Seminar Series

2022 - 2023

Speaker: Armin Schwienbacher (Skema BS).

Title: “Equity Debt Funds: Who Wins, Who Loses?”

joint with Axel Buchner (U of Passau) and Florencio Lopez-de-Silanes (Skema BS).

Date: Thursday, October 20th at 12h30 (Paris Time).

Abstract: We exploit a unique data set to provide the first analysis of the structure, performance and gain distribution of deals financed by the same private equity firm on the equity and debt sides (sponsored deals). Most sponsored deals are carried out by a few large and experienced PE firms. In support of the conflict of interest hypothesis, we document a transfer of value from debt to equity funds in sponsored transactions relative to non-sponsored transactions. Yet, the overall value impact of sponsored deals (debt and equity combined) is positive and investors of PE-affiliated debt funds do not loose overall. Sponsored deals end up generating sizable gains for PE firms, most likely through the better ex-post incentives of these structures.

Bio: Here is a link to the speaker’s website

https://sites.google.com/view/armin-schwienbacher/home

You are cordially invited to participate to the seminar, which will take place in Room 204, Bosco building. 

For more information, please contact: Pierre Mella-Barral p.mella-barral@tbs-education.fr