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Journal articles on the topic 'Private placements'

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Author: Grafiati

Published: 4 June 2021

Last updated: 12 February 2022

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1

Yeh, Yin Hua, Pei Gi Shu, and Ming Sung Kao. "Corporate Governance and Private Equity Placements." Review of Pacific Basin Financial Markets and Policies 18, no. 02 (June 2015): 1550013. http://dx.doi.org/10.1142/s0219091515500137.

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In a private placement, the identity of the block purchaser has attracted much attention, while the characteristics of the issuing firm are sparsely noted. We hypothesize that the market concerns about the coupling between the issuing firm and the new block investor. Our empirical findings from a sample of 213 private equity placements in Taiwan indicate that the announcement effect of good-governance firms is significantly higher than that of bad-governance firms. Moreover, the induction of outside block investor further punctuates the coupling effect: the coupling between good-governance (poor-governance) firms and outside block investors yields even higher (lower) returns. Finally, the coupling effect remains significant in explaining the long-run performance of private-equity-placement firms.

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2

Jiaojiao, Li, and Qu Zenglong. "Investor Types and Company Performance through Private Placements Basing on State-Owned and -Controlled Listed Companies." International Journal of Business and Management 14, no. 11 (October 28, 2019): 250. http://dx.doi.org/10.5539/ijbm.v14n11p250.

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Theoretical and empirical analyses of listed companies owned and controlled by the state making private placement transactions during 2006 and 2013 were carried out to measure the short-term announcement effect of strategic and financial investors’ subscription for new shares in listed companies owned and controlled by the state on corporate governance and long-run performance of these listed companies. It was found that private placements had a positive influence on the performance of a state-owned and -controlled listed company as they brought new institutional investors to the company; strategic investors who subscribed for new shares in a state-owned and -controlled listed company have appeared to cause an announcement effect greater than financial investors; state-owned and -controlled listed companies that attracted strategic investors with private placements showed a higher level of corporate governance and better long-run performance in comparison to those launching private placements to financial investors only. This study reveals the differences between strategic and financial investors in their influences on short-term announcement effect, corporate governance, and long-run performance of a state-owned and -controlled listed company when they enter into private placement transactions with the company. These findings provide new perspectives on the economic consequences arising from the involvement of external institutional investors in private placements of state-owned and -controlled listed companies, which, to a certain extent, facilitate the decision-making process in private placement transactions and promote the mixed-ownership reform.

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3

Melia, Adrian, Paul Docherty, and Steve Easton. "The impact of regulation on the seasoned equity offering decision." Australian Journal of Management 45, no. 1 (May 10, 2019): 94–113. http://dx.doi.org/10.1177/0312896219833724.

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The rarity of rights issues in the United States makes it difficult to examine the choice between alternative seasoned equity offering (SEO) methods in that market. In Australia, however, both rights issues and private placements are prevalent. We therefore use the Australian market to test whether regulation influences a firm’s choice between rights issues and private placements. When a firm decides to issue seasoned equity in Australia, regulation favours private placements if the issue is small or needs to be completed quickly. Consistent with regulations affecting the choice between SEO types, our empirical results provide evidence that firms in Australia are more likely to choose a private placement for small issues or when taking advantage of temporary periods of overvaluation. JEL Classification: G12, G14

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4

Barclay, Michael J., Clifford G. Holderness, and Dennis P. Sheehan. "Private placements and managerial entrenchment." Journal of Corporate Finance 13, no. 4 (September 2007): 461–84. http://dx.doi.org/10.1016/j.jcorpfin.2007.04.009.

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5

Taylor, Lon W. "Raising Capital Through Private Placements." Journal of Business Strategy 9, no. 4 (April 1988): 62–64. http://dx.doi.org/10.1108/eb039247.

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6

Marciukaityte, Dalia, and Anita K. Pennathur. "Equity with Warrants in Private Placements." Financial Review 42, no. 1 (February 2007): 143–60. http://dx.doi.org/10.1111/j.1540-6288.2007.00165.x.

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7

Chung, Jaiho, and Joon Ho Hwang. "Pricing of Private Placements of Equity." Asia-Pacific Journal of Financial Studies 39, no. 1 (February 2010): 90–107. http://dx.doi.org/10.1111/j.2041-6156.2009.00005.x.

