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The performance of reverse leveraged buyouts

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Author Info
Cao, Jerry
Lerner, Josh

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Abstract

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other initial public offerings and the stock market as a whole, depending on the specification. Evidence exists of a deterioration of returns over time.

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File URL: http://www.sciencedirect.com/science/article/B6VBX-4V166FG-2/2/70670451b4e8b7abdc95b1fbd7c7a497
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Publisher Info
Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 91 (2009)
Issue (Month): 2 (February)
Pages: 139-157
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Handle: RePEc:eee:jfinec:v:91:y:2009:i:2:p:139-157

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Web page: http://www.elsevier.com/locate/inca/505576

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Related research
Keywords: Initial public offerings Private equity Exiting;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254. [Downloadable!] (restricted)
  2. Holthausen, Robert W. & Larcker, David F., 1996. "The financial performance of reverse leveraged buyouts," Journal of Financial Economics, Elsevier, vol. 42(3), pages 293-332, November. [Downloadable!] (restricted)
  3. Gompers, Paul & Lerner, Josh, 1999. "Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital," Journal of Law & Economics, University of Chicago Press, vol. 42(1), pages 1-28, April.
    Other versions:
  4. Hamao, Yasushi & Packer, Frank & Ritter, Jay R., 2000. "Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages 529-558, October. [Downloadable!] (restricted)
    Other versions:
  5. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March. [Downloadable!] (restricted)
  6. Degeorge, Francois & Zeckhauser, Richard, 1993. " The Reverse LBO Decision and Firm Performance: Theory and Evidence," Journal of Finance, American Finance Association, vol. 48(4), pages 1323-48, September. [Downloadable!] (restricted)
  7. Chou, De-Wai & Gombola, Michael & Liu, Feng-Ying, 2006. "Earnings Management and Stock Performance of Reverse Leveraged Buyouts," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 41(02), pages 407-438, June. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Phillip Leslie & Paul Oyer, 2008. "Managerial Incentives and Value Creation: Evidence from Private Equity," NBER Working Papers 14331, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Joost Driessen & Tse-Chun Lin & Ludovic Phalippou, 2008. "A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows: The Case of Private Equity Funds," NBER Working Papers 14144, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Sharon Katz, 2008. "Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors," NBER Working Papers 14085, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Ayako Yasuda & Andrew Metrick, 2007. "The economics of private equity funds," Proceedings, Federal Reserve Bank of San Francisco, issue Oct. [Downloadable!]
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