| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3798 |
| 来源ID | Working Paper 3798 |
| Information Handling and Firm Performance: Evidence from Reverse LBOs | |
| Francois Degeorge; Richard Zeckhauser | |
| 发表日期 | 1991-08-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | We investigate the transition from private to public ownership of companies that had previously been subject to leveraged buyouts. As they go to the public markets for equity, such firms face an information asymmetry problem. Behavioral effects are also likely to be at work. We show that the combination of informational and behavioral effects will cause firms to handle information in particular ways, leading to an equilibrium pattern in which disappointing performance after the initial public offering should be expected. We find empirical support for this theory by studying 62 reverse LBOs that went public between 1983 and 1987. There is strong evidence that the performance of the reverse LBOs before going public overestimates their likely performance after the initial public offering. The market appears to anticipate this pattern. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w3798 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561124 |
| 推荐引用方式 GB/T 7714 | Francois Degeorge,Richard Zeckhauser. Information Handling and Firm Performance: Evidence from Reverse LBOs. 1991. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3798.pdf（397KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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