메뉴 건너뛰기




Volumn 12, Issue 2, 1999, Pages 281-309

On the heterogeneity of leveraged going private transactions

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0040441352     PISSN: 08939454     EISSN: None     Source Type: Journal    
DOI: 10.1093/rfs/12.2.281     Document Type: Article
Times cited : (92)

References (55)
  • 2
    • 84891458025 scopus 로고
    • The role of asset structure, ownership structure, and takeover defenses in determining acquisition likelihood
    • Ambrose, B., and W. Megginson, 1992, "The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood," Journal of Financial and Quantitative Analysis, 27, 575-589.
    • (1992) Journal of Financial and Quantitative Analysis , vol.27 , pp. 575-589
    • Ambrose, B.1    Megginson, W.2
  • 3
    • 0037681256 scopus 로고
    • Management buyouts and shareholder wealth
    • Y. Amihud (ed.), Dow Jones-Irwin, Homewood, IL
    • Amihud, Y., 1989, "Management Buyouts and Shareholder Wealth," in Y. Amihud (ed.), Leveraged Management Buyouts: Causes and Consequences, Dow Jones-Irwin, Homewood, IL.
    • (1989) Leveraged Management Buyouts: Causes and Consequences
    • Amihud, Y.1
  • 4
    • 84984157077 scopus 로고
    • A classification of mergers and acquisitions by motives: Analysis of market responses
    • Amit, R., J. Lívnat, and P. Zarowin, 1989, "A Classification of Mergers and Acquisitions by Motives: Analysis of Market Responses," Contemporary Accounting Research, 6, 143-158.
    • (1989) Contemporary Accounting Research , vol.6 , pp. 143-158
    • Amit, R.1    Lívnat, J.2    Zarowin, P.3
  • 5
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley, M., A. Desai, and E. Kim, 1988, "Synergistic Gains From Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms," Journal of Financial Economics, 21, 3-40.
    • (1988) Journal of Financial Economics , vol.21 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.3
  • 6
    • 0002498180 scopus 로고
    • SICs as delineators of economic markets
    • Clarke, R. N., 1989, "SICs As Delineators of Economic Markets," Journal of Business, 62, 17-32.
    • (1989) Journal of Business , vol.62 , pp. 17-32
    • Clarke, R.N.1
  • 7
    • 0001923412 scopus 로고
    • Efficient estimation of discrete-choice models
    • C. F. Manski and D. McFadden (eds.), MIT Press, Cambridge, MA
    • Cosslett, S. R., 1981, "Efficient Estimation of Discrete-Choice Models," in C. F. Manski and D. McFadden (eds.), Structural Analysis of Discrete Data with Econometric Applications, MIT Press, Cambridge, MA.
    • (1981) Structural Analysis of Discrete Data with Econometric Applications
    • Cosslett, S.R.1
  • 8
    • 21144481626 scopus 로고
    • Corporate investment decisions and corporate control: Evidence from going private transactions
    • Denis, D. J., 1992, "Corporate Investment Decisions and Corporate Control: Evidence from Going Private Transactions," Financial Management, 21, 80-94.
    • (1992) Financial Management , vol.21 , pp. 80-94
    • Denis, D.J.1
  • 11
    • 0000172445 scopus 로고
    • Separation of ownership and control
    • Fama, E, and M. Jensen, 1983, "Separation of Ownership and Control," Journal of Law and Economics, 31, 301-325.
    • (1983) Journal of Law and Economics , vol.31 , pp. 301-325
    • Fama, E.1    Jensen, M.2
  • 12
    • 0010719276 scopus 로고
    • Managerial buyouts: The sources and sharing of wealth between insiders and outside shareholders
    • Frankfurter, G. M., and E. Gunay, 1992, "Managerial Buyouts: The Sources and Sharing of Wealth Between Insiders and Outside Shareholders," Quarterly Review of Economics and Finance, 32, 82-97.
    • (1992) Quarterly Review of Economics and Finance , vol.32 , pp. 82-97
    • Frankfurter, G.M.1    Gunay, E.2
  • 13
    • 84986516489 scopus 로고
    • Leveraging the underinvestment problem: How high debt and management shareholdings solve the agency costs of free cash flow
    • Garvey, G. T., 1992, "Leveraging the Underinvestment Problem: How High Debt and Management Shareholdings Solve the Agency Costs of Free Cash Flow," Journal of Financial Research, 40, 149-166.
