灵丹妙药
感知
衡平法
估价(财务)
私募股权
业务
投资(军事)
桥(图论)
会计
经济
财务
政治学
心理学
法学
医学
替代医学
病理
神经科学
政治
内科学
作者
Niklas Dahlen,Alexander D.F. Lahmann,Maximilian Schreiter
标识
DOI:10.1016/j.frl.2023.104850
摘要
We survey 129 investors from private equity firms, investment banks, corporate M&A and other M&A-related roles about their perception of earnouts. The results indicate that earnouts are applied to reduce information asymmetries and to bridge negative agreement zones in transactions. While these findings are largely aligned with the academic perspectives, we reveal several discrepancies to existing theory with respect to motives, valuation and associated costs. This is the first study that incorporates the view of M&A professionals and thus attempts to bridge the gap between academics and professionals. In addition, it provides impulses for further academic work on earnouts.
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