Rynkowe efekty implementacji strategii częściowego i pełnego wyjścia z inwestycji funduszy private equity metodą pierwszej oferty publicznej

Abstract

The main aim of this paper is to assess the market effects of private equity funds’ divestments carried out by an initial public offering on the Warsaw Stock Exchange. The major hypothesis stating that in companies where the full exit of private equity fund strategy has been applied are observed a higher long-term rates of return on stocks compared to the portfolio companies of private equity funds with partial exit from the investment, has been positively verified in this paper. The observed trends were lasting and persisted three years after initial public offering. Empirical research has been carried out on a group of 26 portfolio companies of private equity funds, which initial public offering on the Warsaw Stock Exchange took place in the years 2002–2010.