Arbeitspapier

The influence of leveraged buyouts on target firms' competitors

This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies' direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring activities as part of the LBO have on the competitors' revenues. These restructuring activities include changes to leverage, governance, or operating business, as well as M&A activities of the LBO target company. We find that although LBOs itself have a negative influence on competitors' revenue growth, some restructuring mechanisms might actually benefit competing companies.

Sprache
Englisch

Erschienen in
Series: SAFE Working Paper ; No. 99

Klassifikation
Wirtschaft
Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Thema
Product Market Competition
Peers
LBOs
Restructuring

Ereignis
Geistige Schöpfung
(wer)
Grupp, Marcel
Rauch, Christian
Umber, Marc P.
Walz, Uwe
Ereignis
Veröffentlichung
(wer)
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
(wo)
Frankfurt a. M.
(wann)
2015

Handle
URN
urn:nbn:de:hebis:30:3-374441
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Grupp, Marcel
  • Rauch, Christian
  • Umber, Marc P.
  • Walz, Uwe
  • Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe

Entstanden

  • 2015

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