    • (1992) Journal of Financial Research , vol.40 , pp. 149-166
    • Garvey, G.T.1
  • 14
    • 0000928197 scopus 로고
    • Differences between COMPUSTAT and CRSP SIC codes and related effects on research
    • Guenther, D. A., and A. J. Rosman, 1994, "Differences Between COMPUSTAT and CRSP SIC Codes and Related Effects on Research," Journal of Accounting and Economics, 18, 115-128.
    • (1994) Journal of Accounting and Economics , vol.18 , pp. 115-128
    • Guenther, D.A.1    Rosman, A.J.2
  • 15
    • 0002861776 scopus 로고
    • Ownership structure, leverage, and firm value: The case of leveraged recapitalizations
    • Gupta, A., and L. Rosenthal, 1991, "Ownership Structure, Leverage, and Firm Value: The Case of Leveraged Recapitalizations," Financial Management, 20, 69-83.
    • (1991) Financial Management , vol.20 , pp. 69-83
    • Gupta, A.1    Rosenthal, L.2
  • 16
    • 0001138328 scopus 로고
    • A K-means clustering algorithm: Algorithm AS 126
    • Hartigan, J. A., and M. A. Wong, 1979, "A K-means Clustering Algorithm: Algorithm AS 126," Applied Statistics, 28, 126-130.
    • (1979) Applied Statistics , vol.28 , pp. 126-130
    • Hartigan, J.A.1    Wong, M.A.2
  • 17
    • 21844497352 scopus 로고
    • Benefits of control, managerial ownership, and the stock returns of acquiring firms
    • Hubbard, R. G., and D. Palia, 1995, "Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms," Rand Journal of Economics, 26, 782-792.
    • (1995) Rand Journal of Economics , vol.26 , pp. 782-792
    • Hubbard, R.G.1    Palia, D.2
  • 18
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, M. C., 1986a, "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers," American Economic Review, 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 19
    • 0002719266 scopus 로고
    • The takeover controversy: Analysis and evidence
    • Jensen, M. C., 1986b, "The Takeover Controversy: Analysis and Evidence," Midland Corporate Finance Journal, 4, 6-32.
    • (1986) Midland Corporate Finance Journal , vol.4 , pp. 6-32
    • Jensen, M.C.1
  • 20
    • 0003191078 scopus 로고
    • The eclipse of the public corporation
    • Jensen, M. C., 1989, "The Eclipse of the Public Corporation," Harvard Business Review, 5, 61-74.
    • (1989) Harvard Business Review , vol.5 , pp. 61-74
    • Jensen, M.C.1
  • 22
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, S., 1989a, "The Effects of Management Buyouts on Operating Performance and Value," Journal of Financial Economics, 24, 217-254.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-254
    • Kaplan, S.1
  • 23
    • 84977728066 scopus 로고
    • Management buyouts: Evidence on taxes as a source of value
    • Kaplan, S., 1989b, "Management Buyouts: Evidence on Taxes as a Source of Value," Journal of Finance, 63, 611-632.
    • (1989) Journal of Finance , vol.63 , pp. 611-632
    • Kaplan, S.1
  • 24
    • 0001553293 scopus 로고
    • The staying power of leveraged buyouts
    • Kaplan, S., 1991, "The Staying Power of Leveraged Buyouts." Journal of Financial Economics, 29, 287-313.
    • (1991) Journal of Financial Economics , vol.29 , pp. 287-313
    • Kaplan, S.1
  • 26
    • 84950240854 scopus 로고
    • The evolution of buyout pricing and financial structure in the 1980's
    • Kaplan, S., and J. Stein, 1993a, "The Evolution of Buyout Pricing and Financial Structure in the 1980's," Quarterly Journal of Economics, 108, 313-357.
    • (1993) Quarterly Journal of Economics , vol.108 , pp. 313-357
    • Kaplan, S.1    Stein, J.2
  • 27
    • 0039230028 scopus 로고
    • The evolution of buyout pricing and financial structure (or, what went wrong) in the 1980's
    • Kaplan, S., and J. Stein, 1993b, "The Evolution of Buyout Pricing and Financial Structure (Or, What Went Wrong) in the 1980's," Journal of Applied Corporate Finance, 6, 72-88.
