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Equity Carveouts, Agency Costs, and Firm Value
Lukas Junker
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Description for Equity Carveouts, Agency Costs, and Firm Value
Paperback. Lukas Junker shows that in contrast to the dominantly positive assessment, on the German capital market and on a long-term basis ECOs are associated with a deterioration of firm value. This can be mainly explained by a lack of independence of the subsidiary in the typical transaction. Series: Entrepreneurship. Num Pages: 469 pages, 51 black & white tables, biography. BIC Classification: KFF. Category: (P) Professional & Vocational. Dimension: 210 x 148 x 24. Weight in Grams: 604.
Equity carveouts (ECOs) as an instrument of financing and reorganization have increased in popularity: In 1999/2000, more than 40% of German IPO volume is accounted for by equity carveouts. Prominent examples are the carveout of Infineon (Siemens) and of T-Online (Deutsche Telekom). However, activity has decreased since the boom year 2000, and in 2002 and 2003 not a single ECO has taken place. In 2004, the planned ECO of Hapag-Lloyd was cancelled, and Deutsche Telekom even bought back T-Online. Thus, in practice there is no clear verdict on ECOs as instruments of financing and reorganization. The academic literature has been ... Read more
Equity carveouts (ECOs) as an instrument of financing and reorganization have increased in popularity: In 1999/2000, more than 40% of German IPO volume is accounted for by equity carveouts. Prominent examples are the carveout of Infineon (Siemens) and of T-Online (Deutsche Telekom). However, activity has decreased since the boom year 2000, and in 2002 and 2003 not a single ECO has taken place. In 2004, the planned ECO of Hapag-Lloyd was cancelled, and Deutsche Telekom even bought back T-Online. Thus, in practice there is no clear verdict on ECOs as instruments of financing and reorganization. The academic literature has been ... Read more
Product Details
Format
Paperback
Publication date
2005
Publisher
Deutscher Universitats-Verlag Germany
Number of pages
469
Condition
New
Series
Entrepreneurship
Number of Pages
445
Place of Publication
Wiesbaden, Germany
ISBN
9783835000926
SKU
V9783835000926
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
About Lukas Junker
Dr. Lukas Junker promovierte bei Prof. Dr. Malte Brettel am Lehrstuhl für Wirtschaftswissenschaften für Ingenieure und Naturwissenschaftler der Rheinisch-Westfälischen Technischen Hochschule Aachen. Er ist als Unternehmensberater im Sektor Financial Institutions bei McKinsey & Company in Frankfurt am Main tätig.
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