The Global Economic Impact of Private Equity Report 2008 - World ...

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xiiThe Global Economic Impact of Private Equity Report 2008
Part 1Large-sample studiesThe Global Economic Impact of Private Equity Report 2008Large-sample studies
Page 2 and 3: The Globalization of Alternative In
Page 5: ContributorsCo-editorsAnuradha Guru
Page 9 and 10: PrefaceKevin SteinbergChief Operati
Page 11 and 12: Letter on behalf of the Advisory Bo
Page 13 and 14: Executive summaryJosh lernerHarvard
Page 15 and 16: • Private equity-backed companies
Page 17: C. Indian casesThe two India cases,
Page 21 and 22: The new demography of private equit
Page 23 and 24: among US publicly traded firms, it
Page 25 and 26: should be fairly complete. While th
Page 27 and 28: according to Moody’s (Hamilton et
Page 29 and 30: draining public markets of firms. I
Page 31 and 32: FIguresFigure 1A: LBO transactions
Page 33 and 34: TablesTable 1: Capital IQ 1980s cov
Page 35 and 36: Table 2: Magnitude and growth of LB
Page 37 and 38: Table 4: Exits of individual LBO tr
Page 39 and 40: Table 6: Determinants of exit succe
Page 41 and 42: Table 7: Ultimate staying power of
Page 43 and 44: Appendix 1: Imputed enterprise valu
Page 45 and 46: Private equity and long-run investm
Page 47 and 48: alternative names associated with t
Page 49 and 50: 4. Finally, we explore whether firm
Page 51 and 52: When we estimate these regressions,
Page 53 and 54: cutting back on the number of filin
Page 55 and 56: Table 1: Summary statisticsPanel D:
Page 57 and 58: Table 4: Relative citation intensit
Page 59 and 60: figuresFigure 1: Number of private
Page 61 and 62: Private equity and employment*steve
Page 63 and 64: Especially when taken together, our
Page 65 and 66: centred on the transaction year ide
Page 67 and 68: and Vartia 1985.) Aggregate employm
Page 69 and 70:
sectors. In Retail Trade, the cumul
Page 71 and 72:
employment-weighted acquisition rat
Page 73 and 74:
FIguresFigure 1: Matches of private
Page 75 and 76:
Figure 6:Figure 6A: Comparison of n
Page 77 and 78:
Figure 8:Figure 8A: Comparison of j
Page 79 and 80:
Figure 11: Variation in impact in e
Page 81 and 82:
Figure 12: Differences in impact on
Page 83 and 84:
Private equity and corporate govern
Page 85 and 86:
et al (2007) track the evolution of
Page 87 and 88:
groups aim to improve firm performa
Page 89 and 90:
distribution of the LBO sponsors, m
Page 91 and 92:
the most difficult cases. This stor
Page 93 and 94:
to see whether these changes of CEO
Page 95 and 96:
Figure 3:This figure represents the
Page 97 and 98:
TablesTable 1: Company size descrip
Page 99 and 100:
Table 5: Changes in the board size,
Page 101 and 102:
Table 7: Board turnoverPanel A: Siz
Page 103 and 104:
Part 2Case studiesThe Global Econom
Page 105 and 106:
European private equity cases: intr
Page 107 and 108:
Exhibit 1: Private equity fund size
Page 109 and 110:
Messer Griesheimann-kristin achleit
Page 111 and 112:
ealized it was not possible to grow
Page 113 and 114:
The deal with Allianz Capital partn
Page 115 and 116:
the deal, the private equity invest
Page 117 and 118:
Exhibit 1: The Messer Griesheim dea
Page 119 and 120:
Exhibit 5: Post buyout structureMes
Page 121 and 122:
New Lookann-kristin achleitnerTechn
Page 123 and 124:
feet. This restricted store space w
Page 125 and 126:
institutional investors why this in
Page 127 and 128:
Although a public listing did not a
Page 129 and 130:
Exhibit 5: Employment development a
Page 131 and 132:
Chinese private equity cases: intro
Page 133 and 134:
Hony Capital and China Glass Holdin
Page 135 and 136:
Hony’s Chinese name means ambitio
Page 137 and 138:
Establishing early agreement on pos
Page 139 and 140:
Executing the IPOEach of the initia
Page 141 and 142:
Exhibit 1A: Summary of Hony Capital
Page 143 and 144:
Exhibit 4: Members of the China Gla
Page 145 and 146:
Exhibit 6A: China Glass post‐acqu
Page 147 and 148:
Exhibit 8: China Glass stock price
Page 149 and 150:
3i Group plc and Little Sheep*Lily
Page 151 and 152:
y an aggressive franchise strategy,
Page 153 and 154:
soul” of the business. But there
Page 155 and 156:
Exhibit 1: Summary information on 3
Page 157 and 158:
Exhibit 6: An excerpt from the 180-
Page 159 and 160:
Indian private equity cases: introd
Page 161 and 162:
ICICI Venture and Subhiksha *Lily F
Page 163 and 164:
investment,” recalled Deshpande.
Page 165 and 166:
2005 - 2007: Moderator, protector a
Page 167 and 168:
Exhibit 3: Subhiksha’s board comp
Page 169 and 170:
Warburg Pincus and Bharti Tele‐Ve
Page 171 and 172:
founded two companies at this time
Page 173 and 174:
By 2003 this restructuring task was
Page 175 and 176:
Exhibit 1C: Private equity investme
Page 177 and 178:
Exhibit 4B: Bharti cellular footpri
Page 179 and 180:
Exhibit 6: Summary of Bharti’s fi
Page 181 and 182:
Exhibit 7: Bharti’s board structu
Page 183 and 184:
In the 1993‐94 academic year, he
Page 185 and 186:
consumer products. She was also a R
Page 187 and 188:
AcknowledgementsJosh LernerHarvard
Page 189:
The World Economic Forum is an inde
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