메뉴 건너뛰기




Volumn 13, Issue 4, 2007, Pages 757-775

Irrevocable commitments, going private and private equity

Author keywords

Irrevocable commitments; Public to private transactions

Indexed keywords


EID: 34547903217     PISSN: 13547798     EISSN: 1468036X     Source Type: Journal    
DOI: 10.1111/j.1468-036X.2007.00382.x     Document Type: Article
Times cited : (21)

References (57)
  • 4
    • 0034552619 scopus 로고    scopus 로고
    • Toeholds, bid jumps and expected payoffs in takeovers
    • and. pp.
    • Betton, S. and Eckbo, B. E. Toeholds, bid jumps and expected payoffs in takeovers Review of Financial Studies, Vol. 13, 2000, pp. 841 82.
    • (2000) Review of Financial Studies , vol.13 , pp. 841-82
    • Betton, S.1    Eckbo, B.E.2
  • 5
    • 3343014492 scopus 로고    scopus 로고
    • Corporate restructuring and corporate auctions
    • and. College of William and Mary
    • Boone, A. L. and Mulherin, J. H. Corporate restructuring and corporate auctions Working Paper (College of William and Mary, 2002).
    • (2002) Working Paper
    • Boone, A.L.1    Mulherin, J.H.2
  • 6
    • 25844512388 scopus 로고    scopus 로고
    • How are firms sold?
    • and. College of William and Mary
    • Boone, A. L. and Mulherin, J. H. How are firms sold? Working Paper (College of William and Mary, 2003).
    • (2003) Working Paper
    • Boone, A.L.1    Mulherin, J.H.2
  • 7
    • 0007193104 scopus 로고    scopus 로고
    • Myth or reality? the long-run underperformance of initial public offerings: Evidence from venture capital and nonventure capital-backed companies
    • and. pp.
    • Brav, A. and Gompers, P. Myth or reality? The long-run underperformance of initial public offerings: evidence from venture capital and nonventure capital-backed companies Journal of Finance, Vol. 52, 1997, pp. 1791 1822.
    • (1997) Journal of Finance , vol.52 , pp. 1791-1822
    • Brav, A.1    Gompers, P.2
  • 9
    • 0041849795 scopus 로고    scopus 로고
    • Locking out rival bidders: The use of lockup options in corporate mergers
    • pp.
    • Burch, T. Locking out rival bidders: the use of lockup options in corporate mergers Journal of Financial Economics, Vol. 60, 2001, pp. 103 41.
    • (2001) Journal of Financial Economics , vol.60 , pp. 103-41
    • Burch, T.1
  • 10
    • 84886109759 scopus 로고    scopus 로고
    • Secured creditor recovery rates from management buy-outs in distress
    • and. pp.
    • Citron, D., Wright, M., Ball, R. and Rippington, F. Secured creditor recovery rates from management buy-outs in distress European Financial Management, Vol. 9, 2003, pp. 141 61.
    • (2003) European Financial Management , vol.9 , pp. 141-61
    • Citron, D.1    Wright, M.2    Ball, R.3    Rippington, F.4
  • 11
    • 25844489387 scopus 로고    scopus 로고
    • Recent developments in the UK public to private buy-out market
    • CMBOR. Nottingham University Business School, pp.
    • CMBOR Recent developments in the UK public to private buy-out market Quarterly Review from the Centre for Management Buy-out Research (Nottingham University Business School, Winter, 1999 pp. 19 40.
    • (1999) Quarterly Review from the Centre for Management Buy-out Research , pp. 19-40
  • 13
    • 0345775527 scopus 로고    scopus 로고
    • A buy-side model of M&A lockups: Theory and evidence
    • and. pp.
    • Coates, J. and Subramanian, G. A buy-side model of M&A lockups: theory and evidence Stanford Law Review, Vol. 53, 2000, pp. 307 96.
    • (2000) Stanford Law Review , vol.53 , pp. 307-96
    • Coates, J.1    Subramanian, G.2
  • 14
    • 84976425552 scopus 로고    scopus 로고
    • The deterring effect of the medium of payment in takeover contests: Theory and evidence from the UK
    • and. pp.
    • Cornu, P. and Isakov, D. The deterring effect of the medium of payment in takeover contests: theory and evidence from the UK European Financial Management, Vol. 6, 2000, pp. 423 40.
    • (2000) European Financial Management , vol.6 , pp. 423-40
    • Cornu, P.1    Isakov, D.2
  • 15
    • 84935412596 scopus 로고
    • Going private: Minority freeze outs and stockholders' wealth
    • and. pp.
