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|Trabalho de Evento
|Market Condition and the Exit Rate of Private Equity Investments in Brazil
|Minardi, Andrea Maria Accioly Fonseca
|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 :
|Ciências Exatas e da Terra
|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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|R_Evento_2018_Market Condition and the Exit Rate_EV.pdf
|R_Evento_2018_Market Condition and the Exit Rate_EV
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