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Value Creation in Successful LBOs
Daniel Pindur analyzes value creation in successful LBOs on investment level conceptually and empirically from an LBO equity investor perspective. Based on the LBO transaction model, the author decomposes total proceeds to LBO equity investors and derives a two-tier framework of an internal and an external perspective, thereby structuring the conceptual discussion of various determinants affecting these components. Founded on a novel database with detailed company- and transaction-specific information for a sample of 42 realized European LBO investments, he then quantifies LBO investment performance measures and their components and identifies the determinants of value creation in LBO investments.
Value Creation in Leveraged Buyouts : Analysis of Factors Driving Private Equity Investment Performance
Over the last years, buyout activity has risen dramatically - especially in Europe - sparking intense public discussion about financial investors' role and the value they can add to companies and the overall economy.Using quantitative analysis, he shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. It also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
Value Creation in European Equity Carve-Outs
The total volume of equity carve-outs (i.e. IPOs of subsidiary firms) in Europe over the last 20 years amounts to approx. € 90 billion. Carve-outs thus account for almost 20% of the total IPO volume. Companies use them for a variety of reasons aimed at increasing shareholder value. Nevertheless, not all carve-outs actually do create value.
The Sun Gate Hotel & Resort Marketing Plan
The Sun Gate Hotel & Resort invested a location at the Coast of Latakia to open up new doors for people to enjoy and relax and entertain themselves with high quality of services and amenities. The Sun Gate Hotel & Resort will follow the desire of customers who seek more exciting, breathtaking, relaxing experience, and a luxuries services and hospitality methods, and rooms and accommodation facility that includes all equipment required to satisfy and treat our customers with an expert well trained staff. There are many reasons for choosing the investment of the hotel & resort; The Sun Gate Hotel and Resort wants to make a new brand name of its own and a positioning in the customers' minds letting them enjoy every moment to lead them to satisfaction.
The role of financial indicators in influencing the market price of shares
Research focused on five private Syrian banks, which were represented by five different banks in their performance so that the sample is not biased, namely (Bemo Bank, Baraka Bank, The Arab Bank, the International Bank for Trade and Finance and the Cham Bank) and during five years (2016 to 2020) and using one of the indicators, which were (debt index, profitability index, stock index and liquidity index). Our study showed that there is a weak Positive relationship between the return on equity index. Ownership and the market price of the share, and that there is a weak inverse relationship between the indicators of the liquidity ratio and the debt ratio with the market price of the share, in addition to the presence of a strong Positive relationship between the book value multiplier and the market price of the share.
The Microstructure of European Bond Markets : Organization, Price Formation, and Cost of Liquidity
The volumes outstanding in bond markets are by far larger than in equity markets. Despite this fact, research on the microstructure of financial markets is mainly focused on equity markets. Because of the differences between bond and equity markets, theoretical as well as empirical results from equity markets cannot be transferred to bond markets.
The Market Approach to Comparable Company Valuation
Corporate valuation using multiples is one of the most popular corporate valuation approaches. In this book, the different steps of this valuation approach such as the selection of comparable companies or the choice of the reference variables are discussed. Then, the circumstances required for a sound valuation (e.g., the degree of efficiency of the equity market) are described.
The Impact of Voluntary Disclosure on Financial Performance : An Applied Study on Banks and Insurance Companies Listed in DSE
The aims of the study were to clarify the impact of voluntary disclosures on the return on assets, clarify the impact of voluntary disclosures on the return on equity and to clarify the impact of voluntary disclosures on financial performance. To achieve the goals, the study used the financial statements of (14) banks and (7) insurance companies listed in Damascus Securities Exchange (DSE), for the period from (2016 till 2020) to measure their level of voluntary disclosure using the 9 main axes. Then calculating the sample’s return on assets and return on equity as a way to measure financial performance.
The impact of the size of the capital on the performance indicators of traditional private bank
The financial performance of banks is affected by many variables, including the size of the capital. The size of the capital was studied for each of the Bank of Jordan, the Bank of France, the Bank of Qatar and the Bank of Trade and Finance, and the impact of that size on the return on total assets, the return on ownership and the liquidity ratio. And standard analysis was used to show that relationship, as the ARDL-J. J . methodology was followed Optimal regression models were developed and the results showed that there was no relationship between the size of capital and the rate of return on assets, while for the relationship between the size of capital and the rate of return on equity, the results showed that there was no relationship between them except in some cases. As for the liquidity index, there is also no connection between it and the size of the capital, except for the Bank of France, which showed the existence of this relationship.
The impact of the abuse of power by Syrian companies on their financial performance : An applied study at Damascus securities exchange
Presents an examination of abusing of power besides some variables impact on financial performance (ROE & ROA). Our test is applied on (22) listed companies at Damascus Securities Cxchange for the period (2019) to (2023). The objective is to determine the firms abusing power through a questioner was used, and to measure other variables as : age, size, employees number, employees benefits, marketing and service benefits, BOD structure and audit report type, and then test their impact on key financial performance indicators, namely return on assets (ROA) and return on equity (ROE).
