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Private Equity Firms’ Behaviours in Western Europe: Does Country Matter?

Abdesselam Rafik,Bastié Françoise,Cieply Sylvie ()
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Abdesselam Rafik,Bastié Françoise,Cieply Sylvie: Université de Caen, France

Frontiers in Finance and Economics, 2009, vol. 6, issue 2, 46-66

Abstract: Using a unique dataset of private equity firms (PEFs), this paper analyses the investment behaviour of private equity fund managers. This paper uses a multi-country sample of PEFs to compare the approaches to investee valuation, contractual agreements and financial tools in Europe. Univariate analyses describe practices of PEFs and multivariate analyses identify groups of homogeneous countries i.e. countries where PEFs’ behaviours are similar. The comparison of these groups with traditional classifications based on legal regimes does not perform very well. This result can illustrate either the limits of the classification of countries based on legal regimes or the increasing integration of the most developed European countries that makes practices of financial actors converge across European countries.

Keywords: Private Equity; Legal Regimes; Investment Appraisal; Contractual Agreements; Financial Tools (search for similar items in EconPapers)
JEL-codes: G24 G30 D81 D82 G32 M13 M40 (search for similar items in EconPapers)
Date: 2009
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