    • DeAngelo, H., DeAngelo, L. and Rice, E. Going private: minority freeze outs and stockholders' wealth Journal of Law and Economics, Vol. 27, 1984, pp. 367 402.
    • (1984) Journal of Law and Economics , vol.27 , pp. 367-402
    • Deangelo, H.1    Deangelo, L.2    Rice, E.3
  • 17
    • 0042257357 scopus 로고    scopus 로고
    • Reassessing the long term performance of underperforming UK initial public offerings
    • and. pp.
    • Espenlaub, S. Gregory, A. and Tonks, I. Reassessing the long term performance of underperforming UK initial public offerings European Financial Management, Vol. 6, 2000, pp. 319 42.
    • (2000) European Financial Management , vol.6 , pp. 319-42
    • Espenlaub, S.1    Gregory, A.2    Tonks, I.3
  • 19
    • 0030240848 scopus 로고    scopus 로고
    • Grandstanding in the venture capital industry
    • pp.
    • Gompers, P. A. Grandstanding in the venture capital industry Journal of Financial Economics, Vol. 42, 1996, pp. 133 56.
    • (1996) Journal of Financial Economics , vol.42 , pp. 133-56
    • Gompers, P.A.1
  • 20
    • 34547889962 scopus 로고    scopus 로고
    • The venture capital perspective: Why do a public to private?
    • Presentation at. London
    • Graham, C. The venture capital perspective: why do a public to private? Presentation at IBC Conference on Public-to-private Takeovers, London, 26 November 2001.
    • (2001) IBC Conference on Public-to-private Takeovers
    • Graham, C.1
  • 21
    • 0002886905 scopus 로고
    • Takeover bids, the free rider problem, and the theory of the corporation
    • and. pp.
    • Grossman, S. and Hart, O. Takeover bids, the free rider problem, and the theory of the corporation Rand Journal of Economics, Vol. 11, 1980, pp. 42 64.
    • (1980) Rand Journal of Economics , vol.11 , pp. 42-64
    • Grossman, S.1    Hart, O.2
  • 22
    • 0040441352 scopus 로고    scopus 로고
    • On the heterogeneity of leveraged going private transactions
    • and. pp.
    • Halpern, P. Kieschnick, R. and Rotenberg, W. On the heterogeneity of leveraged going private transactions Review of Financial Studies, Vol. 12, 1999, pp. 281 309.
    • (1999) Review of Financial Studies , vol.12 , pp. 281-309
    • Halpern, P.1    Kieschnick, R.2    Rotenberg, W.3
  • 23
    • 0039894354 scopus 로고    scopus 로고
    • Auctions of companies
    • pp.
    • Hansen, R. Auctions of companies Economic Inquiry, Vol. 39, 2001, pp. 30 43.
    • (2001) Economic Inquiry , vol.39 , pp. 30-43
    • Hansen, R.1
  • 24
    • 27844596326 scopus 로고    scopus 로고
    • Performance of private to public MBOs: The role of venture capital
    • and. pp.
    • Jelic, R., Saadouni, B. and Wright, M. Performance of private to public MBOs: the role of venture capital Journal of Business Finance and Accounting, Vol. 32, 2005, pp. 643 82.
    • (2005) Journal of Business Finance and Accounting , vol.32 , pp. 643-82
    • Jelic, R.1    Saadouni, B.2    Wright, M.3
  • 26
    • 0000706823 scopus 로고
    • The effects of management buyouts on operations and value
    • pp.
    • Kaplan, S. N. The effects of management buyouts on operations and value Journal of Financial Economics, Vol. 24, 1989, pp. 217 54.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-54
    • Kaplan, S.N.1
  • 27
  • 28
    • 5644266786 scopus 로고
    • Rehabilitating the leveraged buyout
    • and. pp.
    • Kester, C. and Luehrman, T. Rehabilitating the leveraged buyout Harvard Business Review, Vol. 73, 1995, pp. 119 30.
    • (1995) Harvard Business Review , vol.73 , pp. 119-30
    • Kester, C.1    Luehrman, T.2
  • 29
    • 0037681252 scopus 로고    scopus 로고
    • Free cash flow and stockholder gains in going private transactions revisited
    • pp.
    • Kieschnick, R. Free cash flow and stockholder gains in going private transactions revisited Journal of Business Finance and Accounting, Vol. 25, 1998, pp. 187 202.
    • (1998) Journal of Business Finance and Accounting , vol.25 , pp. 187-202
    • Kieschnick, R.1
  • 30
    • 0001899807 scopus 로고
    • Board composition and shareholder wealth: The case of management buyouts
    • and. pp.
