ETD

Archivio digitale delle tesi discusse presso l'Università di Pisa

Tesi etd-05232016-161853


Tipo di tesi
Tesi di laurea magistrale
Autore
SPAGNOLO, STEFANO
URN
etd-05232016-161853
Titolo
Leveraged Buyouts in the private equity industry: the role of debt and financial structure as drivers for the value creation of the fund's investors.
Dipartimento
ECONOMIA E MANAGEMENT
Corso di studi
STRATEGIA, MANAGEMENT E CONTROLLO
Relatori
relatore Corvino, Antonio
Parole chiave
  • financial structure
  • LBO
  • leveraged buyouts
  • private equity funds
  • private equity
  • value creation
  • debt
Data inizio appello
13/06/2016
Consultabilità
Completa
Riassunto
When talking about Leveraged Buyouts (LBOs) in the private equity industry, very few findings have been performed so far on the prominent role of the financing package and the overall capital structure as drivers for creating value for the investors of the fund. Unlike most of the existent research, we investigate value creation under the private equity fund perspective, analyzing the debt financing package used to fund the LBO operation as a lever to deliver value to the specific investors of the fund.

More specifically, in the first part of this research project we analyzed how debt evolved, in terms of composition and tools used, starting from the very outset of this phenomenon in the 1980s up to the financial crisis of 2007. For this section, our observations and results stemmed from a literature review process on the matter.

We then proceeded with an empirical part that had the aim of shedding light on how debt evolved after 2007, by means of a survey sent to a sample of private equity firms. In particular, we attempted to detect possible patterns that might have emerged, in terms of changes of instruments utilized and the overall composition. Hence, we linked those patterns to possible aspects of value creation for the investors of the fund, besides approaching such results to some other relevant aspects of the LBO value creation process, to make our analysis more effective.
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