PhD Defense P.P. Böni MBA
On the Pricing, Wealth Effects and Return of Private Market Debt
The essays collected in this PhD thesis concern the pricing, wealth effects and return of private market debt, which has grown tremendously over the last two decades. Increasingly, companies are seeking flexible terms of private funding rather than capital from public capital markets. The first essay shows how private placement bonds are priced and provides evidence how the use of covenants affects the cost of capital. The second essay examines how the use of restrictive covenants impacts shareholder wealth ex ante and in the context of issuing privately placed bonds. The third essay investigates the risk and return of private debt funds and their persistence across subsequent funds of a partnership.
Pascal Böni (1967) graduated with a Master of Business Administration (MBA) from the Simon Business School, the University of Rochester, New York (United States of America), and the University of Berne (Switzerland) in 1996. He was awarded the Advanced Postgraduate Diploma in Management Consultancy from Henley Business School, University of Reading, Reading (UK) and the Ecole Supérieure de Commerce de Grenoble (ESG), Grenoble (France) in 1997. Continuing his education, in 2006 he gained an Executive Master of European and International Business Law (M.B-L.-HSG) from the Graduate School of Business, Economics, Law and Social Sciences at the University of St. Gallen (Switzerland). He currently works as CEO at Remaco, a Swiss broker dealer and financial advisory company focusing on corporate finance and alternative assets, namely private debt. He also serves on the board of directors of several companies and chairs the Swiss Association of Securities Dealers (SASD). He previously acted on the board of various listed and unlisted national and international companies in the media, the energy, the IT and the financial services industry and advised numerous corporate finance and M&A transactions.
- Location: Cobbenhagen building, Portraits room (access via Koopmans building)
- Supervisors: Prof. F.A. de Roon, Prof. P.P.M. Joos