    • (1993) Journal of Applied Corporate Finance , vol.6 , pp. 72-88
    • Kaplan, S.1    Stein, J.2
  • 28
    • 0038695568 scopus 로고
    • Management buyouts of public corporations: An analysis of prior characteristics
    • Y. Amihud (ed.), Dow Jones-Irwin, Homewood, IL
    • Kieschnick, R., 1989, "Management Buyouts of Public Corporations: An Analysis of Prior Characteristics," in Y. Amihud (ed.), Leveraged Management Buyouts: Causes and Consequences, Dow Jones-Irwin, Homewood, IL.
    • (1989) Leveraged Management Buyouts: Causes and Consequences
    • Kieschnick, R.1
  • 29
    • 0037681252 scopus 로고    scopus 로고
    • Free cash flow and stockholder gains in going private transactions revisited
    • Kieschnick, R., 1998, "Free Cash Flow and Stockholder Gains in Going Private Transactions Revisited," Journal of Business Finance and Accounting, 25, 187-202.
    • (1998) Journal of Business Finance and Accounting , vol.25 , pp. 187-202
    • Kieschnick, R.1
  • 30
    • 0000759207 scopus 로고
    • Capital structure and product market rivalry: How do we reconcile theory and evidence?
    • Kovenock, D., and G. Phillips, 1995, "Capital Structure and Product Market Rivalry: How Do We Reconcile Theory and Evidence?," American Economic Review, 85, 403-408.
    • (1995) American Economic Review , vol.85 , pp. 403-408
    • Kovenock, D.1    Phillips, G.2
  • 31
    • 84977733537 scopus 로고
    • Free cash flow and stockholder gains in going private transactions
    • Lehn, K., and A. Poulsen, 1989, "Free Cash Flow and Stockholder Gains in Going Private Transactions," Journal of Finance 64, 771 -787.
    • (1989) Journal of Finance , vol.64 , pp. 771-787
    • Lehn, K.1    Poulsen, A.2
  • 32
    • 0002206621 scopus 로고
    • Tobin's q ratio and industrial organization
    • Lindenberg, E., and S. Ross, 1981, "Tobin's q Ratio and Industrial Organization," Journal of Business, 54, 1-32.
    • (1981) Journal of Business , vol.54 , pp. 1-32
    • Lindenberg, E.1    Ross, S.2
  • 33
    • 0000847211 scopus 로고
    • The estimation of choice probabilities from choice based samples
    • Manski, C. F., and S. Lerman, 1977, "The Estimation of Choice Probabilities from Choice Based Samples," Econometrica, 45, 1977-1988.
    • (1977) Econometrica , vol.45 , pp. 1977-1988
    • Manski, C.F.1    Lerman, S.2
  • 34
    • 0002096131 scopus 로고
    • Alternative estimators and sample designs for discrete choice
    • C. F. Manski and D. McFadden (eds.), MIT Press, Cambridge, MA
    • Manski, C. F., and D. McFadden, 1981, "Alternative Estimators and Sample Designs for Discrete Choice," in C. F. Manski and D. McFadden (eds.), Structural Analysis of Discrete Data with Econometric Applications, MIT Press, Cambridge, MA.
    • (1981) Structural Analysis of Discrete Data with Econometric Applications
    • Manski, C.F.1    McFadden, D.2
  • 35
    • 84978566126 scopus 로고
    • An empirical investigation of the characteristics of publicly-held corporations that change to private ownership via management buyouts
    • Maupin, R., C. Bidwell, and A. Ortegren, 1984, "An Empirical Investigation of the Characteristics of Publicly-Held Corporations that Change to Private Ownership via Management Buyouts," Journal of Business Finance & Accounting, 11, 435-450.
    • (1984) Journal of Business Finance & Accounting , vol.11 , pp. 435-450
    • Maupin, R.1    Bidwell, C.2    Ortegren, A.3
  • 36
    • 84993882034 scopus 로고
    • Do managerial motives influence firm risk reduction strategies
    • May, D. O., 1995, "Do Managerial Motives Influence Firm Risk Reduction Strategies," Journal of Finance, 50, 1291-1308.
    • (1995) Journal of Finance , vol.50 , pp. 1291-1308
    • May, D.O.1
  • 37
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J., and H. Servaes, 1990, "Additional Evidence on Equity Ownership and Corporate Value," Journal of Financial Economics, 27, 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 38
    • 0002564688 scopus 로고
    • Managers' voting rights and corporate control
    • Mikkelson, W., and M. Partch, 1989, "Managers' Voting Rights and Corporate Control," Journal of Financial Economics, 25, 263-290.
