Stefan Musch

Die Auswirkungen der Subprime-Krise auf den deutschen LBO-Markt fur Small- und MidCaps Stefan Musch

Masterarbeit aus dem Jahr 2008 im Fachbereich BWL - Investition und Finanzierung, Note: 1,3, Frankfurt School of Finance & Management, Sprache: Deutsch, Abstract: 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 poten-tial 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. Key words: LBO, Subprime, Krise, KMU, Buyout, Leveraged Buyout, Finanzinvestoren, Private Equity.