{"id":46,"date":"2008-12-12T11:27:49","date_gmt":"2008-12-12T10:27:49","guid":{"rendered":"https:\/\/hub.hslu.ch\/ifz\/?p=46"},"modified":"2020-05-20T14:54:53","modified_gmt":"2020-05-20T12:54:53","slug":"ifz-working-paper-private-equity-investments-in-listed-equity-size-and-home-bias-effects","status":"publish","type":"post","link":"https:\/\/hub.hslu.ch\/ifz\/2008\/12\/12\/ifz-working-paper-private-equity-investments-in-listed-equity-size-and-home-bias-effects\/","title":{"rendered":"IFZ Working Paper &#187; Private Equity Investments in Listed Equity: Size and Home bias effects&#187;"},"content":{"rendered":"<p>This paper analyses 689 investments of private equity companies in listed equities between 1999 and 2008. We find on average a positive market reaction to the public announcement of the deal in the short-term. The short-term positive market reaction also extends in the long-term. Based on the long-term event study approach of Mitchell\/Stafford (2000), a portfolio of stocks bought by private equity investors achieves a yearly alpha of between 8.5% and 13.5%. In general, the short-term alphas and the long-term alphas are more pronounced when a private equity investor buys a listed stock of her home country than when she invests abroad. This justifies a home bias in private equity investments. Also, the investment in small capitalized stocks produces higher excess returns than an investment in large stocks. Thus, there is also a size effect in private equity investments.<\/p>\n<p>The working paper is available <a href=\"http:\/\/www.hslu.ch\/wirtschaft\/w-outside-navigation\/ifz\/w-ifz-forschung-entwicklung\/w-ifz-publikationen\/w-ifz-publikationen-workingpaper.htm\">here<\/a>.<\/p>\n<p>F\u00fcr das IFZ, <a href=\"http:\/\/www.frankfurt-school.de\/content\/de\/who_we_are\/faculty\/banking_finance\/Stotz\">Prof. Dr. Olaf Stotz<\/a>, <a href=\"http:\/\/www.hslu.ch\/hochschule-luzern\/h-ueber-uns\/h-person.htm?id_person=1011916&amp;id_teilschule=25650&amp;row=53\">Prof. Dr. Gabrielle Wanzenried<\/a>, <a href=\"http:\/\/www.hslu.ch\/hochschule-luzern\/h-ueber-uns\/h-person.htm?id_person=1010498&amp;id_teilschule=25650&amp;row=0\">Dr. Karsten D\u00f6hnert<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paper analyses 689 investments of private equity companies in listed equities between 1999 and 2008. We find on average a positive market reaction to the public announcement of the deal in the short-term. The short-term positive market reaction also extends in the long-term. Based on the long-term event study approach of Mitchell\/Stafford (2000), a<\/p>\n","protected":false},"author":257,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[408,407,146,854975,773],"tags":[],"class_list":["post-46","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","category-financial-markets","category-forschung","category-ifz-in-den-medien","category-working-paper"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IFZ Working Paper &quot; 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