Buyouts
Working Paper
Private Equity and Human Capital Risk
We study the human-capital effects of private equity buyouts in Germany. We conduct matched-sample difference-in-differences estimations at the establishment and at the individual employee level with more than 152,000 buyout employees and a...Read more
Leveraged Buyouts: An Overview of the Literature
This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical framework for the potential sources of value creation from going private: a distinction is made...Read more
The Employment Consequences of Private Equity Acquisitions: The Case of Institutional Buy Outs
There is a growing controversy as to the impact of private equity acquisitions, especially in terms of their impact on employment and subsequent organizational performance. It has been suggested that closer owner supervision and the injection of...Read more
Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts
The fastest growing segment of private equity deals are secondary buyouts - sales from one PE fund to another. Using a comprehensive sample of leveraged buyouts we investigate whether SBOs are value-maximizing, or reflect opportunistic behavior....Read more
The Performance of Secondary Buyouts
Buyout funds increasingly sell their portfolio companies to other buyout funds. These secondary buyouts (SBOs) underperform primary buyouts. Yet, only SBOs made late in the investment period underperform, consistent with funds using SBOs to...Read more
Do Managers Manipulate Earnings Prior to Management Buyouts?
To address the question as to whether managers manipulate accounting numbers
downwards prior to management buyouts (MBOs), we implement an industry-adjusted
buyout-specific approach and receive an affirmative answer. In UK buyout...Read more
