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Controlling the Conflict of Interest in Management Buyouts

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Author Info
Easterwood, John C, et al
Abstract

A controversial aspect of the management buyouts that were popular throughout the 1980s is the potential for a conflict of interest to arise when a manager bids to acquire the firm he manages. This study examines 184 management buyouts and reports three findings. First, returns to prebuyout shareholders are greater when managers must bid against outside acquirers. Second, bid revisions in the face of competition exceed revisions due to shareholder litigation and negotiations with boards. Third, the incidence of competition is negatively related to the prebuyout share holdings of managers. Coauthors are Ronald F. Singer, Anju Seth, and Darla F. Lang. Copyright 1994 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 76 (1994)
Issue (Month): 3 (August)
Pages: 512-22
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Handle: RePEc:tpr:restat:v:76:y:1994:i:3:p:512-22

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  1. Wright, Mike & Renneboog, L.D.R. & Simons, Tomas & Scholes, Louise, 2006. "Leveraged buyouts in the U.K. and continental Europe : retrospect and prospect," Discussion Paper 70, Tilburg University, Center for Economic Research. [Downloadable!]
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  2. 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!]
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  3. 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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