The Impact of Management Expenses on Company’s Profitability
The purpose of this project to determine the impact of the general and administrative expenses on a firm’s profitability that include return on assets ratio and return on equity. The data analysis was carried out on data collected between 2015 and 2020 from a sample of 120 of the company in the stock market (banks, insurance, industrial sector companies, agriculture and service). All though general and administrative expenses do not have a statistically significant effect on the return on assets ratio of the firm, they do have an effect on the return on equity ratio of the firm whereas, the lower the general and administrative expenses, the higher the return on equity ratio.
The impact of financial leverage and operational efficiency on the profitability of Syrian banks using Dupont model
Aims to reveal the influence of the financial leverage and operational efficiency on the profitability of Syrian banks and the extent of the possibility of using the debt to increase profitability. To achieve the objectives of the study, the necessary data were collected for the variables of the study which is independent variables represented by financial leverage (equity multiplayer) and operational efficiency (assets utilization, net profit margin). The dependent variable profitability is expressed as the return on assets.
The effect of training expenses on financial performance : A study on a sample of Syrian banks
Investigates the impact of human resources training expenses on financial performance in Syrian commercial banks. Training expenses were considered the independent variable, while financial performance represented by ROA (Return On Assets) and ROE (Return On Equity) was the dependent variable. The age of the bank was included as a control variable in the study. The target population consisted of all 11 Syrian banks listed on the Damascus Securities Exchange. The researchers relied on using panel data, which takes into account the effects of individual factors and time when estimating regression equations.
The effect of financial performance on the dividend distribution for the listed corporations in Damascus Securities Exchange (Applied Study on Syrian listed telecom companies MTN and syriaTel)
This study mainly deals with the impact of financial performance on the dividend distribution of the two Syrian telecom companies, MTN and Syriatel, which listed on the Damascus Stock Exchange. This study aims to examine whether there is an impact of the company's financial performance through ownership structure (OS), return on equity (ROE) and company size (ASSEST) to dividend ratio (DPR). Annual reports and corporate governance reports for the period 2010-2019 used as the main source of data collection for the two companies included in the sample
The dynamics of opportunity in America : Evidence and perspectives
Explore these powerful dynamics and to describe and convey them in a way that advances the national conversation about why we must take action – and how best to do so. This volume contains 14 chapters, including an epilogue, written by leaders from a range of fields including education, economics, demography, and political science. Collectively, they not only illuminate key aspects of the problem but also offer suggestions of what policies, programs, and changes in practices could begin to reverse the trends we are seeing. Written in an engaging style, this volume constitutes an essential foundation for informed discussion and strategic analysis.
The determinants of conventional Syrian banks profitability
Examines the impact of bank specific characteristics and macroeconomic variables on the profitability of Syrian banking industry by analysing balanced panel data from 2016 to 2019. A total of 11 Syrian conventional banks’ financial reports were analysed; The paper examines internal variables (bank-level indicators), which include financial leverage, liquidity, nonperforming loans and capital adequacy, as well as external variables, which include macroeconomic and industry-specific variables. The dependent variables used are return on assets (ROA) and return on equity (ROE). A multi-regression model of panel data regression analysis is hired for the analysis. The results revealed that the profitability of banks is greatly affected by non-performing debt and the financial Leverage. The results are consistent with previous research conducted on the impact internal factors on the profitability of banks.
The Crisis for Young People : Generational Inequalities in Education, Work, Housing and Welfare
Provides an original and challenging analysis of one of the most pressing social issues of our times: intergenerational inequality. Based on recent mixed-method research, it explores the extent and scope of generational divides through an up-to-date analysis of the changing opportunities for young people in Britain across different life domains. A central question addressed is whether current changes are best understood as growing inequalities within and across age groups, or whether we face a genuine intergenerational decline over the life course of this and future generations of youth. Andy Green’s controversial manifesto for intergenerational equity includes replacing higher education fees with a tax on graduates of all ages; the introduction of capital gains tax on sales of first homes; voting at 16, and a new charter of rights for private tenants.
Technology and Global Public Health
Explores the pivotal role played by technology over the past decade in advancing global public health and health care. At present, the global community faces unprecedented healthcare challenges fueled by an aging population, rising rates of chronic disease, and persistent health disparities. New technologies and advancements have the potential to extend the reach of health professionals while improving quality and efficiency of service delivery and reducing costs within the public and the private health systems.
Teaching for Excellence and Equity : Analyzing Teacher Characteristics, Behaviors and Student Outcomes with TIMSS
This book examines the interrelationship of national policy, teacher effectiveness, and student outcomes with a specific emphasis on educational equity. Using data from the IEA’s Trends in International Mathematics and Science Study (TIMSS) conducted between 1995 and 2015, it investigates grade four and grade eight data to assess trends in key teacher characteristics (experience, education, preparedness, and professional development) and teacher behaviors (instructional time and instructional content), and how these relate to student outcomes. Taking advantage of national curriculum data collected by TIMSS to assess changes in curricular strategy across countries and how these may be related to changes in teacher and student factors, the study focuses on the distributional impact of curriculum and instruction on students, paying particular attention to overall inequalities and variations in socioeconomic status at the student and country level, and how such factors have altered over time. Multiple methods, including regression and fixed effects analyses, and structural equation modelling, establish the evolution of these associations over time.
Systematic Investing in Credit
Focuses on their latest cutting-edge research into the appropriate role of credit as an asset class, the dynamics of credit benchmarks, and potential ways to benefit from equity information to construct effective credit portfolios. It is must-read material for all serious credit investors.
