Equity Markets Do Not Fit All: an Analysis of Public‐to‐Private Deals in Continental Europe
研究了2000-2005年欧洲大陆106起上市公司私有化交易，发现家族企业主导的交易有更高异常回报，而低估和小型公司也表现更好。
Abstract Concentration of family‐based ownership and recent development of private equity companies in Continental Europe suggest that the motivations and results of public‐to‐private (PTP) deals may differ from well‐studied cases in the USA and the UK. We overview the PTP market and measure the cumulative abnormal returns (CARs) of 106 PTP deals concluded in Continental Europe from 2000 to 2005, introducing a model to explain the abnormal returns. Our results partially confirm findings of previous studies, namely, that undervalued and smaller firms register higher CARs. We additionally find that deals promoted by family owners register higher abnormal returns, whereas financial investors and private operating firms show no impact.