1 Corporate Governance and Value Creation : Evidence from Private Equity 1 by Viral

@inproceedings{Acharya20081CG,
  title={1 Corporate Governance and Value Creation : Evidence from Private Equity 1 by Viral},
  author={Viral Acharya},
  year={2008}
}
We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or out-performance of the deal. The alpha out-performance is significant on average and robust during sector downturns. In the cross-section of deals, alpha is related to enterprise-level operating performance, especially to greater… CONTINUE READING
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