Private equity: history, governance, and operations

An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companiesAn essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludesthe text.Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniquesAssists the book's professional audience in maximizing returns of their PE investmentsHighly conducive to advanced, graduate-level classroom usePurchase of the text includes access to a website of teaching materials for instructional useLearn more aboutPE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition. INDICE: AcknowledgementsPrefaceModule I The Private Equity Model and Historical InformationChapter 1 Introduction to Private EquityIntroductionWhat is Private Equity?General Terms and Brief OverviewThe LPA and GP IncentivesPE FirmStructure and Selected RegulationsTypes of Private Equity InvestmentThe PE Fundraising ProcessRecent Fundraising TrendsGP Investment RestrictionsConclusionChapter 2 Overview of Historical TrendsIntroductionA Brief History of Private EquityPrivate Equity at the Turn of the CenturyVC Investment and Returns by Fund StageVC and Buyout Returns by Fund SizeSecondary FundsConclusionChapter 3 Trends in Private EquityIntroductionA Changing TideOverall Industry and Fundraising TrendsSelected Regulatory Changes and ProposalsRise of Strategic BuyersConclusionChapter 4 Harvesting Private Equity Investments through IPOInitial Public OfferingsIPO BasicsInitial Steps in the “Going Public” ProcessRole of the SEC and State Policing BodiesPost-IPO Underwriter ResponsibilitiesRegistration DocumentsHistorical IPO TrendsInitial Public Offering SummaryChapter 5 Legal Considerations in IPOsIntroductionInitial Public Offering (IPO)IntroductionPotential Advantages of an IPOPotential Disadvantages of an IPOAdvance Planning OpportunitiesThe IPO ProcessPossible Liabilities Faced by a Company and ItsDirectors and OfficersSarbanes-Oxley Act and the Dodd-Frank ActPublic CompanyFiling ObligationsIPO Alternative: Reverse MergersConclusionChapter 6 Harvesting Investments through Mergers and AcquisitionsIntroductionM&A BasicsTypes of TakeoversReverse TakeoversThe Takeover Process and Financial Advisor SelectionAnalyzing Potential BuyersThe Sale ProcessThe Bidding ProcessReaching an AgreementHistorical M&A TrendsChapter 7 Legal Considerations in Sale TransactionsIntroductionSale TransactionsPrior to the Sale TransactionKey Deal IssuesSale and Acquisition StructureEmployee Incentive IssuesThe Sale Transaction ProcessConclusionChapter 8 Intellectual Property and Private EquityIntroductionIntellectual Property Rights and RemediesPatentsTrademarksCopyrightsTrade SecretsPre-Acquisition Due DiligenceEstablished Barriers to Entry - Evaluating Investment ValueFreedom to Practice - Assessing Risk of Proposed AcquisitionCreating IP Value During ManagementLeveraging and Monetizing Patent RightsBolstering Technological AdvantagesBoosting Brand Development EffortsPreserving Knowledge-Based Resources of the WorkforcePositioning the Exit - Reverse Due DiligenceModule II Governance Structures in Private EquityChapter 9 The Private Equity Governance ModelIntroductionA New Model for Corporate GovernanceAn Analogy to PhysicsCorporate Governance and the Management of CrisisPublic Corporations and the Private Equity ModelThe Magic of the Private Equity Governance ModelConclusionChapter 10 Value of Internal ControlIntroductionIntroduction to COSO and Internal ControlCOSO BackgroundInternal Control DefinedComponents of Internal ControlControl EnvironmentRisk AssessmentEnterprise Risk ManagementControl ActivitiesInformation and CommunicationMonitoringLimitations of Internal ControlControl Objectives and Control ComponentsEffectiveness of Internal ControlInternal Control and the PE FirmValue of Internal Control for PE Fund OperationsValue and the Control EnvironmentValue and RiskValue and Control ActivitiesValue and Information and CommunicationValue and MonitoringValue of Internal Control for Target CompaniesOperational ValueFinancial Reporting ValueCompliance ValueConclusionChapter 11 Internal Control EvaluationIntroductionPCAOB AuditingStandard No. 5Phase 1: Planning the AuditRisk AssessmentScaling the AuditFraud RiskUsing the Work of OthersMaterialityPhase 2: Using a Top-Down ApproachIdentifying Entry-Level ControlsIdentifying Significant Accounts and Disclosures and Their Related AssertionsUnderstanding Likely Sources of MisstatementSelecting Controls to TestPhase 3: Testing