    • Lee, D., Rosenstein, S., Rangan, N. and Davidson, W. Board composition and shareholder wealth: the case of management buyouts Financial Management, Vol. 21, 1992, pp. 58 72.
    • (1992) Financial Management , vol.21 , pp. 58-72
    • Lee, D.1    Rosenstein, S.2    Rangan, N.3    Davidson, W.4
  • 31
    • 84977733537 scopus 로고
    • Free cash flow and stockholder gains in going private transactions
    • and. pp.
    • Lehn, K. and Poulsen, A. Free cash flow and stockholder gains in going private transactions Journal of Finance, Vol. XLIV, 1989, pp. 771 87.
    • (1989) Journal of Finance , vol.44 , pp. 771-87
    • Lehn, K.1    Poulsen, A.2
  • 32
    • 21844491518 scopus 로고
    • The syndication of venture capital investments
    • pp.
    • Lerner, J. The syndication of venture capital investments Financial Management, Vol. 23, 1994, pp. 16 27.
    • (1994) Financial Management , vol.23 , pp. 16-27
    • Lerner, J.1
  • 33
    • 0038360004 scopus 로고    scopus 로고
    • Venture capitalists, investment appraisal and accounting information: A comparative study of the USA, UK, France, Belgium and Holland
    • and. pp.
    • Manigert, S., De Waele, K., Wright, M. Robbie, K., Desbrieres, P., Sapienza, H. and Beeckman, A. Venture capitalists, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland European Financial Management, Vol. 6, 2000, pp. 389 403.
    • (2000) European Financial Management , vol.6 , pp. 389-403
    • Manigert, S.1    De Waele, K.2    Wright, M.3    Robbie, K.4    Desbrieres, P.5    Sapienza, H.6    Beeckman, A.7
  • 34
    • 38249022619 scopus 로고
    • Wealth effects of going private for senior securities
    • and. pp.
    • Marais, L., Schipper, K. and Smith, A. Wealth effects of going private for senior securities Journal of Financial Economics, Vol. 23, 1989, pp. 155 91.
    • (1989) Journal of Financial Economics , vol.23 , pp. 155-91
    • Marais, L.1    Schipper, K.2    Smith, A.3
  • 35
    • 84989036339 scopus 로고
    • Financial and stock market variables as predictors of management buy outs
    • pp.
    • Maupin, R. Financial and stock market variables as predictors of management buy outs Strategic Management Journal, Vol. 8, 1987, pp. 319 27.
    • (1987) Strategic Management Journal , vol.8 , pp. 319-27
    • Maupin, R.1
  • 36
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • and. pp.
    • Megginson, W. and Weiss, K. Venture capitalist certification in initial public offerings Journal of Finance, Vol. 46, 1991, pp. 879 903.
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.1    Weiss, K.2
  • 37
    • 0002564688 scopus 로고
    • Managers' voting rights and corporate control
    • and. pp.
    • Mikkelson, W. and Partch, M. Managers' voting rights and corporate control Journal of Financial Economics, Vol. 25, 1989, pp. 263 90.
    • (1989) Journal of Financial Economics , vol.25 , pp. 263-90
    • Mikkelson, W.1    Partch, M.2
  • 39
    • 0041828973 scopus 로고    scopus 로고
    • Termination fees in mergers and acquisitions
    • pp.
    • Officer, M. S. Termination fees in mergers and acquisitions Journal of Financial Economics, Vol. 69, 2003, pp. 431 67.
    • (2003) Journal of Financial Economics , vol.69 , pp. 431-67
    • Officer, M.S.1
  • 40
    • 84993915282 scopus 로고
    • The determinants of leveraged buyout activity, free cashflow versus financial distress costs
    • and. pp.
    • Opler, T. and Titman, S. The determinants of leveraged buyout activity, free cashflow versus financial distress costs Journal of Finance, Vol. 48, 1993, pp. 1985 99.
    • (1993) Journal of Finance , vol.48 , pp. 1985-99
    • Opler, T.1    Titman, S.2
  • 41
    • 0004942530 scopus 로고    scopus 로고
    • Board composition, ownership structure and hostile takeovers: Some UK evidence
    • and. pp.
    • O'Sullivan, N. and Wong, P. Board composition, ownership structure and hostile takeovers: some UK evidence Accounting and Business Research, Vol. 29, 1999, pp. 139 55.
    • (1999) Accounting and Business Research , vol.29 , pp. 139-55
    • O'Sullivan, N.1    Wong, P.2
  • 42
    • 0001418806 scopus 로고
    • Clearly heard on the street: The effect of takeover rumors on stock prices