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8

Marciukaityte, Dalia, Samuel H. Szewczyk, and Raj Varma. "INVESTOR OVEROPTIMISM AND PRIVATE EQUITY PLACEMENTS." Journal of Financial Research 28, no. 4 (December 2005): 591–608. http://dx.doi.org/10.1111/j.1475-6803.2005.00141.x.

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9

Dean, Catherine M., Angela M. Stark, Carolyn A. Gates, Sharon A. Czerniec, Cheryl Hobbs, Lisa LD Bullock, and Ilka Kolodziej. "A profile of physiotherapy clinical education." Australian Health Review 33, no. 1 (2009): 38. http://dx.doi.org/10.1071/ah090038.

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The purpose of the study was to examine clinical education placement data to generate a profile of providers and examine the students? exposure to health care and educational factors during clinical education. A retrospective audit of clinical placement rosters was undertaken for 3 calendar years (2001?2003). Data were analysed overall and by clinical school for sites and placements, public or private sector and type of placement. Over the 3- year period, 209 sites provided 3475 clinical placements, with the number of placements increasing from 1066 placements in 2001 to 1133 in 2002 and to 1276 in 2003. Overall, 72.2% of placements were located in metropolitan Sydney. The proportion from regional providers increased over the 3 years from 11.8% to 15.1%. Overall 85.8% of placements were delivered by public providers. The profile indicated that a considerable number of clinical sites were utilised with an emphasis on large public hospitals. The challenge for curriculum development is to reduce the clinical education demands on current providers while ensuring graduates meet entry-level standards of physiotherapy.

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10

Burns, Kenneth, Conor O’Mahony, and Rebekah Brennan. "‘Private Family Arrangements’ for Children in Ireland: The Informal Grey Space In-Between State Care and the Family Home." British Journal of Social Work 51, no. 4 (February 22, 2021): 1203–20. http://dx.doi.org/10.1093/bjsw/bcab032.

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Abstract The literature on alternative care focuses overwhelmingly on formal, court-ordered placements; voluntary care placements are discussed less frequently. Least attention of all has been given to informal kinship care placements, where a child is cared for by relatives but is not formally in the legal care of state authorities. In Ireland, these placements, when facilitated by state authorities in lieu of a care order or voluntary care agreement, are known by professionals as ‘private family arrangements’. This article explores evidence which shows that the use of such arrangements is motivated partly by a concern for subsidiarity, and partly by necessity: they provide a source of placements in cases where regulatory requirements and a lack of resources would otherwise make the placement challenging or impossible. However, this strategy carries significant risks. Private family arrangements receive less support and oversight from state authorities than formal care placements, and family members providing care under this model have no legal rights or responsibilities in respect of the child(ren). This places the child(ren) in a precarious position and raises concerns regarding a lack of equity of care. The article will illustrate the impact of these concerns and make recommendations for reform.

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11

Hertzel, Michael, and Lynn Rees. "Earnings and Risk Changes around Private Placements of Equity." Journal of Accounting, Auditing & Finance 13, no. 1 (January 1998): 21–35. http://dx.doi.org/10.1177/0148558x9801300102.

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This paper investigates earnings and risk changes for a sample of firms that issued equity in a private placement. The study is motivated by empirical findings that announcements of public and private sales of equity are associated with opposite stock price effects. We find that earnings increase significantly subsequent to the equity offer and that postoffer earnings changes are positively correlated with announcement period stock price effects. We do not find evidence that private equity sales convey information about the underlying riskiness of firms' assets. These results suggest that private placements of equity convey favorable information to investors about future earnings and contrast with evidence from earlier studies that announcements of public equity issues convey unfavorable information about future prospects.

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12

Greatorex, Lynn. "My best placements were in private hospitals." Nursing Standard 17, no. 25 (March 5, 2003): 31. http://dx.doi.org/10.7748/ns.17.25.31.s51.

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13

Chandra, Uday, and Nandkumar (Nandu) Nayar. "The Information Content of Private Debt Placements." Journal of Business Finance & Accounting 35, no. 9-10 (November 2008): 1164–95. http://dx.doi.org/10.1111/j.1468-5957.2008.02103.x.

