Private Equity: Opportunities and Risks

Author: H. Kent Baker; Greg Filbeck; Halil Kiymaz
Publisher: Oxford University Press USA
ISBN: 9780199375875
Published In: August 2015
Format: Hardback , 624 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Skillfully blends the contributions of scholars and practitioners from around the globe into a single review of important topics in this area, assuring different perspectives and a rich interplay of ideas
Reflects the latest trends and research involving PE in a global context

During the past few decades, private equity (PE) has attracted considerable attention from investors, practitioners, and academicians. In fact, a substantial literature on PE has emerged. PE offers benefits for institutional and private wealth management clients including diversification and enhancement of risk-adjusted returns. However, the lack of transparency, regulatory restrictions, and liquidity concerns that exist for some PE options limit their attractiveness for some investors.

Private Equity: Opportunities and Risks offers a synthesis of the theoretical and empirical literature on PE in both emerging and developed markets. The book examines PE and provides important insights about topics such as major types of PE (venture capital, leveraged, buyouts, mezzanine capital, and distressed debt investments), how PE works, performance and measurement, uses and structure, and trends. Readers can gain an in-depth understanding about PE from academics and practitioners from around the world.

Private Equity: Opportunities and Risks provides a fresh look at the intriguing yet complex subject of PE. A group of renowned experts take readers through the core topics and issues of PE, and also examine the latest trends and cutting-edge developments in the field. Additionally, discussion of research on PE permeates the book. The coverage extends from discussing basic concepts and their application to increasingly complex and real-world situations. Thus, this volume spans the gamut from theoretical to practical, while offering a useful balance of detailed and user-friendly coverage. This fresh and intriguing examination of PE is essential reading for anyone hoping to gain a better understanding of PE, from seasoned professionals to those aspiring to enter the demanding world of finance.

Readership: Professionals, investors, academics, advanced undergraduate or graduate students studying investments, and anyone interested in PE.

Part I Introduction
1. Private Equity: An Overview
H. Kent Baker, Greg Filbeck, and Halil Kiymaz
2. The Economics of Private Equity: Background and Benefits
Shantanu Dutta, Arup Ganguly, and Lin Ge
3. Private Equity in the United States and Europe: Market and Regulatory Developments Alexandros Seretakis
Part II Major Types of Private Equity
4. Venture Capital in Europe: Myths and Reality
Jean-Michel Sahut and Eric Braunne
5. Leveraged Buyouts
Christian Rauch and Marc P. Umber
6. Mezzanine Capital and Commercial Real Estate
J. Dean Heller
7. Distressed Investments
Stephen G. Moyer and John D. Martin
Part III How Private Equity Works
8. Valuing Private Equity
Harlan Platt and Emery Trahan
9. Cost of Capital for Private Equity
Alain Coën and Aurelie Desfleurs
10. Liquidity Issues in Private Equity: Lessons Learned in the Post-Financial Crisis
Elif Akben Selcuk and Ayse Altiok Yilmaz
11. Private Equity Portfolio Management: Challenges, Approaches, and Implementation Thomas Meyer and Tom Weidig
12. The Role of Private Equity in IPOs: The Case of Venture Capital Firms
Shantanu Dutta, Arup Ganguly, and Lin Ge
13. Exit Strategies in Private Equity
Didier Folus and Emmanuel Boutron
Part IV Performance and Measurement
14. Historical Performance of Private Equity: Cross-Country Evidence
Kenneth Small and Jeff Smith,
15. Benchmark Biases in Private Equity Performance
Robert Spliid
16. Return Persistence: Finding a Top Quartile Manager
Adrian Oberli
17. Private Equity Due Diligence
Manu Sharma and Esha Prashar
Part V Private Equity: Uses and Structure
18. Institutional Investors and Private Equity
Parvez Ahmed
19. Private Equity and Value Creation
Peter Harbula
20. Compensation Structure
Ji-Woong Chung
21. Global Regulatory and Ethical Framework
Henry Ordower
Part VI Trends in Private Equity
22. Private Investment in Public Equity
Na Dai
23. Listed Private Equity
Douglas Cumming, Grant Fleming, and Sofia Johan
24. Private Equity Growth in International and Emerging Markets
Alexander Peter Groh
25. Diversification Benefits of Private Equity Funds-of-Funds
Alex Buchner and Markus Kuffner
26. Publicly Traded Private Equity
Henry Lahr
27. The Future of Private Equity: A Global Perspective
Dianna Preece

H. Kent Baker is a University Professor of Finance in the Kogod School of Business at American University. Professor Baker has authored or edited 24 books and has published more than 150 refereed articles in such journals as the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. He has consulting and training experience with more than 100 organizations.

Greg Filbeck is a Samuel P. Black III Professor of Finance and Risk Management at Penn State Erie, the Behrend College and serves as Associate Director and Department Chair of Finance & Economics for the Black School of Business. Professor Filbeck has authored or edited seven books and published more than 75 refereed academic journal articles appearing in such journals as the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting.

Halil Kiymaz is Bank of America Professor of Finance in the Crummer Graduate School of Business at Rollins College. Professor Kiymaz has published more than 70 articles in scholarly and practitioner journals and co-edited three books. His research has appeared in such journals as the Journal of Banking and Finance, Financial Review, Global Finance Journal, Journal of Applied Finance, Journal of Economics and Finance, and Review of Financial Economics. Professor Kiymaz also serves on the editorial board of four journals and is the area editor of the International Journal of Emerging Markets. He has consulting and training experience with various organizations.

Contributors:
Parvez Ahmed
Ayse Dilara Altiok Yilmaz
Emmanuel Boutron
Eric Braune
Axel Buchner
Ji-Woong Chung
Alain Coën
Douglas Cumming
Na Dai
Aurélie Desfleurs
Shantanu Dutta
Grant Fleming
Didier Folus
Arup Ganguly
Lin Ge
Alexander Groh
Péter Harbula
Dean Heller
Sofia A. Johan
Markus Kuffner
Henry Lahr
John D. Martin
Thomas Meyer
Stephen G. Moyer
Adrian Oberli
Henry Ordower
Harlan Platt
Esha Prashar
Dianna C. Preece
Christian Rauch
Jean-Michel Sahut
Elif Akben Selcuk
Alexandros Seretakis
Manu Sharma
Kenneth Small
Jeff Smith
Robert Spliid
Emery A. Trahan
Marc P. Umber
Tom Weidig