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  1. 1. Does the credit market induce an industry effect in Private Equity?: An empirical study of Private Equity activity on industry level

    D-uppsats, Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Författare :Mikael Fraenkel; Sebastian Stime; [2010]
    Nyckelord :Private Equity; LBO; credit market; industry effect; multiple expansion;

    Sammanfattning : Using a sample of 25,682 private equity deals from 1986-2009 we investigate the relationship between Private Equity activity and the credit market as well as the relative valuation of the industry of the target firm. Our results show that buyout activity is negatively related to the credit spread between high yield bonds and LIBOR. LÄS MER