| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22414 |
| 来源ID | Working Paper 22414 |
| Buyout Activity: The Impact of Aggregate Discount Rates | |
| Valentin Haddad; Erik Loualiche; Matthew Plosser | |
| 发表日期 | 2016-07-18 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this view. The risk premium shapes changes in buyout characteristics over the cycle, including their riskiness, leverage, and performance. Our results underscore the importance of the risk premium in corporate finance decisions. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w22414 |
| 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/580088 |
| 推荐引用方式 GB/T 7714 | Valentin Haddad,Erik Loualiche,Matthew Plosser. Buyout Activity: The Impact of Aggregate Discount Rates. 2016. |
| 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 | ||
| w22414.pdf（338KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
