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The Journal of Private Equity

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The Exit Behavior of Private Equity Firms in Eastern Europe: An Empirical Analysis of the Main Exit Strategies

Mihai Precup
The Journal of Private Equity Fall 2019, jpe.2019.1.090; DOI: https://doi.org/10.3905/jpe.2019.1.090
Mihai Precup
is managing director at Progressio Capital Partners in Luxembourg City, Luxembourg
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Abstract

The author examines the two main exit routes preferred by private equity funds, initial public offerings (IPOs) and mergers and acquisitions (M&A), using quarterly data for Eastern European countries and covering the period 2000–2014. This article follows the work of Black and Gilson (1998), who confirmed the existence of a positive correlation between the number of IPOs (in year t) and the willingness of institutional investors to allocate funds to private equity firms (in year t + 1). Additionally, this article studies M&A as a second exit strategy for private equity investors by mobilizing the economic techniques that are used in time series analysis. The results show that Eastern European private equity firms prefer M&A exits followed by IPOs. The Granger causality test shows the existence of a unidirectional causality of the number of M&A to the volume of private equity investments in Eastern Europe.

TOPICS: Private equity, emerging markets, statistical methods

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The Journal of Private Equity: 23 (1)
The Journal of Private Equity
Vol. 23, Issue 1
Winter 2019
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The Exit Behavior of Private Equity Firms in Eastern Europe: An Empirical Analysis of the Main Exit Strategies
Mihai Precup
The Journal of Private Equity Aug 2019, jpe.2019.1.090; DOI: 10.3905/jpe.2019.1.090

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The Exit Behavior of Private Equity Firms in Eastern Europe: An Empirical Analysis of the Main Exit Strategies
Mihai Precup
The Journal of Private Equity Aug 2019, jpe.2019.1.090; DOI: 10.3905/jpe.2019.1.090
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    • M&A VERSUS IPOs: THEORY AND HYPOTHESIS
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