    • and. pp.
    • Pound, J. and Zeckhauser, R. Clearly heard on the street: the effect of takeover rumors on stock prices Journal of Business Vol. 63, 1990, pp. 291 308.
    • (1990) Journal of Business , vol.63 , pp. 291-308
    • Pound, J.1    Zeckhauser, R.2
  • 45
    • 0030161296 scopus 로고    scopus 로고
    • Markup pricing in mergers and acquisitions
    • pp.
    • Schwert, G. W. Markup pricing in mergers and acquisitions Journal of Financial Economic, Vol. 41, 1996, pp. 153 92.
    • (1996) Journal of Financial Economic , vol.41 , pp. 153-92
    • Schwert, G.W.1
  • 46
    • 0040211631 scopus 로고    scopus 로고
    • Hostility in take-overs: In the eyes of the beholders
    • pp.
    • Schwert, G. W. Hostility in take-overs: in the eyes of the beholders Journal of Finance, Vol. 55, 2000, pp. 2599 2640.
    • (2000) Journal of Finance , vol.55 , pp. 2599-2640
    • Schwert, G.W.1
  • 47
    • 84972065982 scopus 로고
    • The impact of managerial ownership on acquisition attempts
    • and. pp.
    • Song, M. and Walkling, R. The impact of managerial ownership on acquisition attempts Journal of Financial and Quantitative Analysis, Vol. 28, 1993, pp. 439 57.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , pp. 439-57
    • Song, M.1    Walkling, R.2
  • 49
    • 84982615353 scopus 로고
    • The role of defensive strategies and ownership structure of target firms: Evidence from UK hostile takeover bids
    • pp.
    • Sudarasanam, S. The role of defensive strategies and ownership structure of target firms: evidence from UK hostile takeover bids European Financial Management, Vol. 1, 1995, pp. 223 40.
    • (1995) European Financial Management , vol.1 , pp. 223-40
    • Sudarasanam, S.1
  • 52
    • 34547918907 scopus 로고    scopus 로고
    • Ownership structure, board composition and the market for corporate control in the UK: An empirical analysis
    • and. pp.
    • Weir, C. and Laing, D. Ownership structure, board composition and the market for corporate control in the UK: an empirical analysis Applied Economics, Vol. 29, 2003, pp. 579 611.
    • (2003) Applied Economics , vol.29 , pp. 579-611
    • Weir, C.1    Laing, D.2
  • 53
    • 27844492397 scopus 로고    scopus 로고
    • Incentive effects, monitoring mechanisms and the market for corporate control: An analysis of the factors affecting public to private transactions in the UK
    • and. pp.
    • Weir, C., Laing, D. and Wright, M. Incentive effects, monitoring mechanisms and the market for corporate control: an analysis of the factors affecting public to private transactions in the UK Journal of Business Finance and Accounting, Vol. 32, 2005a, pp. 909 44.
    • (2005) Journal of Business Finance and Accounting , vol.32 , pp. 909-44
    • Weir, C.1    Laing, D.2    Wright, M.3
  • 54
    • 25844445854 scopus 로고    scopus 로고
    • Undervaluation, private information, agency costs and the decision to go private
    • and. pp.
    • Weir, C., Laing, D. and Wright, M. Undervaluation, private information, agency costs and the decision to go private Applied Financial Economics, Vol. 15, 2005b, pp. 947 61.
    • (2005) Applied Financial Economics , vol.15 , pp. 947-61
    • Weir, C.1    Laing, D.2    Wright, M.3
  • 55
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent co-variance matrix estimator and a direct test for heteroskedasticity
    • pp.
    • White, H. A heteroskedasticity-consistent co-variance matrix estimator and a direct test for heteroskedasticity Econometrica, Vol. 49, 1980, pp. 817 38.
    • (1980) Econometrica , vol.49 , pp. 817-38
    • White, H.1
  • 57
    • 0000812392 scopus 로고    scopus 로고
    • The development of an organisational innovation: Management buy-outs in the UK 1980-97
    • and. pp.
    • Wright, M., Robbie, K., Chiplin, B. and Albrighton, M. The development of an organisational innovation: management buy-outs in the UK 1980-97 Business History, Vol. 42, 2000, pp. 137 84.
    • (2000) Business History , vol.42 , pp. 137-84
    • Wright, M.1    Robbie, K.2    Chiplin, B.3    Albrighton, M.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.