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date: 29 March 2020

Abstract and Keywords

This article analyzes Danish evidence on the limitations of private equity, which show that in some cases, the real effects of private equity are not always desirable. It argues that the expropriation of stakeholders—particularly employees that have made firm-specific investments—can be a suboptimal strategy that would result in counterproductive and ultimately value-destroying behavior. It then discusses the investment decision rule and the buyout of Royal Scandinavia, a Danish art industry conglomerate. This article concludes with a summary of several lessons, which serve as propositions for future research and practice.

Keywords: Danish equity, limitations, private equity, expropriation, stakeholders, firm-specific investments, value-destroying behavior, investment decision rule, Royal Scandinavia

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