Direct public intervention in private equity industry

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Direct public intervention in private equity industry

Show simple item record Rocca, Martino 2015-01-20T09:58:05Z 2015-01-20T09:58:05Z 2015-01-20
dc.description.abstract The present dissertation focuses on the role of direct public intervention in the Italian private equity industry. Firstly, this work aims to explain why the public sector has looked with increasing interest at the private equity activity, providing at the same time a descriptive picture of the direct public intervention extent in the Italian private equity industry. Secondly, this study tries to identify what affects the performance (IRR) of public participated investors in order to explain why, during the period 1998- 2009, it has been significantly lower than that of independent players. Through a double-level analysis on the whole PEM database 2009 and on a sample of Public participated investors, the findings suggest that the lower “Professionalization” of public participated investors’ management teams has played a key role in driving their poor financial returns. The investment team “Professionalization” has been found to be positively related to performance, while the “Experience” within the private equity industry has provided controversial results. Moreover, the financial returns of Public participated investors’ turned out to be significantly influenced by the ratio between public and private funds provided to run the investment activity, but not by the private equity investor’ shareholder structure. The final part of this work poses questions on whether the IRR approach is still appropriate to assess the performance of public participated investors, and, in this regard, an alternative method is proposed in order to extend the evaluation of private equity investment deals beyond a mere financial perspective. en_US
dc.format.extent 68 en_US
dc.language eng en_US
dc.subject.other Kandidatafhandlinger en_US
dc.title Direct public intervention in private equity industry en_US
dc.type mop en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.corporationshort Department of Operations Management. OM en_US
dc.contributor.corporationshort Institut for Produktion og Erhvervsøkonomi. PEØ en_US
dc.contributor.department MSc in Economics & Business Administration en_US
dc.contributor.departmentshort 22 en_US
dc.description.notes Cand.merc.mib. Management of Innovation and Business Development en_US
dc.publisher.year 2014 en_US Frederiksberg en_US
dc.title.subtitle Impact and performance in the Italian case en_US

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