메뉴 건너뛰기




Volumn 23, Issue 1, 2009, Pages 121-146

Leveraged buyouts and private equity

Author keywords

[No Author keywords available]

Indexed keywords


EID: 85011716131     PISSN: None     EISSN: 08953309     Source Type: Journal    
DOI: 10.1257/jep.23.1.121     Document Type: Review
Times cited : (590)

References (63)
  • 4
    • 34249878721 scopus 로고    scopus 로고
    • The wage and employment effects of leveraged buyouts in the UK
    • Amess, Kevin, and Mike Wright. 2007b. "The Wage and Employment Effects of Leveraged Buyouts in the UK." International Journal of the Economics of Business, 14(2): 179-95.
    • (2007) International Journal of the Economics of Business , vol.14 , Issue.2 , pp. 179-195
    • Kevin, A.1    Wright, M.2
  • 5
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic distress)? Evidence from highly leveraged trans-actions that became distressed
    • Andrade, Gregor, and Steven N. Kaplan. 1998. "How Costly is Financial (Not Economic Distress)? Evidence from Highly Leveraged Trans-actions That Became Distressed." Journal of Finance, 53(5): 1443-94.
    • (1998) Journal of Finance , vol.53 , Issue.5 , pp. 1443-1494
    • Gregor, A.1    Kaplan, S.N.2
  • 6
    • 0039798189 scopus 로고
    • Event risk, covenants, and bondholder returns in leveraged buyouts
    • Asquith, Paul, and Thierry Wizman. 1990. "Event Risk, Covenants, and Bondholder Returns in Leveraged Buyouts." Journal Financial Economics, 27(1): 195-213.
    • (1990) Journal Financial Economics , vol.27 , Issue.1 , pp. 195-213
    • Paul, A.1    Wizman, T.2
  • 8
    • 85011663441 scopus 로고    scopus 로고
    • Why are buyouts leveraged? the financial structure of private equity funds
    • Axelson, Ulf, Per Strömberg, and Michael Weisbach. Forthcoming. "Why Are Buyouts Leveraged? The Financial Structure of Private Equity Funds." Journal of Finance.
    • Journal of Finance
    • Ulf, A.1    Strömberg, P.2    Weisbach, M.3
  • 9
    • 84977710826 scopus 로고
    • Beatrice: A study in the creation and destruction of value
    • Baker, George. 1992. "Beatrice: A Study in the Creation and Destruction of Value." Journal of Finance, 47(3): 1081-1119.
    • (1992) Journal of Finance
    • Baker, G.1
  • 10
    • 0142023951 scopus 로고    scopus 로고
    • The maturity of debt issues and predictable variation in bond returns
    • Baker, Malcolm, Robin Greenwood, and Jeff Wurgler. 2003. "The Maturity of Debt Issues and Predictable Variation in Bond Returns." Journal of Financial Economics, 70(2): 261-91.
    • (2003) Journal of Financial Economics , vol.70 , Issue.2 , pp. 261-291
    • Malcolm, B.1    Greenwood, R.2    Wurgler, J.3
  • 11
    • 0040435486 scopus 로고    scopus 로고
    • The equity share in new issues and aggregate stock returns
    • Baker, Malcolm, and Jeff Wurgler. 2000. "The Equity Share in New Issues and Aggregate Stock Returns." Journal of Finance, 55(5): 2219-57.
    • (2000) Journal of Finance , vol.55 , Issue.5 , pp. 2219-2257
    • Malcolm, B.1    Wurgler, J.2
  • 13
    • 61849167209 scopus 로고    scopus 로고
    • The operating impact of buyouts in Sweden: A study of value creation
    • Bergström, Clas, Michael Grubb, and Sara Jonsson. 2007. "The Operating Impact of Buyouts in Sweden: A Study of Value Creation." Journal of Private Equity, 11(1): 22-39.
    • (2007) Journal of Private Equity , vol.11 , Issue.1 , pp. 22-39
    • Clas, B.1    Grubb, M.2    Jonsson, S.3
  • 19
    • 34548088936 scopus 로고    scopus 로고
    • Private equity, leveraged buyouts and governance
    • Cumming, Douglas, Donald Siegel, and Mike Wright. 2007. "Private Equity, Leveraged Buyouts and Governance." Journal of Corporate Finance, 13(4): 439-60.
    • (2007) Journal of Corporate Finance , vol.13 , Issue.4 , pp. 439-460
    • Douglas, C.1    Siegel, D.2    Wright, M.3
  • 24
    • 0030525137 scopus 로고    scopus 로고
    • The use of covenants: An empirical analysis of venture partnership agreements
    • Gompers, Paul, and Josh Lerner. 1996. "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements." Journal of Law and Economics, 39(2): 463-98.
    • (1996) Journal of Law and Economics , vol.39 , Issue.2 , pp. 463-498
    • Paul, G.1    Lerner, J.2
  • 26
    • 0001094026 scopus 로고    scopus 로고
    • Money chasing deals? the impact of fund inflows on private equity valuations
    • Gompers, Paul, and Josh Lerner. 2000. "Money Chasing Deals? The Impact of Fund Inflows on Private Equity Valuations." Journal of Financial Economics, 55(2): 281-325.