ControlsTesting Design EffectivenessTesting Operating EffectivenessRelationship of Risk to the Evidence to Be ObtainedSpecial Considerations for Subsequent Yearly AuditsPhase 4: Evaluating Identified DeficienciesPhase 5: Wrapping UpForming an OpinionObtaining Written RepresentationsCommunicating Certain MattersPhase 6: Reporting on Internal ControlsConclusionChapter 12 Financial Statement Fraud and the Investment DecisionIntroductionMoney LaunderingCategories of FraudWhat Is Fraud?The Required Elements of FraudFinancial Statement AttestationTax Return PreparationCompilationReviewAuditRecommendationsDo Not Rely Solely on Financial StatementsPay Attention to DetailsFollow Up on Unexpected or Interesting ItemsMaintain Professional SkepticismExplanations Should Be Rational, Reasonable, and VerifiableWhat Do the Financial Statements Say about the Entity’s Ability to Meet Their Objectives?Fraud and Due Diligence ProceduresBackground Investigation of Key EmployeesTesting of Journal TransactionsCheck File MetadataConclusionChapter 13 Professional StandardsIntroductionFederal Trade Commission (FTC)Federal Antitrust LegislationFederal Consumer Protection LegislationSecurities and Exchange Commission (SEC)Securities Act (1933)Securities Exchange Act (1934)Public Utility HoldingCompany Act (1935)Trust Indenture Act (1939)Investment Company Act (1940)Investment Advisers Act (1940)Foreign Corrupt Practices Act (1977)Sarbanes-Oxley Act (2002) “Private” Equity Going PublicIntroduction to Public StandardsPCAOB StandardsPCAOB Auditing Standard No. 1PCAOB Auditing Standard No. 2PCAOB Auditing Standard No. 3PCAOB Auditing Standard No. 4PCAOB Auditing Standard No. 5AICPA Auditing StandardsSAS 99, “Consideration of Fraud in a Financial Statement Audit”SAS 1 AmendmentsSAS 85 AmendmentsSAS 82 ReplacementsSAS 104, “Amendment to Statement on Auditing Standards No.1, ‘Codification of Auditing Standards And Procedures (“Due Professional Care in the Performance of Work”)’”SAS 105, “Amendment to Statement on Auditing Standards No. 95, Generally Accepted Auditing Standards”SAS 106, “Audit Evidence”SAS 107, “Audit Risk and Materiality in Conducting the Audit”SAS 108, “Planning and Supervision”SAS 109, “Understanding the Entity and Its Environment and the Risks of Material Misstatement”SAS 110, “Performing Audit Procedures inResponse to Assessed Risks and Evaluation of the Audit Evidence Obtained”SAS 111, “Amendment to Statement on Auditing Standards No. 39, ‘Audit Sampling’”SAS 112, “Communicating Internal Control Related Matters Identified in an Audit”SAS 113, “Omnibus Statement on Auditing Standards”SAS 114, “The Auditor’s Communication With Those Charged With Governance”SAS 116, “Interim Financial Information”AICPA Accounting and Review StandardsSSARS 10SSARS 12Institute of Internal Auditors (IIA) StandardsInformation Systems Audit and Control AssociationConclusionModule III Understanding OperationsChapter 14 Contemporary Business and Competitive IntelligenceIntroductionContemporary Business IntelligenceSources of InformationCompetitive Intelligence and the External EnvironmentNormalizing PerformanceCost of Capital and the Option to InvestDeveloping “Unique Intelligence”An Economic View of QualityDevelopingRelationships and Navigating CrisesApplication to Private EquityInvestment DecisionStrategic Management of Portfolio CompaniesExit StrategyConclusionChapter 15 Organizations as HumansIntroductionOrganizations as HumansPurpose of the OrganizationGenesisDevelopment and SpecializationParts of the Whole and MaturationEnvironmental AdaptationEnvironmental Influence and InteractionMaturity Creates “The Machine”Death of the Organization and RebirthStrengths and Weaknesses of the Organizations as Humans MetaphorConclusionChapter 16 Beginning the Lean TransformationIntroductionThe Origins of Lean Operations: Lean ManufacturingPotential Pitfalls of LeanOrganizational DevelopmentDiscipline BuildingWhat Private Equity Means for LeanConclusionChapter 17 Performing ManufacturingDue Diligence AssessmentsIntroductionPerforming the AssessmentEmployee SatisfactionCustomer Satisfaction and Perceived QualityCorporate Vision and MissionEquipment and Facility MaintenanceVisual ManagementInventory Management and Product FlowOperational Data and Cost of SalesConclusionAbout the AuthorsGlossaryIndex

• ISBN: 978-1-118-13850-2
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 384
• Fecha Publicación: 16/05/2012
• Nº Volúmenes: 1
• Idioma: Inglés