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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Wealth Losses and the Exit from Private Companies |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 47 |
| Date | 2017 |
| Abstract Text | This thesis builds an approach to measure the influence of wealth losses, that the sellers of a private company suffer, on the choice of how to exit said company to the public markets. The choices analysed in this model are initial public offerings and trade sales to public companies that took place between 2004 and 2015. The effect of the wealth losses is examined by testing for a selection bias in a model predicting wealth losses for each exit method. A Tobit-5 model was chosen for this task. The selection bias can be shown to be significant for the initial public offerings in this sample. Due to a small sample size the effect could not be shown for the respective trade sales. |
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