| Titre : |
Minsky’s hedge financing and leverage buyouts |
| Type de document : |
Mémoire |
| Auteurs : |
Marine WOIMBÉE, Auteur |
| Année de publication : |
2020 |
| Importance : |
26 p. |
| Note générale : |
Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. |
| Langues : |
Anglais (eng) |
| Mots-clés : |
Management
LBO ; CYCLE ECONOMIQUE ; PERFORMANCE ; DETTE
|
| Résumé : |
Against the backdrop of the financial instability hypothesis (FIH) theorized by Minsky and the explosion of leverage buyouts deals, this paper aims to study the impacts of this financial model on the value creation since its beginnings in 1980. More precisely, the objective is to determine whether the gains generated by this financial model come from hedge financing, speculation, or Ponzi schemes. The flourishing literature on LBOs since the 80s allows us to better understand their functioning within their cyclic industry. Although many authors defend the interest of LBOs as a catalyst for value creation, many also emphasize both the fragility of the LBO model and its internal limitations. This study aims to identify the different levers of value creation and how to measure it. After a review of the theoretical methods, this paper focuses on the case of Legrand. The company has been bought by two investment funds, Wendel and KKR, in 2002, after the bursting of the Internet bubble. We will measure the impact of the funds on value creation during the investment period. Lastly, the limits to value creation and, more generally, to the LBO model will be discussed. |
| Programme : |
PGE-Rouen |
| Spécialisation : |
Finance d’Entreprise - Corporate Finance |
| Permalink : |
https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=531700 |
|  |
Minsky’s hedge financing and leverage buyouts / 2020 
