Please use this identifier to cite or link to this item: https://repositorio.insper.edu.br/handle/11224/3885
Type: Trabalho de Evento
Title: Market Condition and the Exit Rate of Private Equity Investments in Brazil
Author: Minardi, Andrea Maria Accioly Fonseca
Publication Date: 2018
Original Abstract: Exit 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.
Keywords in original language : Private Equity
Market timing
Hazard Model
Exit
Language: Inglês
CNPq Area: Ciências Exatas e da Terra
URI: https://www.balas.org/2018-Conference-Proceedings
Copyright: O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR
Appears in Collections:Coleção de Trabalhos Apresentados em Eventos

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