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14

Tan, Ruth S. K., P. L. Chng, and Y. H. Tong. "Private placements and rights issues in Singapore." Pacific-Basin Finance Journal 10, no. 1 (January 2002): 29–54. http://dx.doi.org/10.1016/s0927-538x(01)00028-2.

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15

Szewczyk, Samuel H., and Raj Varma. "RAISING CAPITAL WITH PRIVATE PLACEMENTS OF DEBT." Journal of Financial Research 14, no. 1 (March 1991): 1–13. http://dx.doi.org/10.1111/j.1475-6803.1991.tb00640.x.

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16

Cafritz, Eric, Olivier Genicot, and Benoit Ternon. "The regulation of private placements in France." Journal of Investment Compliance 10, no. 4 (November 20, 2009): 42–50. http://dx.doi.org/10.1108/15285810911007417.

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17

Johnson, Greg, and Thomas Funkhouser. "Yankee Bonds and Cross-Border Private Placements." Journal of Applied Corporate Finance 10, no. 3 (September 1997): 34. http://dx.doi.org/10.1111/j.1745-6622.1997.tb00145.x.

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18

Hussain, Alfred. "Private Placements – Prosess og kommersielle spørsmål." Praktisk økonomi & finans 28, no. 03 (September 13, 2012): 49–61. http://dx.doi.org/10.18261/issn1504-2871-2012-03-06.

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19

Shichor, David, and Clemens Bartollas. "Private and Public Juvenile Placements: Is there a Difference?" Crime & Delinquency 36, no. 2 (April 1990): 286–99. http://dx.doi.org/10.1177/0011128790036002007.

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This study examines the patterns of public and private juvenile placements in one of the larger probation departments in Southern California. About two-thirds of the juveniles sent to institutional placements were placed in a private setting, and one-third were assigned to public institutions. This pattern was due to financial arrangements between the state and the county government. There were indications that more juveniles with the traditional “delinquent” background were placed in public institutions, while juveniles with individual problems were more likely to be sent to private placements. The policy implications of these patterns are analyzed in the article.

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20

Ratcliffe, Christopher, and Bill Dimovski. "Market discounts and shareholder benefits." Journal of Property Investment & Finance 32, no. 6 (August 26, 2014): 570–88. http://dx.doi.org/10.1108/jpif-05-2014-0031.

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Purpose – The purpose of this paper is to examine the impacts of private placement announcements by Australian Real Estate Investment Trusts (A-REITs) on existing shareholders. The study examines 96 A-REIT private placements from January 2000 to December 2012. Design/methodology/approach – Utilising event study methodology the authors examine the impact on existing shareholders wealth by measuring the abnormal returns (AR) around the placement announcement. The authors extend the analysis to model the A-REITs ARs against a number of explanatory variables to investigate the possible drivers for the observed event study results. Findings – The results support the information signalling hypothesis, in that existing investors in A-REITs earn negative and significant cumulative ARs of −1.3 per cent over the three-day event window [−1, +1]. This result is in contrast to prior studies conducted on industrial firms, for example; Hertzel and Smith (1993), Krishnamurthy et al. (2005) and Wruck and Wu (2009). Practical implications – Regression analysis shows A-REITs trading at a premium to net tangible assets and A-REITs that use placement funds for their core business have a positive impact on announcement ARs. Originality/value – This paper adds to the existing literature surrounding private placements and is the first paper, to the authors’ knowledge, to examine the impact of Australian REITs.

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21

Sloggett, Kym, Nancy Kim, and Debra Cameron. "Private Practice: Benefits, Barriers and Strategies of Providing Fieldwork Placements." Canadian Journal of Occupational Therapy 70, no. 1 (February 2003): 42–50. http://dx.doi.org/10.1177/000841740307000106.

