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Die Auswirkungen der Subprime-Krise auf den deutschen LBO-Markt für Small- und MidCaps


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  • Bannier, Christina E.
  • Müsch, Stefan


Since summer 2007 the Subprime credit crisis has been affecting the international financial markets. One of the consequences of the crisis was the collapse of the market for large-sized leveraged buyout transactions in late 2007 and early 2008. The goal of this Working Paper is to examine to what extent also small and mid-sized LBO deals in Germany were affected by the market turbulences. After illustrating the aspects of the crisis which are relevant for this topic, six hypotheses regarding potential consequences of the crisis on the German LBO market for Small-and MidCaps were set up. To verify these hypotheses a survey among the market participants, namely financing banks and LBO investors, was conducted in May and June 2008. --

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Bibliographic Info

Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 103.

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Date of creation: 2008
Date of revision:
Handle: RePEc:zbw:fsfmwp:103

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Keywords: LBO; Subprime; Krise; KMU; Buyout; Leveraged Buyout; Finanzinvestoren; Private Equity;


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Cited by:
  1. Herrmann-Pillath, Carsten, 2011. "Institutions, distributed cognition and agency: rule-following as performative action," Frankfurt School - Working Paper Series 157, Frankfurt School of Finance and Management.
  2. Bannier, Christina E., 2009. "Is there a hold-up benefit in heterogeneous multiple bank financing?," Frankfurt School - Working Paper Series 117, Frankfurt School of Finance and Management.
  3. Beyna, Ingo & Wystup, Uwe, 2010. "On the calibration of the Cheyette interest rate model," CPQF Working Paper Series 25, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).
  4. Schäffler, Christian & Schmaltz, Christian, 2009. "Market liquidity: an introduction for practitioners," Frankfurt School - Working Paper Series 131, Frankfurt School of Finance and Management.
  5. Herrmann-Pillath, Carsten, 2009. "Social capital, Chinese style: individualism, relational collectivism and the cultural embeddedness of the institutions-performance link," Frankfurt School - Working Paper Series 132, Frankfurt School of Finance and Management.
  6. Heidorn, Thomas & Schmaltz, Christian, 2009. "Interne Transferpreise für Liquidität," Frankfurt School - Working Paper Series 125, Frankfurt School of Finance and Management.
  7. Kostka, Genia & Hobbs, William, 2010. "Embedded interests and the managerial local state: methanol fuel-switching in China," Frankfurt School - Working Paper Series 152, Frankfurt School of Finance and Management.
  8. Herrmann-Pillath, Carsten, 2010. "Rethinking evolution, entropy and economics: A triadic conceptual framework for the maximum entropy principle as applied to the growth of knowledge," Frankfurt School - Working Paper Series 146, Frankfurt School of Finance and Management.


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