Transaction Structures in the Developing World: Evidence From Private Equity
- Topics:
- Commercial Banking
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Overview: While variations in public securities markets across nations have attracted increasing scrutiny, private financings have received little attention. But in developing nations, the bulk of financings are private ones. This paper analyzes 210 private equity transactions in developing countries. It finds that unlike in the U.S., where convertible preferred securities are ubiquitous, in developing nations a much broader array of securities are employed and private equity investors often have fewer contractual protections. The choice of security appears to be driven by the legal and economic circumstances of the nation and the private equity group.
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Format: PDF | Size: 407KB | Date: Mar 2004 | Pages: 51