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Background. Occupational therapists are entering private practice in ever increasing numbers. In order to gain the skills to practice in this area, students should have the opportunity to experience private practice fieldwork placements. However, the number offered in private practice settings continues to be limited. The purpose of this exploratory qualitative study was to identify the benefits, the barriers, and the strategies associated with providing fieldwork opportunities in private practice. Methods. Data were obtained through semi-structured interviews with six occupational therapists in private practice. Results. Results indicated that participating in fieldwork education affords benefits to the profession of occupational therapy, to the clinician, and to the facility. Potential barriers included student characteristics, cost, time, travel and legalities. Involvement from the university and the private setting were considered necessary for providing and implementing strategies. Clinical Implications. The findings have implications for increasing private practice placements for future students in occupational therapy and other health care professions offering clinical placements as a component of their formal education.

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22

Koopman, A., S. Perumal, K. Perumal, M. Williamson, and Z. E. Cebisa. "Students’ perceptions on the effectiveness of product placements: A case study of a private higher education institution in Durban." Business and Management Review 11, no. 02 (December 15, 2020): 79–88. http://dx.doi.org/10.24052/bmr/v11nu02/art-10.

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The aim of the study was to investigate students’ perceptions of the effectiveness of product placements and to determine whether they are aware of product placements, whether they pay any attention to product placements and whether the exposure to product placements has influenced their purchasing behaviour in any way. This study adopted a quantitative research approach and employed the case study design; hence, the main focus of this study is on how students, based at private higher institution in Durban, perceive the effectiveness of product placement. The study was conducted at a private higher education institution with an estimated population of 1000; the sample size was 135. The form of non-probability convenience sampling method was employed. Although the form of non-probability sampling techniques is not common in quantitative studies, sufficient representation was ensured. Hence, the research results were able to be generalised from a sample to a population. Quantitative data was collected using the questionnaire method. SPSS statistical package was used to capture numerical data. The study also employed both descriptive and inferential statistics in order to infer the sample results to the entire population. The quantitative data analysis results indicated that product placements are similar to traditional advertising in terms of capturing the audience’s attention, developing positive feelings towards the product and recall when faced with a purchase decision. The study has also contributed immensely to the digital and social media advertising theory and practice.

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23

Gwon, Jae Hyun. "Problems of Private Equity Placements in South Korea and Suggestions for Amendable Measures." Korean Journal of Financial Studies 50, no. 2 (April 30, 2021): 171–200. http://dx.doi.org/10.26845/kjfs.2021.04.50.2.171.

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In the context of the protection of individual investors of private investment funds in South Korea, this study examines the current regulation of private placements from legal and economic perspectives. It compares Rule 506 of Regulation D in the United States with the similar regulation of South Korea. The most distinguishing feature of South Korea’s regulation is that any individual who can evidence a certain investment amount, regardless of accreditation or sophistication, is eligible to participate in private equity funds, which has recently resulted in “incomplete sales” problems in Korea. To conform to the definition of private equity, it is best to abolish the threshold criteria of minimum investment amount. Otherwise, the “sales” of private equity via commercial banks and central institutions for financial stability must at least be banned so that individual investors do not confuse private placement with public offering. In return, public advertisement can be permitted for private equity funds with only accredited investors and sophisticated investors. Public fund investment in private equities are de facto private equities; they are inappropriate for individuals, who may be confused with private funds and public funds. As such, they need to be limited.

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24

Horan, Stephen M. "Long-Run Performance Following Private Placements of Equity." CFA Digest 33, no. 2 (May 2003): 95–96. http://dx.doi.org/10.2469/dig.v33.n2.1296.

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25

Liang, Hsiao-Chen, and Woan-Yuh Jang. "Information asymmetry and monitoring in equity private placements." Quarterly Review of Economics and Finance 53, no. 4 (November 2013): 460–75. http://dx.doi.org/10.1016/j.qref.2013.05.009.

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26

Lin, Jing, Steven X. Zheng, and Mingshan Zhou. "Wealth transfer through private placements: Evidence from China." Financial Review 55, no. 2 (October 2019): 199–219. http://dx.doi.org/10.1111/fire.12215.

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27

Chandera, Yane, and Lukas Setia Atmaja. "Wealth effects of private placements: evidence from Indonesia." International Journal of Accounting and Finance 6, no. 2 (2016): 145. http://dx.doi.org/10.1504/ijaf.2016.079094.

