Deal or No Deal? Modelling the Impact of Brexit Uncertainty on UK Private Equity Activity
نویسندگان
چکیده
Given uncertainty in policy, particularly around Brexit, how do private equity (PE) firms investing the UK behave? Analysing their response is vital for understanding impact on investment per se and designing policy that limits uncertainty. Building recent work of Mike Wright co-authors, we explore effect measures PE activity channels transmit to market. After developing hypotheses link ‘PE uncertainty’ relation via a real options, interim risk or moral hazard channel, employ novel dataset targets non-targets over 2010–2019 period. We find uncertainty, especially new closely aligned have negatively affected UK. Moreover, transmission such occurs primarily through options channel greater arising from prolonged periods deals (i.e. channel). Our results imply present ongoing Brexit will continue depress by extension, growth Policymakers are urged resolve uncertainties.
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ژورنال
عنوان ژورنال: British Journal of Management
سال: 2021
ISSN: ['1467-8551', '1045-3172']
DOI: https://doi.org/10.1111/1467-8551.12479