut Enthalten in Journal of management & governance Dordrecht [u.a.] : Springer Science + Business Media B.V, 1997 19(2013), 1 vom: 21. Apr., Seite 91-112 (DE-627)320575497 (DE-600)2016991-7 1572-963X nnns volume:19 year:2013 number:1 day:21 month:04 pages:91-112 https://dx.doi.org/10.1007/s10997-013-9270-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 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_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 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_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 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_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE AR 19 2013 1 21 04 91-112
allfieldsSound	10.1007/s10997-013-9270-9 doi (DE-627)SPR015458989 (SPR)s10997-013-9270-9-e DE-627 ger DE-627 rakwb eng 650 ASE 85.00 bkl Weir, Charlie verfasserin aut Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private 2013 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs. Public to private transactions (dpeaa)DE-He213 Financial health (dpeaa)DE-He213 Private equity (dpeaa)DE-He213 Jones, Peter verfasserin aut Wright, Mike verfasserin aut Enthalten in Journal of management & governance Dordrecht [u.a.] : Springer Science + Business Media B.V, 1997 19(2013), 1 vom: 21. Apr., Seite 91-112 (DE-627)320575497 (DE-600)2016991-7 1572-963X nnns volume:19 year:2013 number:1 day:21 month:04 pages:91-112 https://dx.doi.org/10.1007/s10997-013-9270-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 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_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 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_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 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_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 85.00 ASE AR 19 2013 1 21 04 91-112
language	English
source	Enthalten in Journal of management & governance 19(2013), 1 vom: 21. Apr., Seite 91-112 volume:19 year:2013 number:1 day:21 month:04 pages:91-112
sourceStr	Enthalten in Journal of management & governance 19(2013), 1 vom: 21. Apr., Seite 91-112 volume:19 year:2013 number:1 day:21 month:04 pages:91-112
format_phy_str_mv	Article
institution	findex.gbv.de
topic_facet	Public to private transactions Financial health Private equity
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container_title	Journal of management & governance
authorswithroles_txt_mv	Weir, Charlie @@aut@@ Jones, Peter @@aut@@ Wright, Mike @@aut@@
publishDateDaySort_date	2013-04-21T00:00:00Z
hierarchy_top_id	320575497
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id	SPR015458989
language_de	englisch
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author	Weir, Charlie
spellingShingle	Weir, Charlie ddc 650 bkl 85.00 misc Public to private transactions misc Financial health misc Private equity Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private
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topic_title	650 ASE 85.00 bkl Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private Public to private transactions (dpeaa)DE-He213 Financial health (dpeaa)DE-He213 Private equity (dpeaa)DE-He213
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title	Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private
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title_full	Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private
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title_sort	public to private transactions, private equity and financial health in the uk: an empirical analysis of the impact of going private
title_auth	Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private
abstract	Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs.
abstractGer	Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs.
abstract_unstemmed	Abstract Using a hand collected data set of 138 buy-outs, this paper presents the first analysis of the impact effects of public to private transactions (PTPs) in the UK during a period (1998–2004) in which PTPs became a significant part of the market for corporate control. We find that for all PTPs there is a significant improvement in financial health in the post deal years relative to the year before going private. We also find that there is a significant improvement in the financial health of PTPs relative to firms remaining public. The analysis of the individual elements of the z-score shows that there are significant improvements in working capital and liquidity post deal. Profitability, however, shows significant declines in a number of the post deal years. We also find that both private equity (PE) and non PE-backed deals produce improvements in financial health but that there is no difference between the two types of deal. These outcomes provide some support for the Jensen (Am Econ Rev 76:323–329, 1986, Harv Bus Rev 67:61–74, 1989) arguments that going private creates an organizational structure that reduces agency costs. However, they do suggest that the claims that the financial and governance mechanisms imposed by PE providers will produce better outcomes are strictly limited in the second wave of PTPs.
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title_short	Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private
url	https://dx.doi.org/10.1007/s10997-013-9270-9
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author2	Jones, Peter Wright, Mike
author2Str	Jones, Peter Wright, Mike
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doi_str	10.1007/s10997-013-9270-9
up_date	2024-07-03T16:23:04.907Z
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Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private

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