    • (1989) Journal of Financial Economics , vol.25 , pp. 263-290
    • Mikkelson, W.1    Partch, M.2
  • 39
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., A. Shleifer, and R. Vishny, 1988, "Management Ownership and Market Valuation: An Empirical Analysis," Journal of Financial Economics, 20, 293-316.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-316
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 40
    • 84977702541 scopus 로고
    • Efficiency and organizational structure: A study of reverse LBOs
    • Muscarella, C. J., and M. R. Vetsuypens, 1990, "Efficiency and Organizational Structure: A Study of Reverse LBOs," Journal of Finance, 45, 1389-1414.
    • (1990) Journal of Finance , vol.45 , pp. 1389-1414
    • Muscarella, C.J.1    Vetsuypens, M.R.2
  • 42
    • 84993915282 scopus 로고
    • The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs
    • Opler, T., and S. Titman, 1993, "The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs," Journal of Finance, 68, 1985-1999.
    • (1993) Journal of Finance , vol.68 , pp. 1985-1999
    • Opler, T.1    Titman, S.2
  • 43
    • 0002110167 scopus 로고
    • Increased debt and industry product markets: An empirical analysis
    • Phillips, G. M., 1995. "Increased Debt and Industry Product Markets: An Empirical Analysis," Journal of Financial Economics, 37, 189-238.
    • (1995) Journal of Financial Economics , vol.37 , pp. 189-238
    • Phillips, G.M.1
  • 44
    • 0001851482 scopus 로고
    • The interrelations of finance and economics: Theoretical perspectives
    • Ross, S. A., 1987, "The Interrelations of Finance and Economics: Theoretical Perspectives," American Economic Association Papers and Proceedings, 77, 29-34.
    • (1987) American Economic Association Papers and Proceedings , vol.77 , pp. 29-34
    • Ross, S.A.1
  • 45
    • 0000018965 scopus 로고
    • The effects of changes in tax laws on corporate reorganization activity
    • Scholes, M. S., and M. A. Wolfson, 1992, "The Effects of Changes in Tax Laws on Corporate Reorganization Activity," Journal of Business, 63, S141-S164.
    • (1992) Journal of Business , vol.63
    • Scholes, M.S.1    Wolfson, M.A.2
  • 47
    • 21344497370 scopus 로고
    • Do takeover targets overinvest?
    • Servaes, H., 1994, "Do Takeover Targets Overinvest?," Review of Financial Studies, 7, 253-278.
    • (1994) Review of Financial Studies , vol.7 , pp. 253-278
    • Servaes, H.1
  • 48
    • 84993858224 scopus 로고
    • Ownership concentration, corporate control activity, and firm value: Evidence for the death of inside blockholders,'
    • Slovin, M., and M. Sushka, 1993, "Ownership Concentration, Corporate Control Activity, and Firm Value: Evidence for the Death of Inside Blockholders,' Journal of Finance, 48, 1293-1321.
    • (1993) Journal of Finance , vol.48 , pp. 1293-1321
    • Slovin, M.1    Sushka, M.2
  • 49
    • 84972065982 scopus 로고
    • The impact of managerial ownership on acquisition attempts and target shareholder wealth
    • Song, M., and R. Walkling, 1993, "The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth," Journal of Financial and Quantitative Analysis, 28, 439-457.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , pp. 439-457
    • Song, M.1    Walkling, R.2
  • 50
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market for corporate control
    • Stulz, R., 1988, "Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control," Journal of Financial Economics, 20, 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 51
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin, J., 1969, "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit, and Banking, 1, 15-29.
    • (1969) Journal of Money, Credit, and Banking , vol.1 , pp. 15-29
    • Tobin, J.1
  • 53
    • 84989132954 scopus 로고
    • The relationship between growth, profitability, and firm value
    • Varaiya, N., R. A. Kerin, and D. Weeks, 1987, "The Relationship Between Growth, Profitability, and Firm Value," Strategic Management Journal, 8, 487-497.
    • (1987) Strategic Management Journal , vol.8 , pp. 487-497
    • Varaiya, N.1    Kerin, R.A.2    Weeks, D.3
  • 55
    • 0001277064 scopus 로고
    • Insider ownership and the decision to go public
    • Zingales, L., 1995, "Insider Ownership and the Decision to Go Public," Review of Economic Studies 62, 425-448.
    • (1995) Review of Economic Studies , vol.62 , pp. 425-448
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.