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28

Folta, Timothy B., and Jay J. Janney. "Strategic benefits to firms issuing private equity placements." Strategic Management Journal 25, no. 3 (January 26, 2004): 223–42. http://dx.doi.org/10.1002/smj.373.

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29

Hertzel, Michael, Michael Lemmon, James S. Linck, and Lynn Rees. "Long-Run Performance following Private Placements of Equity." Journal of Finance 57, no. 6 (December 2002): 2595–617. http://dx.doi.org/10.1111/1540-6261.00507.

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30

Chakraborty, Indraneel, and Nickolay Gantchev. "Does shareholder coordination matter? Evidence from private placements." Journal of Financial Economics 108, no. 1 (April 2013): 213–30. http://dx.doi.org/10.1016/j.jfineco.2012.10.001.

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31

Brooks and J. Edward Graham. "Equity private placements, liquid assets, and firm value." Journal of Economics and Finance 29, no. 3 (September 2005): 321–36. http://dx.doi.org/10.1007/bf02761578.

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32

Potts, Heather, Jennifer Babcock, and Mary McKee. "Considerolions for Fieldwork Education within a Private Practice." Canadian Journal of Occupational Therapy 65, no. 2 (April 1998): 104–7. http://dx.doi.org/10.1177/000841749806500206.

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Private practice is a growing field for occupational therapists, and fieldwork placements in this area can provide occupational therapy students with a unique and timely learning experience. As non-traditional placements are being considered more frequently, practitioners in private practice have a greater mandate to respond and to provide opportunities for student field-work experience. This article is designed to highlight some of the unique considerations, for both therapist and student, related to fieldwork experience in a private practice setting. It is based on the personal experience of the authors, a review of the literature, and discussions with other private practitioners.

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33

Cheng, Lee-Young, Ming-Chang Wang, and Kung-Chi Chen. "Institutional Investment Horizons and the Stock Performance of Private Equity Placements: Evidence from the Taiwanese Listed Firms." Review of Pacific Basin Financial Markets and Policies 17, no. 02 (June 2014): 1450009. http://dx.doi.org/10.1142/s021909151450009x.

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This study examines how the investment horizon of the institutional shareholders of a firm affects the stock performance of private equity placements. The results show that firms with long-term institutional investors receive significantly positive abnormal returns around the offering announcement. Post-issue stock price underperformance is especially pronounced in firms held by short-term institutional investors. These findings suggest that private placement firms with long-term institutional investors acquire certification and monitoring-related benefits and thus reduce the information asymmetry and entrenchment costs between managers and external investors.

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34

Anderson, Hamish D. "Discounted Private Placements in New Zealand: Exploitation or Fair Compensation?" Review of Pacific Basin Financial Markets and Policies 09, no. 04 (December 2006): 533–48. http://dx.doi.org/10.1142/s0219091506000859.

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Market commentators have suggested that New Zealand's lax private placement and disclosure regulation allows private placement purchasers to immediately sell discounted shares without disclosing these transactions to the market. However, New Zealand firms with the deepest discounts tend to have higher risks, lower returns and higher costs associated with evaluating firm value. Therefore, the possibility that deep discounts may simply represent adequate compensation for the extra risk and cost private placement purchasers incur cannot be ruled out. In this respect private placement purchasers in New Zealand take on the role and risks associated with investment banker and underwriter.

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35

Barker, William A. "Yankee Bonds and Cross-Border Private Placements: An Update." CFA Digest 31, no. 3 (August 2001): 34–36. http://dx.doi.org/10.2469/dig.v31.n3.915.

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36

Fields, L. Paige, and Eric L. Mais. "The Valuation Effect of Private Placements of Convertible Debt." Journal of Finance 46, no. 5 (December 1991): 1925. http://dx.doi.org/10.2307/2328579.

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37

Shiu, Cheng-Yi, and Hui-Shan Wei. "Do Private Placements Turn Around Firms? Evidence from Taiwan." Financial Management 42, no. 4 (May 29, 2013): 875–99. http://dx.doi.org/10.1111/fima.12027.

