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01/01/2014

International conference

Risk and Perils in LBO transactions”, Capizzi V., Giovannini R., Pesic V., 23rd (EFMA)

Abstract

In this study we analyze the risks and perils arising from LBO transactions, in order to consider the impact of private equity in this category of transactions. From this perspective, focusing attention on 2,450 deals occurred during the period 2002-2011, our study adds to previous literature that has investigated the post-LBO operating performance and the factors that can determine the success of those deals. In particular, by running a multivariate regression analysis in order to test for different research hypothesis proposed by literature dealing with the determinants of LBO deals, we confirm the validity of the assets stripping hypothesis, even if we find evidence that the presence of private equity, among other factors, can help to mitigate that peril. We find evidence that, especially in the short term, enterprises suffer from a slight deterioration in operating performance compared to their situation before the buyout. Moreover, under specific circumstances, enterprises experience a slight improvement in the ability to generate cash. Finally, we find positive evidence about the presence of private equity investors, which are mainly able to promote the growth of firms, as well as to increase the capability to generate cash, rather than generate positive effects on the level of employment. At the same time, we find also evidence that the presence of private equity investors is a significant determinant of distress for firms involved in LBO transactions.

JEL Codes: G32, G34
Keywords: LBO, Private Equity, Asset Stripping, Employment, Distressed 

(01/01/2016
)

International conference - “Investment Banks and M&A Deals: An Empirical Analysis ", Giovannini R., Capizzi V., 18th EBES Conference

(01/06/2015
)

Articoli su Journal - “Il ruolo dell’Investment Banking nelle operazioni di M&A: evidenze empiriche pre e post Lehman”, Capizzi V., Giovannini R., Forum, Bancaria Editrice, (VOL.6) , (ISSN) 0005-46-23

He paper analyzes the relationship between the reputation of Investment banks and the quality of services they offer as advisors in M&A operations. It outlines that markets trust M&A operations assisted by leading international advisors and that, in the p
(03/12/2014
)

Articoli su Journal - “The Role of Investment Banking in M&A Operations: Empiric Pre and Post Lehman Evidence”, Giovannini R., Capizzi V.,International Finance and Banking, December 2014

“The Role of Investment Banking in M&A Operations: Empiric Pre and Post Lehman Evidence”, Giovannini R., Capizzi V., International Finance and Banking, (Vol. 1 No. 2) (ISSN) 2374-2089, December 2014
(02/12/2014
)

Libri - Case Study: il Concordato preventivo post riforma della Legge Fallimentare, EGEA, 2014

Case Study: Concordato preventivo post riforma della Legge Fallimentare”, Giovannini R., in “Crisi d'impresa e ristrutturazione del debito: procedure, attori, best practices”, (ISBN/EAN): 978 882 383 4521, EGEA, 2014.
(01/12/2014
)

Libri - Crisi d'impresa e ristrutturazione del debito: procedure, attori, best practices

Il turnaround plan nell’ambito delle procedure in continuità: il piano industriale e la manovra fnanziaria”, pag. 107-168, Giovannini R., Cafaro A., EGEA, 2014
(01/06/2014
)

Articoli su Journal - “Investment Banking and Certification Effect in M&A Deals: an empirical analysis”, Giovannini R., Capizzi V., 13th EBES Conference, 2014

“Investment Banking and Certification Effect in M&A Deals: an empirical analysis”, 13th EBES Conference, (ISBN) 978-605-64002-6-1, Bilgi University, Istanbul, June 2014;
(01/09/2013
)

International conference - “Il ruolo dell'investment Banking nelle operazioni di M&A: evidenze empiriche pre e post Lehman”, Capizzi V., Giovannini R., Italian Academy of Management (AIDEA 2013), Lecce

Italian Academy of Management (AIDEA 2013), Lecce, “Il ruolo dell Invetsment Banking nelle operazioni di M&A: evidenze empiriche pre e post Lehman”
(01/12/2012
)

Articoli su Journal - “Il contributo del private equity per la ristrutturazione delle imprese: evidenze dalle operazioni di delisting”, Caselli S., Capizzi V., Giovannini R., Pesic V., Bancaria Editrice, 2012

“Il contributo del private equity per la ristrutturazione delle imprese: evidenze dalle operazioni di delisting”, Caselli S., Capizzi V., Giovannini R., Pesic V., (Vol.12), (ISSN) 0005-46-23, Forum, Bancaria Editrice, 2012
(02/05/2012
)

International conference - Corporate Restructuring, Leveraged Buyout and Voluntary Delisting: a Wisdom of Opportunities for Private Equity Investments

IFABS International Conference, Valencia, 2012, Spain. Giovannini R. Capizzi V., Pesic V
(01/09/2011
)

International conference - The Role Of Private Equity For Firms Restructuring: The Going Private Strategy

IFABS International Conference, Roma Tre, 2011, Italy
(02/01/2011
)

International conference - Business Models, Ownership Structure and Corporate Governance in Investment Banking Industry: Theory and Evidences

MEEA - Middle East Economic Association Conference, Jennary 2011, Denver, Colorado, USA. Giovannini R., Capizzi V.
(01/01/2011
)

Libri - Business Angels e Informal Venture Capital in Italia. Bancaria Editrice. N.106

Capizzi V. e Giovannini R.
(01/01/2011
)

Articoli su Journal - CORPORATE GOVERNANCE, FAMILY OWNERSHIP AND PERFORMANCE. Journal of Management and Governance. Vol 14, N.2

Renato Giovannini
(12/11/2010
)

Articoli su Journal - Investment Banking Services: Ownership Structures, Financial Advisory and Corporate Governance Models. International Journal of Business Administration, November 2010

Giovannini R.,Capizzi V.
(30/11/2004
)

Libri - La gestione del Venture Capital e dell'early stage financing. Bancaria Editrice. n.46.

Renato Giovannini
(01/01/2003
)

Libri - Finanza e Gestione nel Venture Capital. Edizioni Kappa

R. Giovannini