Leveraged Buyouts and Private Equity

نویسندگان

  • Steven N. Kaplan
  • Per Strömberg
چکیده

Steven N. Kaplan is Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Graduate School of Business, Chicago, Illinois. Per Strömberg is Professor of Finance at the Stockholm School of Economics and Director of the Swedish Institute of Financial Research (SIFR), both in Stockholm, Sweden. Both authors are also Research Associates, National Bureau of Economic Research, Cambridge, Massachusetts. Their e-mail addresses are and .

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Private equity, leveraged buyouts and governance

This paper provides an overview of the literature on private equity and leveraged buyouts, focusing on global evidence related to both governance and returns to private equity and leveraged buyouts. We distinguish between financial and real returns to this activity, where the latter refers to productivity and broader performance measures. We also outline a research agenda on this topic. © 2007 ...

متن کامل

Leveraged buyouts, whereby purchasers use significant debt to fund transactions, are growing in size and influence. Colin Blaydon and Fred Wainwright explore the rise of private equity

he leveraged buyout (LBO) model has evolved into a powerful mechanism for corporate transformation. Multibillion-dollar buyout funds are busy purchasing private companies and taking public companies private. Nine of the top ten largest buyouts in history have been completed in the past 18 months by private equity houses, and with these record amounts of capital, both in terms of debt and equity...

متن کامل

GAO-08-885 Private Equity: Recent Growth in Leveraged Buyouts Exposed Risks That Warrant Continued Attention

Highlights of GAO-08-885, a report to congressional requesters The increase in leveraged buyouts (LBO) of U.S. companies by private equity funds prior to the slowdown in mid-2007 has raised questions about the potential impact of these deals. Some praise LBOs for creating new governance structures for companies and providing longer term investment opportunities for investors. Others criticize L...

متن کامل

Design and impacts of securitized leveraged buyouts

Private equity investors have traditionally used innovative financial methods in structuring their leveraged buyouts (LBO) deals. In recent years, they have frequently employed securitization to raise funds on the back of their acquisitions’ operating assets. A distinctive feature of these transactions is that they aim to enhance the securitizing LBO’s debt pay capacity through a set of structu...

متن کامل

The impact of corporate governance mechanisms on value increase in leveraged buyouts ¬リニ

Using a novel, hand-collected dataset, comprising 321 exited buyouts in the UK in the period 1995 to 2004, this study examines the realized value increase in exited leveraged buyouts. Testing the free cash flow theory, we show that value increase and return characteristics of LBOs are to some extent related to the corporate governance mechanisms resulting from a leveraged buyout, especially man...

متن کامل

No . 7 Leveraged Buyouts in Poland

The dynamic transformation of the Polish economy from a centrally planned to market economy is by now well advanced. The transformation has also contributed to a rapid development of the capital market. However, the leveraged buyout market has hardly been developed yet. The leveraged buyout technique allows investors to take companies over with little of their own capital. Most of the total val...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2008