• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Irina Nurimanova
Private Equity Funds in Developed and Emerging Countries: Examination of Investment Criteria and Factors Affecting them
Strategic Corporate Finance
(Master’s programme)
2017
A majority of modern studies note the growth of the private equity industry over the past eight years and its positive impact on the development of the economy. Investment strategies of funds are of particular interest to non-public companies, but the data scarcity and limited methodology restrain results of the analysis. All outcomes revealed only country characteristics which can be important for private equity investments. This work applies an extensive sample that includes 817 private equity and M & A transactions in 57 developed and emerging countries. Determinants of the company performance and its country characteristics are obtained for each dean and considered as investment criteria for a private equity fund. The novelty and practical importance of the work consists in investigating a large number of factors, varying which a non-public company is able to increase its investment attractiveness. The thesis also highly develops econometric tools. In addition to the probit model and OLS regression, there is used a new approach estimating the probability of a firm being acquired by a private equity fund. The results of the work confirm the existence of general investment criteria important for private equity funds. A company with high profitability, low level of debt, located in a country with a high level of GDP, information transparency, low level of corruption and system not centered on banks is the most attractive object of investment.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses