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Financial Profile of Leveraged Buyout Targets: Some French Evidence

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Author Info

  • Anne-Laure Le Nadant

    ()
    (CREM - Centre de Recherche en Economie et Management - CNRS : UMR6211 - Université de Rennes I - Université de Caen)

  • Frédéric Perdreau

    ()
    (CREM - Centre de Recherche en Economie et Management - CNRS : UMR6211 - Université de Rennes I - Université de Caen, COACTIS - Université Lumière - Lyon II : EA4161 - Université Jean Monnet - Saint-Etienne)

Abstract

This 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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File URL: http://halshs.archives-ouvertes.fr/docs/00/52/26/24/PDF/Submission_LN-P_Rev_acc_and_fin.pdf
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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00522624.

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Date of creation: 2006
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Publication status: Published, Review of Accounting and Finance, 2006, 5, 4, 370-392
Handle: RePEc:hal:journl:halshs-00522624

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00522624/en/
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Related research

Keywords: LBO; motives; financial characteristics; performance;

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  1. Philippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms:the French Case," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 1020702, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  2. Philippe Desbrières & Alain Schatt, 2002. "L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français," Revue Finance Contrôle Stratégie, revues.org, revues.org, vol. 5(4), pages 79-106, December.
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Cited by:
  1. Anne-Laure Le Nadant & Frédéric Perdreau, 2011. "LBOs and innovation: the French case," Post-Print, HAL halshs-00669910, HAL.
  2. Patricia Crifo & Vanina Forget, 2012. "Think Global, invest responsible: why the private equity industry goes green," Working Papers hal-00672034, HAL.
  3. Anne-Laure Le Nadant & Frédéric Perdreau, 2011. "Do Private Equity Firms Foster Innovation? Evidence from French LBOs," Post-Print, HAL halshs-00773693, HAL.

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