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On the Heterogeneity of Leveraged Going Private Transactions

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Author Info
Halpern, Paul
Kieschnick, Robert
Rotenberg, Wendy
Abstract

In contrast to previous literature, we argue that are two types of poorly performing firms going private through a leveraged buyout (LBO). One group consists of firms in which managers own an insignificant fraction of their firm's stock and are vulnerable to a hostile takeover. The other group consists of firms in which managers own a significant fraction of their firm's stock and so face little risk of hostile takeover. Our evidence indicates that there are two such groups of LBOs and that their motivations and posttransaction actions are different. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.

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Publisher Info
Article provided by Oxford University Press for Society for Financial Studies in its journal Review of Financial Studies.

Volume (Year): 12 (1999)
Issue (Month): 2 ()
Pages: 281-309
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Handle: RePEc:oup:rfinst:v:12:y:1999:i:2:p:281-309

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  1. Oskar Kowalewski & Krzysztof Jackowicz, 2005. "Why Companies Go Private in Emerging Markets? Evidence from Poland," Finance 0511013, EconWPA. [Downloadable!]
  2. Hamid Mehran & Stavros Peristiani, 2009. "Financial visibility and the decision to go private," Staff Reports 376, Federal Reserve Bank of New York. [Downloadable!]
  3. Pástor, Luboš & Taylor, Lucian & Veronesi, Pietro, 2007. "Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability," CEPR Discussion Papers 6061, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Shourun Guo & Edie S. Hotchkiss & Weihong Song, 2008. "Do Buyouts (Still) Create Value?," NBER Working Papers 14187, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Renneboog, L.D.R. & Simons, T., 2005. "Public-to-private transactions : LBOs, MBOs, MBIs and IBOs," Discussion Paper 23, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
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  6. Toby Stuart & Soojin Yim, 2008. "Board Interlocks and the Propensity to be Targeted in Private Equity Transactions," NBER Working Papers 14189, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Renneboog, L.D.R. & Simons, T. & Wright, M., 2005. "Leveraged public to private transactions in the UK," Discussion Paper 15, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
    Other versions:
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