KotiRyhmätKeskusteluLisääAjan henki
Etsi sivustolta
Tämä sivusto käyttää evästeitä palvelujen toimittamiseen, toiminnan parantamiseen, analytiikkaan ja (jos et ole kirjautunut sisään) mainostamiseen. Käyttämällä LibraryThingiä ilmaiset, että olet lukenut ja ymmärtänyt käyttöehdot ja yksityisyydensuojakäytännöt. Sivujen ja palveluiden käytön tulee olla näiden ehtojen ja käytäntöjen mukaista.
Hide this

Tulokset Google Booksista

Pikkukuvaa napsauttamalla pääset Google Booksiin.

Private Equity at Work: When Wall Street…
Ladataan...

Private Equity at Work: When Wall Street Manages Main Street (vuoden 2014 painos)

– tekijä: Eileen Appelbaum (Tekijä)

JäseniäKirja-arvostelujaSuosituimmuussijaKeskimääräinen arvioKeskustelut
201894,321 (3)-
Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence--including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship--to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies--representing almost 8 million employees--have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms' financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.… (lisätietoja)
Jäsen:evclibrary
Teoksen nimi:Private Equity at Work: When Wall Street Manages Main Street
Kirjailijat:Eileen Appelbaum (Tekijä)
Info:Russell Sage Foundation (2014), 396 pages
Kokoelmat:Business/Econ
Arvio (tähdet):
Avainsanoja:-

Teoksen tarkat tiedot

Private Equity at Work: When Wall Street Manages Main Street (tekijä: Eileen Appelbaum)

-
Ladataan...

Kirjaudu LibraryThingiin, niin näet, pidätkö tästä kirjasta vai et.

Ei tämänhetkisiä Keskustelu-viestiketjuja tästä kirjasta.

Eileen Appelbaum and Rosemary Batt tried to take an academic look at private equity firms and published their results in Private Equity at Work: When Wall Street Manages Main Street. The authors paint the world in black and white. They present the book as a question of whether private equity firms are (1) financial innovators that save failing businesses or (2) financial predators that bankrupt otherwise healthy companies and destroy jobs?

You can guess the answer from the first two paragraphs. The authors spend eight lines on the successful Aidells Sausage Company investment and 19 lines on the disastrous Mervyn’s Department Store investment.

The authors largely treat private equity firms as parasites and propose far-reaching and ill-thought out ideas to curb them. They reach their conclusions from a misunderstanding of private equity, poor comparisons, and a lack of data.

The authors chose to use the corporate-raiding barbarians of the 1980s leveraged buyouts as the origin of private equity instead of Bain Capital’s genesis of management consulting.

The authors routinely use public companies as a benchmark. They fail to note that public companies are merely a small fraction of the operating companies in the United States. It’s hard to get data on private companies, of course, because they are private.

In my mind comparing the bankruptcy rate of private equity-owned companies to the rate of public companies is not a true comparison of failure. I accept the premise that public companies typically carry less debt as a percentage of their capital structure. But I don’t accept the premise that the public company standard is true for non-public companies, whether they are operator owned or private equity-owned.

The authors get trapped in the idea that private equity is all about taking public companies private using high levels of debt. The LBO sector is only one part of the private equity world.

I was particularly annoyed at the authors for their failure to correctly describe the regulatory framework and background for private equity firms. Private equity firms were not subjected to SEC regulation by Dodd-Frank. The SEC always had the power to enforce the anti-fraud provisions of the various securities laws. Dodd-Frank removed a commonly-used exemption from registration as investment advisers. That old exemption was based the number of clients (i.e. funds) the firm managed, not size.

When it comes to performance, the authors have some good data, but much of it is admittedly flawed data on performance. Those flaws don’t keep them from reaching their conclusions. They note that a large chunk of private equity firms do not beat the S&P 500 or similar public company benchmark. They state that many investors would have been better off investing in an ETF. They fail to note that the same is true for mutual funds. The majority of which fail to exceed their respective benchmarks.

The authors also label private equity as focused on short-term shareholder value. They seem to forget that public companies are even more focused on short-term issues. A public company’s value is determined with every trade and the value swings up and down with the stock ticker wrapping around the tote board.

Eventually, the authors sprinkle in some positive stories of private equity. But the book is largely a hatchet job on private equity.

Eileen Appelbaum is Senior Economist at the Center for Economic and Policy Research. Rosemary Batt is the Alice Hanson Cook Professor of Women and Work at the ILR School, Cornell University.

A publicist sent me a copy to review. There were many times while reading the book that I wished he had saved the postage.

This review originally appeared at:

http://www.compliancebuilding.com/2014/05/29/private-equity-at-work/ ( )
  dougcornelius | Jun 2, 2014 |
ei arvosteluja | lisää arvostelu

» Lisää muita tekijöitä (1 mahdollinen)

Tekijän nimiRooliTekijän tyyppiKoskeeko teosta?Tila
Eileen Appelbaumensisijainen tekijäkaikki painoksetlaskettu
Batt, Rosemarypäätekijäkaikki painoksetvahvistettu
Sinun täytyy kirjautua sisään voidaksesi muokata Yhteistä tietoa
Katso lisäohjeita Common Knowledge -sivuilta (englanniksi).
Kanoninen teoksen nimi
Alkuteoksen nimi
Teoksen muut nimet
Alkuperäinen julkaisuvuosi
Henkilöt/hahmot
Tärkeät paikat
Tärkeät tapahtumat
Kirjaan liittyvät elokuvat
Palkinnot ja kunnianosoitukset
Epigrafi (motto tai mietelause kirjan alussa)
Omistuskirjoitus
Ensimmäiset sanat
Sitaatit
Viimeiset sanat
Erotteluhuomautus
Julkaisutoimittajat
Kirjan kehujat
Alkuteoksen kieli
Kanoninen DDC/MDS
Kanoninen LCC

Viittaukset tähän teokseen muissa lähteissä.

Englanninkielinen Wikipedia

-

Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence--including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship--to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies--representing almost 8 million employees--have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms' financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.

Kirjastojen kuvailuja ei löytynyt.

Kirjan kuvailu
Yhteenveto haiku-muodossa

Pikalinkit

Suosituimmat kansikuvat

Arvio (tähdet)

Keskiarvo: (3)
0.5
1
1.5
2 1
2.5
3
3.5
4 1
4.5
5

Oletko sinä tämä henkilö?

Tule LibraryThing-kirjailijaksi.

 

Lisätietoja | Ota yhteyttä | LibraryThing.com | Yksityisyyden suoja / Käyttöehdot | Apua/FAQ | Blogi | Kauppa | APIs | TinyCat | Perintökirjastot | Varhaiset kirja-arvostelijat | Yleistieto | 162,126,841 kirjaa! | Yläpalkki: Aina näkyvissä