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→LBO Traits/Incidence/Phenomena Papers
*PCOMMON: the percentage of the total that consists of common equity provided by the buyout group
*PCASH: the percentage of the total that comes from the use of the target firm's existing cash and marketable securities balances
===Kaplan 2009===
@article{kaplan_leveraged_2009,
title = {Leveraged {Buyouts} and {Private} {Equity}},
volume = {23},
issn = {0895-3309},
url = {https://www.aeaweb.org/articles?id=10.1257/jep.23.1.121},
doi = {10.1257/jep.23.1.121},
abstract = {In a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The leveraged buyout investment firms today refer to themselves (and are generally referred to) as private equity firms. We describe and present time series evidence on the private equity industry, considering both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.},
number = {1},
urldate = {2016-06-17},
journal = {Journal of Economic Perspectives},
author = {Kaplan, Steven N. and Stromberg, Per},
month = mar,
year = {2009},
pages = {121--146},
file = {Kaplan and Stromberg (2009) - LBOs and Private Equity.pdf}
}
A comprehensive review of the LBO/private equity literature up to 2009. Should be useful for finding additional sources and catching up with somewhat recent research.
===Cumming et al 2007===
@article{cumming_private_2007,
series = {Private {Equity}, {Leveraged} {Buyouts} and {Corporate} {Governance}},
title = {Private equity, leveraged buyouts and governance},
volume = {13},
issn = {0929-1199},
url = {http://www.sciencedirect.com/science/article/pii/S0929119907000272},
doi = {10.1016/j.jcorpfin.2007.04.008},
abstract = {This paper provides an overview of the literature on private equity and leveraged buyouts, focusing on global evidence related to both governance and returns to private equity and leveraged buyouts. We distinguish between financial and real returns to this activity, where the latter refers to productivity and broader performance measures. We also outline a research agenda on this topic.},
number = {4},
urldate = {2016-06-17},
journal = {Journal of Corporate Finance},
author = {Cumming, Douglas and Siegel, Donald S. and Wright, Mike},
month = sep,
year = {2007},
keywords = {Corporate governance, Financial and real returns, Management buyouts, Private equity, Total factor productivity},
pages = {439--460},
file = {Cumming et al (2007) - Private equity LBOs and governance.pdf}
}
Literature review on LBOs and private equity. Researchers have explored the following in relation to PTP transitions (table 4):
*Eddey et al (1996): Takeover threat
*Evans et al (2002): Liquidity, growth rate, leverage, R&D
*Weir et al (2005a): CEO ownership share, institutional ownership share, CEO Board Chair duality
In addition, should consider difference between hedge fund and private equity-financed buyouts (hedge funds less hands-on).
=Innovation Factors/Phenomena Papers=
