Efficiency Gains in Unsuccessful Management Buyouts
This article uses a sample of 120 unsuccessful management buyouts to test whether operational improvements following successful management buyouts are a result of organizational changes or private information. The findings are consistent with the organizational changes hypothesis. Firms with an unsuccessful management buyout had no increase in operating performance following the buyout attempt. In addition, the cumulative abnormal stock return from before the attempted buyout until two years after the attempt is insignificantly different from 0 percent. The author also finds that management turnover following an unsuccessful management buyout is significantly higher than normal. Copyright 1994 by American Finance Association.
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Volume (Year): 49 (1994)
Issue (Month): 2 (June)
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