Trabalho de Evento
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3235
Navegar
3 resultados
Resultados da Pesquisa
Trabalho 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 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 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.