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The Staying Power of Leveraged Buyouts

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Author Info
Steven N. Kaplan

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Abstract

This paper documents the organizational status over time of 183 large leveraged buyouts (LBOs) completed between 1979 and 1986. As of August 1990, 63% of the LaOs are privately owned, 14% are independent public companies, and 23% are owned by other public companies As time since the LBO increases, the percentage of LBOs that have returned to public ownership increases. The (unconditional) median time LBOs remain private equals 6.70 years. This evidence suggests that the majority of LBO organizations are neither short-lived nor permanent. In addition the moderate fraction of LBOs assets owned by other (potentially related) companies implies that asset sales play a role in, but are not the primarily force motivating LBO transactions.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3653.

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Date of creation: May 1992
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Handle: RePEc:nbr:nberwo:3653

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  1. Acharya, Viral V & Bisin, Alberto, 2002. "Entrepreneurial Incentives in Stock Market Economies," CEPR Discussion Papers 3474, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Borja Larrain & Motohiro Yogo, 2005. "Does firm value move too much to be justified by subsequent changes in cash flow?," Working Papers 05-18, Federal Reserve Bank of Boston. [Downloadable!]
    Other versions:
  3. Hamid Mehran & Stavros Peristiani, 2009. "Financial visibility and the decision to go private," Staff Reports 376, Federal Reserve Bank of New York. [Downloadable!]
  4. Ouidad Yousfi, 2007. "Le rôle de la dette dans le LBO : une revue de la littérature," EconomiX Working Papers 2007-8, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
  5. Richard Harris & Donald S. Siegel & Mike Wright, 2003. "Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from the United Kingdom," Rensselaer Working Papers in Economics 0304, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
    Other versions:
  6. J. Mawson & M. Wright & K. Robbie & M. Ward & P. Mottershead, 1994. "Policy Review Section," Regional Studies, Taylor and Francis Journals, vol. 28(3), pages 319-330, June. [Downloadable!] (restricted)
  7. Marcin Piatkowski, 2001. "Leveraged Buyouts in Poland," Finance 0108001, EconWPA. [Downloadable!]
  8. Renneboog, L.D.R. & Simons, Thomas, 2005. "Public-to-private transactions : LBOs, MBOs, MBIs and IBOs," Discussion Paper 98, Tilburg University, Center for Economic Research. [Downloadable!]
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  9. Fabio Buttignon & Marco Vedovato & Paolo Bortoluzzi, 2005. "Family business investor byouts: the Italian case," "Marco Fanno" Working Papers 0004, Dipartimento di Scienze Economiche "Marco Fanno". [Downloadable!]
  10. Sharon Katz, 2008. "Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors," NBER Working Papers 14085, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Marco Pagano & Fabio Panetta & Luigi Zingales, 1995. "Why Do Companies Go Public? An Empirical Analysis," NBER Working Papers 5367, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Harold M. Somers, 1991. "Leverage: The Tax Incentives," UCLA Economics Working Papers 625, UCLA Department of Economics. [Downloadable!]
  13. Steven N. Kaplan & Per Strömberg, 2008. "Leveraged Buyouts and Private Equity," NBER Working Papers 14207, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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