Investing in Rural Healthcare: Impact of Private Equity Acquisition on Financial and Utilization Outcomes of Rural Hospitals
by Amanda He Abstract Private equity investment in the healthcare sector has risen considerably in recent decades, yet the impact of private equity ownership in rural hospital markets is largely unknown. Existing research points to a correlation between private equity acquisition and increased hospital incomes and charges. Rural hospitals, however, are structurally and operationally different […]
Last Second Comebacks: Examining Influencers of Bankruptcy Success
by Eric Junzhe Zhang Abstract The American bankruptcy system allows for companies to file for Chapter 11 bankruptcy to protect their assets from creditors and reorganize their business operations to continue operating after going through bankruptcy court. While the process is meant to help improve the financial health and business operations of companies after they […]
What Affects Post-Merger Innovation Outcomes? An Empirical Study of R&D Intensity in High Technology Transactions Among U.S. Firms
by Neha Karna Abstract High levels of global M&A activity have characterized the past decade, making the policy debate over the impact of mergers on innovation even more pertinent. Innovation is a significant driver of economic growth and therefore a negative effect of mergers on innovation outcomes may have detrimental consequences. Nevertheless, the existing literature […]
After The Mega-Buyout Era: Do Public-to-Private Transactions Still Outperform?
By Bryn Wilson Abstract This thesis contributes to existing knowledge of the private equity asset class by examining whether public-to-private leveraged buyouts outperform public peers before and after the mega-buyout era (2005 – 2007). This paper considers the impact of four groups of value drivers on both market- and peer-adjusted returns. These value drivers include […]
Bang for Your (Green) Buck: The Effects of ESG Risk on US M&A Performance
by Richard Chen Abstract Mergers & Acquisitions (M&A) is a fundamental corporate activity that has not received much attention from an environmental, social, and governance (ESG) perspective. In this paper, I analyze how buyer and target ESG risks affect US M&A performance in both the short and long run as measured by deal valuations and […]
Private Equity Buyouts and Strategic Acquisitions: An Analysis of Capital Investment and the Timing of Takeovers in the United States
By Anthony Melita This paper investigates how motivational differences between agents who execute private equity buyouts and those who execute strategic (corporate) acquisitions may influence the timing of capital investment via takeovers. This paper synthesizes prominent merger theories to inform macroeconomic variables that may drive acquisitions. I find a significant negative expected effect of […]
Determining the Drivers of Acquisition Premiums in Leveraged Buyouts
By Peter Noonan This thesis analyzes factors that determine acquisition premiums paid by private equity firms in public to private leveraged buyouts. Building off of established literature that models the acquisition premiums paid in corporate mergers and acquisitions (M&A), this paper considers factors that influence a private equity firm’s willingness to pay (referred to […]
Investigating Underpricing in Venture-Backed IPOs Using Statistical Techniques
By Michael Tan This paper concerns applying statistical methods to investigate under-pricing in VC-backed technology Initial Public Offerings (IPOs) since the great recession. In particular, firm, market, and IPO-specific variables were explored to determine if there were any significant relationships to under-pricing. The paper focused on the Bank Preference theory of under-pricing, where under-pricing […]
Where Did the Money Go? Impact of the ECB’s Corporate Sector Purchase Program on Eurozone Corporate Spending
By Tina Tian Slow corporate growth and a lack of corporate investment has plagued European markets for the past decade. As a response, the ECB began the Corporate Sector Purchase Program (CSPP) in 2016 to provide liquidity to corporate debt markets through bond purchases. Four years after the start of the program, this paper […]
Leverage and Varying Metrics of Firm Performance
By Preston Jiateng Huang This paper sets out to examine the effect of leverage on company performance. Drawing on the methodology of key prior research, this study finds that leverage has a consistent negative effect on firm growth; by contrast, no such negative impact was found on return on equity. Importantly, such patterns hold throughout […]
