Financial Profile of Leveraged Buyout Targets: Some French Evidence
AbstractThis paper investigates whether firms, which are taken over on the French market through Leveraged Buyouts (LBOs), possess characteristics prior to the change which differentiate them from firms which are not acquired through LBOs. Contrasting 175 LBO targets on the French market with an industry-matched comparison group, we first run univariate analysis and then multivariate analysis (logit regression). Beyond the underscoring of the LBO targets' financial features, we conclude that subdividing our sample according to the vendor and bidder type is beneficial. We thus notice that the so-called outperformance of LBO targets prior to the deal hides in fact different cases.
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Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00522624.
Date of creation: 2006
Date of revision:
Publication status: Published, Review of Accounting and Finance, 2006, 5, 4, 370-392
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00522624/en/
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LBO; motives; financial characteristics; performance;
Other versions of this item:
- Anne-Laure Le Nadant & Frédéric Perdreau, 2006. "Financial profile of leveraged buy-out targets: some French evidence," Review of Accounting and Finance, Emerald Group Publishing, vol. 5(4), pages 370-392, November.
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.:
- Philippe Desbrières & Alain Schatt, 2002.
"L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français,"
Working Papers FARGO
1021001, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
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"Do Private Equity Firms Foster Innovation? Evidence from French LBOs,"
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"Think Global, invest responsible: why the private equity industry goes green,"
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