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Foreign versus domestic buy-outs: evidence from returns of private equity

Heesch, Lukas Van; Ueland, Jon Melhus
Master thesis
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URI
http://hdl.handle.net/11250/2622603
Date
2019
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  • Master of Science [1823]
Abstract
This study investigates the differences between foreign- and domestic private

equity investments and identifies that factors explain these differences. We used a

unique dataset acquired from Bloomberg, analyzing 700 deals from the timeframe

1981-2019. Further, we analyzed which factors influence the return and which only

impacts the choice of country to invest. We found evidence that foreign investments

yield higher returns than domestic investments because of the inclusion of a risk

premium and that bilateral trust, taxes and specialized investors are the main

drivers. Furthermore, we did not find any statistical significance for geographical

or cultural distance, which was believed to be some of the most important drivers

of return for foreign investments after conducting literature review. Lastly, we find

evidence that during recessions holding period and strong governments are key

factors for higher returns.
Description
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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