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The impact of corporate governance mechanisms on value increase in leveraged buyouts

  • Nikoskelainen, Erkki
  • Wright, Mike

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Article provided by Elsevier in its journal Journal of Corporate Finance.

Volume (Year): 13 (2007)
Issue (Month): 4 (September)
Pages: 511-537

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Handle: RePEc:eee:corfin:v:13:y:2007:i:4:p:511-537
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  1. Cumming, Douglas & Fleming, Grant & Schwienbacher, Armin, 2006. "Legality and venture capital exits," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 214-245, January.
  2. Phillippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms: The French Case," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 29(5&6), pages 695-729.
  3. Kaplan, Steve & Schoar, Antoinette, 2004. "Private Equity Performance: Returns, Persistence and Capital Flows," Working papers 4446-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
  4. Halpern, Paul & Kieschnick, Robert & Rotenberg, Wendy, 1999. "On the Heterogeneity of Leveraged Going Private Transactions," Review of Financial Studies, Society for Financial Studies, vol. 12(2), pages 281-309.
  5. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58.
  6. Lichtenberg, Frank R. & Siegel, Donald, 1990. "The effects of leveraged buyouts on productivity and related aspects of firm behavior," Journal of Financial Economics, Elsevier, vol. 27(1), pages 165-194, September.
  7. Bull, Ivan, 1989. "Financial performance of leveraged buyouts: An empirical analysis," Journal of Business Venturing, Elsevier, vol. 4(4), pages 263-279, July.
  8. Barry, Christopher B. & Muscarella, Chris J. & Peavy, John III & Vetsuypens, Michael R., 1990. "The role of venture capital in the creation of public companies*1: Evidence from the going-public process," Journal of Financial Economics, Elsevier, vol. 27(2), pages 447-471, October.
  9. Ranko Jelic & Brahim Saadouni & Mike Wright, 2005. "Performance of Private to Public MBOs: The Role of Venture Capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3-4), pages 643-682.
  10. Smith, Abbie J., 1990. "Corporate ownership structure and performance *1: The case of management buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 143-164, September.
  11. Cochrane, John H., 2005. "The risk and return of venture capital," Journal of Financial Economics, Elsevier, vol. 75(1), pages 3-52, January.
  12. Julia Liebeskind & Margarethe Wiersema & Gary Hansen, 1992. "LBOs, Corporate Restructuring, and the Incentive-Intensity Hypothesis," Financial Management, Financial Management Association, vol. 21(1), Spring.
  13. Thompson, Steve & Wright, Mike, 1995. "Corporate Governance: The Role of Restructuring Transactions," Economic Journal, Royal Economic Society, vol. 105(430), pages 690-703, May.
  14. Walz, Uwe & Cumming, Douglas, 2004. "Private equity returns and disclosure around the world," CFS Working Paper Series 2004/05, Center for Financial Studies (CFS).
  15. Alexander Ljungqvist & Matthew Richardson, 2003. "The cash flow, return and risk characteristics of private equity," NBER Working Papers 9454, National Bureau of Economic Research, Inc.
  16. Charlie Weir & David Laing & Mike Wright, 2005. "Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5-6), pages 909-943.
  17. Bruton, Garry D. & Keels, J. Kay & Scifres, Elton L., 2002. "Corporate restructuring and performance: An agency perspective on the complete buyout cycle," Journal of Business Research, Elsevier, vol. 55(9), pages 709-724, September.
  18. Hite, Gailen L & Vetsuypens, Michael R, 1989. " Management Buyouts of Divisions and Shareholder Wealth," Journal of Finance, American Finance Association, vol. 44(4), pages 953-70, September.
  19. Albert N. Link & David Paton & Donald S. Siegel, 2003. "An Econometric Analysis of Trends in Research Joint Venture Activity," Rensselaer Working Papers in Economics 0305, Rensselaer Polytechnic Institute, Department of Economics.
  20. Ofek, Eli, 1994. " Efficiency Gains in Unsuccessful Management Buyouts," Journal of Finance, American Finance Association, vol. 49(2), pages 637-54, June.
  21. Gompers, Paul A., 1996. "Grandstanding in the venture capital industry," Journal of Financial Economics, Elsevier, vol. 42(1), pages 133-156, September.
  22. Renneboog, Luc & Simons, Tomas & Wright, Mike, 2007. "Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 591-628, September.
  23. Opler, Tim & Titman, Sheridan, 1993. " The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs," Journal of Finance, American Finance Association, vol. 48(5), pages 1985-99, December.
  24. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254.
  25. Allen N. Berger & Gregory F. Udell, 1998. "The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle," Finance and Economics Discussion Series 1998-15, Board of Governors of the Federal Reserve System (U.S.).
  26. Sung C. Bae & Hoje Jo, 2002. "Consolidating Corporate Control: Divisional Versus Whole-Company Leveraged Buyouts," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 25(2), pages 247-262.
  27. Kaplan, Steven N., 1991. "The staying power of leveraged buyouts," Journal of Financial Economics, Elsevier, vol. 29(2), pages 287-313, October.
  28. 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.
  29. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2003. "A cross-country comparison of full and partial venture capital exits," Journal of Banking & Finance, Elsevier, vol. 27(3), pages 511-548, March.
  30. Muscarella, Chris J & Vetsuypens, Michael R, 1990. " Efficiency and Organizational Structure: A Study of Reverse LBOs," Journal of Finance, American Finance Association, vol. 45(5), pages 1389-1413, December.
  31. Haynes, Michelle & Thompson, Steve & Wright, Mike, 2000. "The determinants of corporate divestment in the UK," International Journal of Industrial Organization, Elsevier, vol. 18(8), pages 1201-1222, December.
  32. Link, Albert N. & Paton, David & Siegel, Donald S., 2002. "An analysis of policy initiatives to promote strategic research partnerships," Research Policy, Elsevier, vol. 31(8-9), pages 1459-1466, December.
  33. Lerner, Joshua, 1994. "Venture capitalists and the decision to go public," Journal of Financial Economics, Elsevier, vol. 35(3), pages 293-316, June.
  34. Easterwood, John C., 1998. "Divestments and financial distress in leveraged buyouts," Journal of Banking & Finance, Elsevier, vol. 22(2), pages 129-159, February.
  35. 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, February.
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