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The present research aims to analyze if the capital structure by three different stakeholders at the IPO date has an influence on the long-term performance of the issuing companies. These stakeholders are represented by three variables: Venture Capital & Private Equity Ownership, Hedge Fund Managers Ownership and Debt Holdings.

As a result of the application of commonly used models, it appears that statistically abnormal excess returns persist for some portfolios. Technological stocks heavily backed by Venture Capital & Private Equity firms tend to outperform their peers. Besides, companies characterized by low stakes of hedge funds and debt holders in their capital are associated with higher long-term excess returns.

However, even if the determination of the model improves when additional factors are included, these statistically significant abnormal returns vanish.

Regarding the measures of performance for assets and equity efficiencies, no correlation is found for the capital structure under each criterion since the model is not rightly calibrated due to a disparity in data.

For further research, it would be advised to use a complete database which includes enough information about the IPO market. With additional data, researches on highly specific capital structure combined with different criteria of ownership could be performed. A value-weighted approach and quartile-based slicing for portfolios construction could also bring interesting comparisons with the present equally-weight approach.

Sciences économiques & de gestion > Finance

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This dissertation ponder how hubris is associated to M&A. The dissertation is important since the growing M&A activity. In the core of the dissertation is making clear picture if hubris occurs in M&A`s and how it can be detected. The dissertation concentrates on management behavior around corporate takeovers. In this paper a new model to detect hubris is created. The model is formed using theoretical framework. Detecting hubris help companies and stakeholders to carry out more profitable M&A. The model is used in multiple case study. The case studies are selected geographically, and both are widely discussed acquisitions in Finland. According to the model used in the multiple case study, hubris occurs in takeovers. Every M&A is unique, but the results are applicable in takeovers done in a similar environment. The model created in this thesis is therefore proofed to be applicable at least to some extent.

Hubris --- Sciences économiques & de gestion > Finance

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Sustainable development and environmental, social and governance (ESG) factors are playing an increasingly important role in the investment industry. The potential of private equity funds in this context is very large due to the characteristics of this asset class. However, the question that arises is whether or not the ESG orientation of private equity funds can lead to a better performance. To answer this question, three types of analysis are carried out in order to estimate the average effect of an ESG orientation on private equity fund performance, namely a simple OLS regression analysis, a multiple OLS regression analysis, and propensity score matching (PSM). These analyses are all carried out for two different performance measures, namely for the Total Value to Paid-in Capital (TVPI) multiple and the Net Internal Rate of Return (IRR).

ESG Factors --- Private Equity Performance --- Propensity Score Matching --- OLS Regression Analysis --- Sciences économiques & de gestion > Finance