ixCONTENTS

Figures and tables

Contributors

Preface

  1       Management buyouts: an introduction and overview

           Mike Wright, Kevin Amess, Nick Bacon, and Donald Siegel

PART I

Historical, legal, and regulatory issues

  2       A brief history of private equity

           John Gilligan

  3       Management buyouts: the history of an organizational innovation

           Steven Toms

  4       Interpreting the M&A black box by thinking outside the box

           Douglas Cumming and Simona Zambelli

  5       Policy, regulation, and private equity: a rich research agenda?

           Sally Gibson and Simon Witney

PART II

Vendor sources

  6       Management buyouts and divestment

           Steve Thompson and Michelle Haynes

  x7       Public-to-private leveraged buyouts

           Luc Renneboog and Cara Vansteenkiste

  8       “My children do not want the firm”: private equity as a succession option in family businesses – a review and future directions

           Oliver Ahlers, Alexandra Michel, and Andreas Hack

  9       Buyouts of family firms: company metamorphosis and the family management dyad

           Carole Howorth and Nick Robinson

10       Buyouts from failure

           Louise Scholes

11       Just another business: private equity in health services

           Aline Bos and Paul Boselie

12       The Chinese style management buyouts

           Jun Du and Bach Nguyen

PART III

Financing, structuring, and private equity firms

13       The evolution and strategic positioning of private equity firms

           Robert E. Hoskisson, Wei Shi, Xiwei Yi, and Jing Jin

14       Are lower private equity returns the new normal?

           Eileen Appelbaum and Rosemary Batt

15       Collaboration decisions in private equity investments

           Anantha Krishna Divakaruni

16       Private equity in emerging economies: which markets are sufficiently mature? Should investors wait or invest immediately?

           Alexander Groh

17       Private equity investment in entrepreneurial companies: selection & performance

           Na Dai and Andrew McAlpine

18       Hedge funds and private equity: features, diversity, and regulations

           Douglas Cumming and Geoffrey Wood

xiPART IV

Post-MBO firm behavior

19       Innovation in private equity leveraged buyouts

           Fabio Bertoni

20       Buyouts and investment

           Dirk Engel and Joel Stiebale

21       Entrepreneurship, context, and buyouts

           Mike Wright

22       Resource orchestration post-management buyout

           Hans Bruining

23       The political economy of finance-led capitalism: connecting financialization, private equity, and employment outcomes

           Ian Clark

24       HRM practices

           Nick Bacon and Kim Hoque

PART V

Performance and life cycle

25       The impact on productivity of management buyouts and private equity

           Yan Alperovych

26       Leveraged buyouts: their impact on jobs and wages

           Kevin Amess

27       Buyout longevity and post-exit performance

           Ranko Jelic, Mike Wright, Victor Murinde, and Wasim Ahmad

28       Distress, failure, and recovery in private equity buyouts

           Nick Wilson

Index