|
 |
|
|
|
|
|
|
|
|
|
| · |
Difficulty to
determine past
|
|
|
performance of
companies
|
|
|
| · |
Unrealistic
valuation and control
|
|
|
expectations
|
|
|
| · |
Relative scarcity
of focused,
|
|
|
pure play
companies
|
|
|
| · |
Scarcity of
companies with
|
|
|
aggressive growth
plans
|
|
|
| · |
Long and
complicated shareholder
|
|
agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| · |
Inflation + Macro
volatility
|
|
|
+ Lack of
management accounting
|
|
|
| · |
Volatility
increases the option value
|
|
|
of being a
shareholder and control
|
|
|
| · |
Focused companies
may be less
|
|
|
robust in
volatile markets1
|
|
|
| · |
Leverage and
fixed costs are deadly
|
|
in crises –
adverse selection
|
|
|
| · |
Insufficient
minority rights in the
|
|
|
commercial code
|
|
|
|
