| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8914 |
| DP8914 Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts | |
| Tim Jenkinson; Michael Weisbach; Per Strömberg; Ulf Axelson | |
| 发表日期 | 2012-03-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | 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 buyouts from 1980-2008, we find that buyout leverage is unrelated to the cross-sectional factors -- suggested by traditional capital structure theories -- that drive public firm leverage. Instead, variation in economy-wide credit conditions is the main determinant of leverage in buyouts, while having little impact on public firms. Higher deal leverage is associated with higher transaction prices and lower buyout fund returns, suggesting that acquirers overpay when access to credit is easier. |
| 主题 | Financial Economics |
| 关键词 | Capital structure Credit cycles Leveraged buyouts Private equity |
| URL | https://cepr.org/publications/dp8914 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537744 |
| 推荐引用方式 GB/T 7714 | Tim Jenkinson,Michael Weisbach,Per Strömberg,et al. DP8914 Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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