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38

FIELDS, L. PAIGE, and ERIC L. MAIS. "The Valuation Effects of Private Placements of Convertible Debt." Journal of Finance 46, no. 5 (December 1991): 1925–32. http://dx.doi.org/10.1111/j.1540-6261.1991.tb04650.x.

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39

Manthorpe, Jill, and Nicky Stanley. "Private placements in social work education: Opportunity or oppression?" Social Work Education 16, no. 1 (January 1997): 66–79. http://dx.doi.org/10.1080/02615479711220071.

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40

Johnson, Greg. "YANKEE BONDS AND CROSS-BORDER PRIVATE PLACEMENTS: AN UPDATE." Journal of Applied Corporate Finance 13, no. 3 (September 2000): 80–91. http://dx.doi.org/10.1111/j.1745-6622.2000.tb00068.x.

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41

Chen, Sheng-Syan, Kim Wai Ho, Cheng-few Lee, and Gillian H. H. Yeo. "Wealth Effects of Private Equity Placements: Evidence from Singapore." Financial Review 37, no. 2 (May 2002): 165–83. http://dx.doi.org/10.1111/1540-6288.00010.

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42

Cronqvist, Henrik, and Mattias Nilsson. "The choice between rights offerings and private equity placements." Journal of Financial Economics 78, no. 2 (November 2005): 375–407. http://dx.doi.org/10.1016/j.jfineco.2004.12.002.

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43

Teng, Fei, Xue Xia, and Yu Xin. "Customer relationship and the operating performance following private placements." Nankai Business Review International 12, no. 2 (May 28, 2021): 194–219. http://dx.doi.org/10.1108/nbri-10-2020-0055.

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Purpose Close relationship with major customers, by curtailing opportunistic behaviors during private placements (PPs) and guaranteeing the production and sales of products after, is expected to facilitate the realization of PP’s strategic goals. However, major customers, on the contrary, may impair PP’s performance because of their strong bargaining power. Based on the transaction cost theory and relational contract theory, this paper aims to investigate the impact of major customers on firms’ strategic development in the context of private placements. The mechanisms of such impact are analyzed from the prospect of economies of scale, supervision and the rip-off effect by major customers. Further, the moderating role of the customer relationship investment (CRI) is considered. Design/methodology/approach Using a sample of China’s non-financial A-share listed firms during 2010-2016, this paper empirically investigates the impact of customer relationships on firms’ operating performance following PPs. In the main regressions, the sales growth rate serves as the dependent variable to measure PP’s operating performance, while the customer concentration proxies for the closeness of customer relationship. This study captures the impact of customer relationships on PPs’ performance by looking at the coefficient of the interaction term of post PP dummy and customer concentration. In the additional tests, selling and management expenses along with entertainment and traveling expenditures are used to measure customer relationship investment. Findings Results show that major customers help improve PPs’ strategic performance. The more concentrated the customer portfolio is, the higher operating performance will be after the PPs. Such a relationship is stronger when CRI is at a higher level. However, CRI also incurs costs, which impairs the effect of major customers on net profit. Further research finds that the effect of major customers is more pronounced in situations of extensional PPs, with actively interactive customers and in non-state-owned firms. In addition, state-owned customers with strong bargaining power have impaired the role of customers in promoting PP’s operating performance. Originality/value This paper validates the role of customers in firms’ strategic development. The study not only contributes to the research on the economic consequences of customers but also adds to the evolving literature of factors affecting the performance of PPs. The findings of the study have important practical implications for both customer relationship management and the supervision of PPs.

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44

Norwood, Bailey, and Ted C. Schroeder. "Usefulness of Placement-Weight Data in Forecasting Fed Cattle Marketings and Prices." Journal of Agricultural and Applied Economics 32, no. 1 (April 2000): 63–72. http://dx.doi.org/10.1017/s1074070800027826.

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AbstractIn 1996, the USDA began reporting cattle-on-feed placements in various weight groups, which should provide information regarding expected slaughter timings and improve fed cattle price forecasts and marketing strategies. Private data were collected to obtain the necessary degrees of freedom to test statistical relationships between placement weight distributions, beef supply, and fed cattle prices. Use of placement weights improved beef supply forecasts only at a one-month horizon; it contributed nothing to price forecast accuracy or returns from selectively hedging.

