Trabalho de Evento
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3235
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Resultados da Pesquisa
Trabalho de Evento Either Board Interlock hiring or Private Equity funding: how Brazilian pre-IPO firms signal management quality(2015) ANDREA MARIA ACCIOLY FONSECA MINARDI; Silva, Emília Borges da; CHARLES KIRSCHBAUM; Rossoni, LucianoPre-IPO firms strive to perform the required changes before opening its capital to the stock market. Among these changes, firms perform operational and strategic shifts, as well as incorporate corporate governance practices. In order to cope with these changes, pre-IPO firms usually attempt to attract professionals and firms that will both help them throughout this trajectory. Because internal changes will not have an immediate impact, market actors must rely on the firm’s signals in order to infer quality, given the inherit asymmetry of information. Throughout this paper, we espouse the ‘signaling theory’ in order to propose that pre-IPO firms will try to choose the most efficient signals in order to increase the odds of post-IPO abnormal results. Specifically, we test two signals: association to private equity firms and attraction of central board members from the board interlock community. We tested these hypotheses for Brazilian IPOs from 2004 to 2013. While the association to private equity firms increased the odds of post-IPO performance for all sample, betweenness (information flow) and participation in other boards (degree) hypotheses were supported only for those firms without private equity funding. These results suggest that, for the Brazilian context, attracting board members from the interlock community is a second-best strategy, when compared to being associated to a private equity firm.Trabalho de Evento Should Pre‐IPO Firms Signal Status Through Highly Central Board Members?(2015) CHARLES KIRSCHBAUM; Borges, Emilia; ANDREA MARIA ACCIOLY FONSECA MINARDI; Rossoni, LucianoTrabalho de Evento Who is the boss? Entrepreneurial governance in private equity investments in emerging markets(2020) ANDREA MARIA ACCIOLY FONSECA MINARDIWe investigate the different forms of entrepreneurial governance in private equity (PE) investments in emerging markets. Our research design is a multicase, inductive study that uses field data to assess the full cycle of PE investments in forty companies in Brazil, a dynamic emerging economy. Our central contribution is a framework of PE investment in the presence of institutional voids. We find that PE firms can adopt three distinct entrepreneurial governance structures: growth equity, entrepreneurial buyout, and submissive buyout. We describe the main characteristics of these governance structures and discuss the key drivers that influence their adoption.Trabalho de Evento Private Equity Funds and Acquisition Multiples in the BRIC(2018) ANDREA MARIA ACCIOLY FONSECA MINARDI; Olivares, Rodrigo Henriques; Pinho, Paulo José Jubilado Soares deThe Private Equity (PE) activity has been growing globally. It represents a significant stake of merge and acquisition (M&A) transactions. We expect that Private Equity managers pay lower prices than non-PE bidders. Their cost of capital reflect illiquidity premium, usually there are no synergy gains in PE deals, they are recurrent players in M&A, and some entrepreneurs accept lower offer prices from PE in exchange of fund’s know-how and certification effect. The objective of this article is to investigate if the PE acquisition multiples are lower than non -PE multiples in the BRIC countries (Brazil, Russia, India and China). Those emerging market countries raised a lot of PE capital recently, and funds should be efficient to deliver a premium for emerging markets. We run multiple linear regression and propensity score matching. Our results showed that on average PE funds had lower multiples than non-PE funds, but this is not the case in all the BRIC countries. When we run the regressions for countries individually, only Russia and China had a significant discount in the acquisition multiple, indicating that PE deal flow and discipline for investing differ in the BRIC.Trabalho de Evento Market Condition and the Exit Rate of Private Equity Investments in Brazil(2018) ANDREA MARIA ACCIOLY FONSECA MINARDIExit is a crucial issue for private equity (PE) industry. Fund managers tend to time the market to exploit favorable market conditions and sell their equity stake at a higher price, generating higher return. In this article we investigate the magnitude of the impact of market condition in the exit rate of Brazilian PE deals. We use the hazard model and two proxies for hot market condition: the market price-earning ratio and the number of IPOs. Our results indicate that PE funds do market timing, and that the magnitude is higher when the proxy is price-earning ratio.Trabalho de Evento Private Equity and Venture Capital Growth and Performance in Brazil(2018) ANDREA MARIA ACCIOLY FONSECA MINARDI; ADRIANA BRUSCATO BORTOLUZZOPrivate Equity (PE) and Venture Capital (VC) investors have been allocating more capital to emerging markets. Although this increases the learning and knowledge transfer, it also raises concern if the PE/VC firms are shorthanded to absorb this growth. We investigate the impact of growth on the performance of Brazilian PE/VC industry. The results indicate that the number of deals simultaneously managed reduces the probability of total loss. However, when we exclude total losses, we find that a higher number of deals affects the performance of PE deals negatively, but that this is not the case for VC.Trabalho de Evento Entrepreneurial Governance in Private Equity Investments: an Emerging Market Perspective(2018) ANDREA MARIA ACCIOLY FONSECA MINARDI; GUILHERME FOWLER DE AVILA MONTEIRO; Penno, LuizWe investigate the different forms of entrepreneurial governance in private equity investments in emerging markets. Our research design is a multi-case, inductive study that uses field data to assess the full cycle of private equity investment in forty companies. We find that private equity firms can adopt four distinct entrepreneurial governance structures along two main dimensions: minority versus majority investments and active versus passive investor role. We analyze the main characteristics of these governance structures and discuss the main drivers that influence its adoption. Overall, our central contribution is enlarging the study of private equity governance in fragile institutional environments.Trabalho de Evento The impact of Private Equity and Venture Capital Growth on Performance(2017) ANDREA MARIA ACCIOLY FONSECA MINARDI; ADRIANA BRUSCATO BORTOLUZZO; Moreira, Lucas do AmaralTrabalho de Evento Underpricing and Partial Adjustment in Brazilian Private Equity Backed IPOs(2016) ANDREA MARIA ACCIOLY FONSECA MINARDI; Otero, MarceloThis paper analyzes how the sponsorship of a private equity firm impacts underpricing of initial public offerings (IPOs). Underpricing is well documented in financial literature, and there are evidences that one of its causes is partial adjustment. Partial adjustment occurs when the underwriter of an issue does not adjust the offering price to the demand observed during the bookbuilding process, creating positive initial returns. We analyze IPOs issued in Brazil between 2004 and 2014. We considered the overallotment option in estimating the underpricing, and our results conclude that partial adjustments and underpricing are higher for private equity backed IPOs.