Private equity exits in emerging markets

Sofia Johan and Minjie Zhang ()

Emerging Markets Review, 2016, vol. 29, issue C, 133-153

Abstract: Using deal level data from 2733 private equity (PE) deals from 35 emerging markets, we find that PE fund managers have a higher probability of successful exits in countries with better business and legal environments. We also find that they are able to mitigate the potential costs associated with inefficient and corrupt business environments to increase the probability of exits by IPOs in countries with higher levels of corruption. Moreover, we find that market shocks in the developed markets result in a negative ripple effect as the probability of successful exits, especially by way of IPOs, decreases in emerging markets.

Keywords: Private equity; Emerging markets; IPO; Corruption (search for similar items in EconPapers)
JEL-codes: D73 F30 G01 G15 G24 G34 K22 O16 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:29:y:2016:i:c:p:133-153

DOI: 10.1016/j.ememar.2016.08.016

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