Assistenz Prof. Roberto Steri (Professor in Empirical Finance, Faculty of Law, Economics and Finance, University of Luxembourg) spricht im Rahmen des Finance and Insurance Seminars zum Thema: 

Credit market Equivalents and the Valuation of Private Firms

Abstract: "We propose to value leveraged buyout investments by credit market equivalents (CME). Our method relies on the observation that portfolio companies held by private equity funds have loans traded in secondary markets. We exploit their market valuations by constructing a stochastic discount factor that prices loan returns of private equity portfolios from deal-level data. We identify a credit factor model to price buyout cash flows to derive their CME valuation. We find no evidence for buyout outperformance after controlling for credit market factors. Our method works whenever credit and private equity markets are sufficiently integrated, for which we provide evidence."

Im Wintersemester 22/23 wird das Finance and Insurance Seminar in Präsenz durchgeführt. Für Interessierte wird ein Zoom Meeting angeboten. Die Zugangsdaten werden auf Anfrage mitgeteilt. Bitte senden Sie hierzu bis zum 06. Dezember, 12:00 Uhr, eine Nachricht an: alvia.runge@wiwi.uni-muenster.de