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The performance of reverse leveraged buyouts

  • Cao, Jerry
  • Lerner, Josh

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other initial public offerings and the stock market as a whole, depending on the specification. Evidence exists of a deterioration of returns over time.

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File URL: http://www.sciencedirect.com/science/article/B6VBX-4V166FG-2/2/70670451b4e8b7abdc95b1fbd7c7a497
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Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 91 (2009)
Issue (Month): 2 (February)
Pages: 139-157

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Handle: RePEc:eee:jfinec:v:91:y:2009:i:2:p:139-157
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505576

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