PE at TU München | Flashcards & Summaries

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Lernmaterialien für PE an der TU München

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Efficiency-raising chances
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- improving operational effiences - generating cost savings (sales margin improvements)
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Growth Opportunities?
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- organically - through potential add on acquisations
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PE & Agency Theorie:
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Conflict of Interest: -PE: high exit value (which doesnt always mean growing) and detailed information vs. -Management wants to grow its business but might also pursue other goals (e.g. non-monetary goals such as social recognition) Asymmetric information: -PE depends on information about its investment, which is provided by the management or the public vs. - Management has more knowledge about its qualification + product ideas and collects more data
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Situation (Defintion) in Principal Agency Theory
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Principal provides agent with resources to enable agent acting in the principal’s best interest
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Instruments for investor relations - two categories
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Impersonal & Personal instruments
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PME is...
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Public Market Equivalent: <1 worse than public market, >1 better ... Purchase and sell of the index returns at same time
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How can a company cope with Principle Agent conflict
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The complex and hardly standardized contracts between both parties leave sufficient scope to cope with the inherent problems of this relationship
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Type of Risks
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Systematic risk: -Market&economic influence -cannot be reduced through diversification Unsystematic risk -Firm/Industry specific - can be reduced through diversification and venture management --> PE is a mix of both, unsystematic(=specific) can never be fully eliminated
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How can the Agents(Management's) Task be measured
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Future value of the company is the result of the agent’s task
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Why is PE outperfoming other classes?
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hard to say, fairly new —> competition grows, invested money increases, gets harder to find targets
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Pros and Cons of Public Corporations
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+ Advantage of allowing risk diversification( across households and institutional investors )through public stock markets. - conflicts of interest between risk bearers (investors) and decision-makers (managers). -investors have hard time to monitor and control managers: therefore high risk of misuse of free cash flow.
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According to Jensen, how can the conflict between the central weakness of public corporations be overcome and to what does it lead (High level)
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TESTE DEIN WISSEN
- LBO Governance as solution - leads to higher effiency, employee productiviy and shareholder value
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Beispielhafte Karteikarten für deinen PE Kurs an der TU München - von Kommilitonen auf StudySmarter erstellt!

Q:
Efficiency-raising chances
A:
- improving operational effiences - generating cost savings (sales margin improvements)
Q:
Growth Opportunities?
A:
- organically - through potential add on acquisations
Q:
PE & Agency Theorie:
A:
Conflict of Interest: -PE: high exit value (which doesnt always mean growing) and detailed information vs. -Management wants to grow its business but might also pursue other goals (e.g. non-monetary goals such as social recognition) Asymmetric information: -PE depends on information about its investment, which is provided by the management or the public vs. - Management has more knowledge about its qualification + product ideas and collects more data
Q:
Situation (Defintion) in Principal Agency Theory
A:
Principal provides agent with resources to enable agent acting in the principal’s best interest
Q:
Instruments for investor relations - two categories
A:
Impersonal & Personal instruments
Mehr Karteikarten anzeigen
Q:
PME is...
A:
Public Market Equivalent: <1 worse than public market, >1 better ... Purchase and sell of the index returns at same time
Q:
How can a company cope with Principle Agent conflict
A:
The complex and hardly standardized contracts between both parties leave sufficient scope to cope with the inherent problems of this relationship
Q:
Type of Risks
A:
Systematic risk: -Market&economic influence -cannot be reduced through diversification Unsystematic risk -Firm/Industry specific - can be reduced through diversification and venture management --> PE is a mix of both, unsystematic(=specific) can never be fully eliminated
Q:
How can the Agents(Management's) Task be measured
A:
Future value of the company is the result of the agent’s task
Q:
Why is PE outperfoming other classes?
A:
hard to say, fairly new —> competition grows, invested money increases, gets harder to find targets
Q:
Pros and Cons of Public Corporations
A:
+ Advantage of allowing risk diversification( across households and institutional investors )through public stock markets. - conflicts of interest between risk bearers (investors) and decision-makers (managers). -investors have hard time to monitor and control managers: therefore high risk of misuse of free cash flow.
Q:
According to Jensen, how can the conflict between the central weakness of public corporations be overcome and to what does it lead (High level)
A:
- LBO Governance as solution - leads to higher effiency, employee productiviy and shareholder value
PE

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