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45

Goldberg, Steven S. "Reimbursing Parents for Unilateral Placements in Private Special Education Schools." Exceptional Children 52, no. 4 (January 1986): 390–94. http://dx.doi.org/10.1177/001440298605200412.

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When parents placed their child in a private special education program without school district approval, two legal questions arose: Does Public Law 94–142 prevent parents from taking unilateral action? May they he reimbursed for private programs? In Burlington, the U.S. Supreme Court held that the law does not bar parents from making unilateral placements, but they may be reimbursed only if the private educational program is eventually approved through the appeal procedures set forth in the law.

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46

de Malherbe, Etienne. "MODELING PRIVATE EQUITY FUNDS AND PRIVATE EQUITY COLLATERALISED FUND OBLIGATIONS." International Journal of Theoretical and Applied Finance 07, no. 03 (May 2004): 193–230. http://dx.doi.org/10.1142/s0219024904002359.

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The recent development of the securitisation of funds of private equity funds poses the question of the individual and joint modelling of the underlying funds. Private equity funds are different from other managed funds because of their particular bounded life cycle: when the fund starts, the investment partners make an initial capital commitment, the fund managers gradually draw down the committed capital into investments, returns and proceeds are distributed as the investments are realised and the fund is eventually liquidated as the final investment horizon is reached. Modelling private equity funds therefore requires three stages: the modelling of the commitment drawdowns, the modelling of the investment value and the modelling of the return repayments. A standard lognormal process is utilised for the dynamics of the investment value. Squared Bessel processes are utilised for the dynamics of the rates of drawdowns and repayments. Résumé: Le récent développement de la titrisation de fonds de fonds de placements privés pose la question de la modélisation individuelle et jointe des fonds sous-jacents. Les fonds de placements privés sont différents des autres sociétés d'investissement à cause de leur cycle de vie particulier et limité: au démarrage du fonds, les associés s'engagent sur un apport initial en capital; puis les gérants du fonds opèrent des tirages progressifs sur le capital apporté pour procéder à des investissements; les revenus et les profits sont distribués à mesure que les investissements sont réalisés; enfin, le fonds est liquidé lorsque l'horizon d'investissement est atteint. La modélisation d'un fonds doit donc se faire en trois étapes: la modélisation des tirages sur l'apport en capital, la modélisation de la valeur des investissements et enfin la modélisation des paiements et remboursements des dividendes et retours sur investissements. Un processus lognormal standard est utilisé pour la dynamique de la valeur des investissements. Des processus de Bessel carré sont utilisés pour la dynamique des taux de tirage et de remboursement.

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47

Chertok, Seth. "Private Placements: A Theoretical Assessment of SEC No-Action Letters." Journal of Private Equity 14, no. 1 (November 30, 2010): 61–71. http://dx.doi.org/10.3905/jpe.2010.14.1.061.

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48

Alli, Kasim L., and Donald J. Thompson. "The Wealth Effects of Private Stock Placements under Regulation D." Financial Review 28, no. 3 (August 1993): 329–50. http://dx.doi.org/10.1111/j.1540-6288.1993.tb01351.x.

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49

He, Daoping (Steven), David C. Yang, and Liming Guan. "Earnings management and the performance of seasoned private equity placements." Managerial Auditing Journal 25, no. 6 (June 29, 2010): 569–90. http://dx.doi.org/10.1108/02686901011054872.

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50

Jain, Prem C. "Discussion: “Earnings and Risk Changes around Private Placements of Equity”." Journal of Accounting, Auditing & Finance 13, no. 3 (July 1998): 375–76. http://dx.doi.org/10.1177/0148558x9801300313.

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Hertzel and Rees provide a rational explanation for a positive stock market reaction to the announcements of private sales of common equity by publicly traded firms. While previous research by Wruck (1989) and Hertzel and Smith (1993) focused on studying returns to equity holders, Hertzel and Rees focus on examining why the stock returns around the announcements are significantly positive. The authors examine two potential explanations: a change in risk and a change in future earnings. Their empirical findings are consistent with a change in earnings explanation but not with a change in risk explanation.

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