Write theoretical framework strictly following this schedule and using a minimum

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Jan 10, 2023


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Write theoretical framework strictly following this schedule and using a minimum of 20 sources. Find supporting evidence for the hypotheses and introduce the hypothesis into the text. The hypotheses cannot be changed. It is important that the arguments for the hypotheses 1. Private equity performance
– Describe Performance measures for private equity funds and firms (this should be IRR and money multiple)
– Describe the different researches into private equity fund performance compared to public markets and their results
– Describe how private equity firms can affect the performance of portfolio companies
– Show research into the performance of portfolio companies compared to other companies
2. Private equity specialization
– Different ways of private equity specialization (stage and industry)
– Development of private equity specialization through the years
3. Private equity industry specialization
– Benefits for industry specialization
– Potential risks for industry specialization
4. Private equity industry specialization and performance
– Performance research for private equity industry specialization
– Use: cressy et al. 2007
– H1: The IRR of funds of industry-specialized private equity firms are higher than the IRR and Multiple of funds of non-specialized private equity firms.
5. Differences per industry
– Private equity activity differences per industry
– Performance differences per industry
– Specialization in different industries
– H2: The effects of industry specialization by private equity firms on fund performance are different per industry
6. Firm resources influencing the performance of specialized firms
– Influence of firm resources on results of al PEs
– Influence of firm resources on specialization
– H3: The effect of industry specialization on the fund IRR and Multiple is stronger for larger funds than for smaller funds
7. Increased risk trough specialization
– Cyclicality risks of private equity specialization
– PE and the financial crisis
– Specialization and the financial crisis
– H4: the financial crisis had a larger negative impact on the IRR of industry specialized firms
Background on the variables mentioned in the hypotheses, these do not need to be described in this section but i describe theses so you know that these are the area of focus of the research and that research mentioning these variables is extra valuable for the theoretical framework. Net Multiple:
Reveals how many times investors have received, or are likely to receive, their money back and make a profit from their investments. It is the sum of the DPI plus RVPI, expressed as a multiple: Multiple (X) = {DPI (%) + RVPI (%)} = Dist ($) + Value ($) 100 Called Capital ($) Net Internal Rate of Return (IRR %):
Money-weighted return expressed as a percentage. Net IRR uses the present sum of cash contributed, the sum of distributions, and the current value of unrealized investments and applies a discount. This amount should be net of any carry/performance fees earned by the GP. Specialisation metric: ICA as mentioned by cressy et al. 2007 in their paper
examples of good sources: Bloom, N., Raffaella S., & Van Reenen ,J., (2015). Do Private Equity Firms Have Better Management Practices? American Economic Review: Papers and Proceedings 105, no. 5
Castellaneta, F., Gottschalg, O. (2016) Does ownership matter in private equity? The sources of variance in buyouts’ performance. Strategic Management Journal 37 (2): 330-348. Chen, N., & Wang, K. (2022). An Overview on Private Equity Leveraged Buyouts. In 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) (pp. 2046-2053). Atlantis Press.
Davis, S. J., Haltiwanger, J., Handley, K., Jarmin, R., Lerner, J., & Miranda, J. (2014). Private equity, jobs, and productivity. American Economic Review, 104(12), 3956-90.
Harris, R. S., Jenkinson, T., & Kaplan, S. N. (2014). Private equity performance: What do we know?. The Journal of Finance, 69(5), 1851-1882.
Harris, R., Siegel, D. S., & Wright, M. (2005). Assessing the impact of management buyouts on economic efficiency: Plant-level evidence from the United Kingdom. Review of Economics and Statistics, 87(1), 148-153.
McKinsey & Company (2022). Private markets rally to new heights – McKinsey Global Private Markets Review 2022
Kaplan, S. N., & Stromberg, P. (2009). Leveraged buyouts and private equity. Journal of economic perspectives, 23(1), 121-46.
Metrick, A., & Yasuda, A. (2010). The economics of private equity funds. The Review of Financial Studies, 23(6), 2303-2341.
Wright Robbie, M. K. (1998). Venture capital and private equity: A review and synthesis. Journal of Business Finance & Accounting, 25(5‐6), 521-570.
Gompers, P., & Lerner, J. (1999). An analysis of compensation in the US venture capital partnership. Journal of Financial Economics, 51(1), 3-44.
Kaplan, S. N., & Sensoy, B. A. (2015). Private equity performance: A survey. Annual Review of Financial Economics, 7, 597-614.


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