The performance of reverse leveraged buyouts

• 成果类型: Article
• 署名作者: Cao, Jerry; Lerner, Josh
• 署名单位: Harvard University; Singapore Management University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2008.03.002
• 发表日期: 2009
• 页码: 139-157
• 关键词: initial public offerings; PRIVATE EQUITY; Exiting

摘要

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other initial public offerings and the stock market as a whole, depending on the specification. Evidence exists of a deterioration of returns over time. (C) 2008 Published by Elsevier B.V.