Buyouts

Working Paper

21 September 2018

The Effect of Institutional Investors' Voice on the Terms and Outcome of Freeze-out Tender Offers

We study the impact of institutional investors' “voice” on 201 going private tender offers by controlling shareholders ("freeze-out" offers) in Israel. Israeli regulatory intervention in freeze-out tender offers is...

Beni Lauterbach | Yevgeny Mugerman
01 July 2014

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...

Marc Goergen | Noel O'Sullivan | Geoffrey Wood
01 December 2013

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...

Sridhar Arcot | Zsuzsanna Fluck | José-Miguel Gaspar | Ulrich Hege
01 March 2012

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of...

Ulf Axelson | Tim Jenkinson | Per Strömberg | Michael Weisbach
01 August 2008

Private Equity vs PLC Boards in the U.K.: A Comparison of Practices and Effectiveness

We interview 20 executives in the UK who have been members of both PE and PLC boards of relatively large companies. The main difference we find in PE and PLC board modus operandi is in the single-minded value creation focus of PE boards...

Viral Acharya | Conor Kehoe | Michael Reyner
01 January 2009

Corporate Governance and Value Creation: Evidence from Private Equity

We examine deal-level data from 395 private equity transactions in Western Europe initiated by large private equity houses during the period 1991 to 2007. We un-lever the deal-level equity return and adjust for un-levered return to...

Viral Acharya | Moritz Hahn | Conor Kehoe

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