@phdthesis{Ilg2016, author = {Ilg, Daniel}, title = {Private equity and leveraged buyouts [cumulative dissertation]}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:824-opus4-4342}, school = {Katholische Universit{\"a}t Eichst{\"a}tt-Ingolstadt}, year = {2016}, abstract = {This dissertation consists of three articles that point out new perspectives on private equity and leverage buyouts, and enrich the current state of research through considerable efforts to better understand how private equity is creating value and how macroeconomic conditions affect the debt side: 1. Ilg, Daniel. Long-Run Relationship between Default Rates and Macroeconomic Variables in the US Leveraged Loan Market. The Journal of Fixed Income 24, no. 3 (2015): 64-76; http://www.iijournals.com/doi/abs/10.3905/jfi.2014.24.3.064 oder http://dx.doi.org/10.3905/jfi.2014.24.3.064 2. Ilg, Daniel. Value Creation Drivers in Large Leveraged Buyouts (June 18, 2015); http://ssrn.com/abstract=2621525 3. Ilg, Daniel. Firm-Specific Triggers of LBO Defaults (April 22, 2015); http://ssrn.com/abstract=2619821 or http://dx.doi.org/10.2139/ssrn.2619821 The first article deals with the influence of macroeconomic changes on the default rates of private equity loans. It identifies significant variables which have strong and significant predictive power on the LBO default rates in the U.S. market. The second article, deals with the value creation levers which investors use to create value in their portfolio companies. This research casts light on the impact of the holding period, the effects of divesting activities and expectations about the future shape of the economy on the performance of deals. The third article deals with firm-specific triggers of LBO defaults. Asset liquidation potential as an additional source of cash flow available for servicing debt, the valuation of the investment, the strength of the negotiated covenants, the pressure of the target's refinancing need, and the stage of the fund's life cycle.}, subject = {Private Equity}, language = {en} }