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Market Condition and the Exit Rate of Private Equity Investments in Brazil

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Abstract:

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.
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Author's Keywords:

Private Equity; Market timing; Hazard Model; Exit
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Association:
Name: BALAS
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http://http://www.balas.org/


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URL: http://citation.allacademic.com/meta/p1345633_index.html
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MLA Citation:

Minardi, Andrea., Bruscato, Adriana., Ribeiro, Priscila. and Rosatelli, Piero. "Market Condition and the Exit Rate of Private Equity Investments in Brazil" Paper presented at the annual meeting of the BALAS, University of San Diego, San Diego, USA, Mar 21, 2018 <Not Available>. 2018-10-15 <http://citation.allacademic.com/meta/p1345633_index.html>

APA Citation:

Minardi, A. M., Bruscato, A. B., Ribeiro, P. F. and Rosatelli, P. L. , 2018-03-21 "Market Condition and the Exit Rate of Private Equity Investments in Brazil" Paper presented at the annual meeting of the BALAS, University of San Diego, San Diego, USA Online <PDF>. 2018-10-15 from http://citation.allacademic.com/meta/p1345633_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: 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.


Similar Titles:
The Fraying of the Foreign-Domestic Distinction in Emerging Markets: "Domestic" Private Equity Funds as New Actors

Impact of Private Equity investments on the performance of IPOs issued by Brazilian companies

Private Social Investment Professionals in Brazil – are we there yet? Evidences from an Institutional Logics Approach

U.S. Private Equity Investments in India


 
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