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Leveraged Buyouts and Private Equity

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Author Info
Steven N. Kaplan
Per Strömberg

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Abstract

We describe and present time series evidence on the leveraged buyout / private equity industry, both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14207.

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Date of creation: Jul 2008
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Handle: RePEc:nbr:nberwo:14207

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Find related papers by JEL classification:
G3 - Financial Economics - - Corporate Finance and Governance
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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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. Richard Harris & Donald S. Siegel & Mike Wright, 2005. "Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from the United Kingdom," The Review of Economics and Statistics, MIT Press, vol. 87(1), pages 148-153, 06. [Downloadable!] (restricted)
    Other versions:
  2. Steven N. Kaplan, 1992. "The Staying Power of Leveraged Buyouts," NBER Working Papers 3653, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Weisbach, Michael & Axelson, Ulf & Jenkinson, Tim & Stromberg, Per, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," Working Papers 08-1, University of Pennsylvania, Wharton School, Weiss Center. [Downloadable!]
    Other versions:
  4. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September. [Downloadable!] (restricted)
  5. 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)
  6. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May. [Downloadable!] (restricted)
  7. Asquith, Paul, 1948- & Wizman, Thierry A., 1990. "Event risk, covenants, and bondholder returns in leveraged buyouts," Working papers WP 3173-90., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  8. Steven Davis & John Haltiwanger & Ron Jarmin & Josh Lerner & Javier Miranda, 2008. "Private Equity and Employment," Working Papers 08-07, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  9. 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)
  10. Asquith, Paul & Wizman, Thierry A., 1990. "Event risk, covenants, and bondholder returns in leveraged buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 195-213, September. [Downloadable!] (restricted)
  11. Marais, Laurentius & Schipper, Katherine & Smith, Abbie, 1989. "Wealth effects of going private for senior securities," Journal of Financial Economics, Elsevier, vol. 23(1), pages 155-191, June. [Downloadable!] (restricted)
  12. Baker, George P, 1992. " Beatrice: A Study in the Creation and Destruction of Value," Journal of Finance, American Finance Association, vol. 47(3), pages 1081-119, July. [Downloadable!] (restricted)
  13. Acharya, Viral V. & Hahn, Moritz & Kehoe, Conor, 2009. "Corporate Governance and Value Creation: Evidence from Private Equity," CEPR Discussion Papers 7242, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  14. Kaplan, Steven N & Stein, Jeremy C, 1993. "The Evolution of Buyout Pricing and Financial Structure in the 1980s," The Quarterly Journal of Economics, MIT Press, vol. 108(2), pages 313-57, May. [Downloadable!] (restricted)
  15. Alexander Ljungqvist & Matthew Richardson & Daniel Wolfenzon, 2008. "The Investment Behavior of Buyout Funds: Theory and Evidence," NBER Working Papers 14180, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Bengt Holmstrom & Steven N. Kaplan, 2003. "The State of U.S. Corporate Governance: What's Right and What's Wrong?," NBER Working Papers 9613, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Gompers, Paul & Lerner, Josh, 1996. "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements," Journal of Law & Economics, University of Chicago Press, vol. 39(2), pages 463-98, October.
  18. repec:taf:ijecbs:v:14:y:2007:i:2:p:179-195 is not listed on IDEAS
  19. Bargeron, Leonce & Schlingemann, Frederick & Stulz, Rene & Zutter, Chad, 2007. "Why Do Private Acquirers Pay So Little Compared to Public Acquirers?," Working Paper Series 2007-8, Ohio State University, Charles A. Dice Center for Research in Financial Economics. [Downloadable!]
  20. Josh Lerner & Morten Sørensen & Per Strömberg, 2008. "Private Equity and Long-Run Investment: The Case of Innovation," NBER Working Papers 14623, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  21. Leonce Bargeron & Frederik Schlingemann & Rene M. Stulz & Chad Zutter, 2007. "Why Do Private Acquirers Pay So Little Compared to Public Acquirers?," NBER Working Papers 13061, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  22. Ofek, Eli, 1994. " Efficiency Gains in Unsuccessful Management Buyouts," Journal of Finance, American Finance Association, vol. 49(2), pages 637-54, June. [Downloadable!] (restricted)
  23. Baker, Malcolm & Greenwood, Robin & Wurgler, Jeffrey, 2003. "The maturity of debt issues and predictable variation in bond returns," Journal of Financial Economics, Elsevier, vol. 70(2), pages 261-291, November. [Downloadable!] (restricted)
  24. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October. [Downloadable!] (restricted)
  25. Gompers, Paul & Lerner, Josh, 2000. "Money chasing deals? The impact of fund inflows on private equity valuation," Journal of Financial Economics, Elsevier, vol. 55(2), pages 281-325, February. [Downloadable!] (restricted)
Full references

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. 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)
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