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dc.contributor.authorHaslam, Colin
dc.contributor.authorAndersson, Tord
dc.date.accessioned2013-02-04T14:30:11Z
dc.date.available2013-02-04T14:30:11Z
dc.date.issued2012-02-12
dc.identifier.citationHaslam , C & Andersson , T 2012 , ' The Private Equity Business Model : On terra firma or shifting sands? ' , Accounting Forum , vol. 36 , no. 1 , pp. 27-37 . https://doi.org/10.1016/j.accfor.2012.01.002
dc.identifier.issn0155-9982
dc.identifier.otherPURE: 598779
dc.identifier.otherPURE UUID: 26cb610c-d19d-4a10-a34e-179341b8a520
dc.identifier.otherScopus: 84858006957
dc.identifier.urihttp://hdl.handle.net/2299/9820
dc.description.abstractThis paper reveals how the financial crisis undermined the performance of Private Equity Partnerships (PEPs). The private equity business model depends upon leveraged finance coupled with corporate transformation from market arbitrage that, in turn, delivers inflated market valuations and exit multiples. Private equity partnerships conjoin corporate productive and financial activity with speculative capital market demands where liquidity, risk appetite and market value appreciation matter. It is a business model where productive transformation of acquired firm’s is often disappointing because leverage inflates balance sheet capitalization ahead of cash earnings capacity. It is also a volatile business model because capital market valuations and fair value reporting amplify holding gains and losses for limited equity partners. It is a business model constructed on shifting sands not terra firma.en
dc.format.extent11
dc.language.isoeng
dc.relation.ispartofAccounting Forum
dc.titleThe Private Equity Business Model : On terra firma or shifting sands?en
dc.contributor.institutionDepartment of Accounting, Finance and Economics
dc.contributor.institutionSocial Sciences, Arts & Humanities Research Institute
dc.contributor.institutionFinance and Accounting Research Unit
dc.contributor.institutionCentre for Research on Management, Economy and Society
dc.contributor.institutionHertfordshire Business School
dc.description.statusPeer reviewed
dc.relation.schoolHertfordshire Business School
rioxxterms.versionVoR
rioxxterms.versionofrecordhttps://doi.org/10.1016/j.accfor.2012.01.002
rioxxterms.typeJournal Article/Review
herts.preservation.rarelyaccessedtrue
herts.rights.accesstypeclosedAccess


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