    • (2000) Journal of Financial Economics , vol.55 , Issue.2 , pp. 281-325
    • Paul, G.1    Lerner, J.2
  • 27
    • 0344436678 scopus 로고    scopus 로고
    • Taxes and corporate finance: A review
    • Graham, John. 2003. "Taxes and Corporate Finance: A Review." Review of Financial Studies, 16(4): 1075-1129.
    • (2003) Review of Financial Studies , vol.16 , Issue.4 , pp. 1075-1129
    • John, G.1
  • 28
    • 0002886905 scopus 로고
    • Takeover bids, the free-rider problem, and the theory of the corporation
    • Grossman, Sanford, and Oliver Hart. 1980. "Takeover Bids, the Free-rider Problem, and the Theory of the Corporation." Bell Journal of Economics, 11(1): 42-64.
    • (1980) Bell Journal of Economics , vol.11 , Issue.1 , pp. 42-64
    • Sanford, G.1    Hart, O.2
  • 31
    • 15944366899 scopus 로고    scopus 로고
    • Assessing the impact of management buyouts on economic efficiency: Plantlevel evidence from the United Kingdom
    • Harris, Richard, Donald Siegel, and Mike Wright. 2005. "Assessing the Impact of Management Buyouts on Economic Efficiency: Plantlevel Evidence from the United Kingdom." The Review of Economics and Statistics, 87(1): 148-53.
    • (2005) The Review of Economics and Statistics , vol.87 , Issue.1 , pp. 148-153
    • Richard, H.1    Siegel, D.2    Wright, M.3
  • 32
    • 1342315544 scopus 로고    scopus 로고
    • The state of U.S. Corporate governance: What's right and what's wrong?
    • Holmström, Bengt, and Steven N. Kaplan. 2003. "The State of U.S. Corporate Governance: What's Right and What's Wrong?" Journal of Applied Corporate Finance, 15(3): 8-20.
    • (2003) Journal of Applied Corporate Finance , vol.15 , Issue.3 , pp. 8-20
    • Bengt, H.1    Kaplan, S.N.2
  • 33
    • 0030295680 scopus 로고    scopus 로고
    • The financial performance of reverse leveraged buyouts
    • Holthausen, Robert, and David Larcker. 1996. "The Financial Performance of Reverse Leveraged Buyouts." Journal of Financial Economics, 42(3): 293-332.
    • (1996) Journal of Financial Economics , vol.42 , Issue.3 , pp. 293-332
    • Robert, H.1    Larcker, D.2
  • 35
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, Michael. 1986. "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers." American Economic Review, 76(2): 323-29.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Michael, J.1
  • 36
    • 0003191078 scopus 로고
    • Eclipse of the public corporation
    • Jensen, Michael. 1989. "Eclipse of the Public Corporation." Harvard Business Review, 67(5): 61-74.
    • (1989) Harvard Business Review , vol.67 , Issue.5 , pp. 61-74
    • Michael, J.1
  • 37
    • 84936016411 scopus 로고
    • Performance pay and top management incentives
    • Jensen, Michael, and Kevin J. Murphy. 1990. "Performance Pay and Top Management Incentives." Journal of Political Economy, 98(2): 225-64.
    • (1990) Journal of Political Economy , vol.98 , Issue.2 , pp. 225-264
    • Michael, J.1    Murphy, K.J.2
  • 38
    • 84977728066 scopus 로고
    • Management buyouts: Evidence on taxes as a source of value
    • Kaplan, Steven N. 1989a. "Management Buyouts: Evidence on Taxes as a Source of Value." Journal of Finance, 44(3): 611-32.
    • (1989) Journal of Finance , vol.44 , Issue.3 , pp. 611-632
    • Kaplan Steven, N.1
  • 39
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, Steven N. 1989b. "The Effects of Management Buyouts on Operating Performance and Value." Journal of Financial Economics, 24(2): 217-54.
    • (1989) Journal of Financial Economics , vol.24 , Issue.2 , pp. 217-254
    • Kaplan Steven, N.1
  • 40
    • 0001553293 scopus 로고
    • The staying power of leveraged buy-outs
    • Kaplan, Steven N. 1991. "The Staying Power of Leveraged Buy-outs." Journal of Financial Economics, 29(2): 287-313.
    • (1991) Journal of Financial Economics , vol.29 , Issue.2 , pp. 287-313
    • Kaplan Steven, N.1
  • 41
    • 0002286373 scopus 로고    scopus 로고
    • The evolution of U.S. Corporate governance: We are all Henry Kravis now
    • Kaplan, Steven N. 1997. "The Evolution of U.S. Corporate Governance: We Are All Henry Kravis Now." Journal of Private Equity, 1(1): 7-14.
    • (1997) Journal of Private Equity , vol.1 , Issue.1 , pp. 7-14
    • Kaplan Steven, N.1
  • 42
    • 85011677342 scopus 로고    scopus 로고
    • University of Chicago Graduate School of Business
    • Kaplan, Steven N. 2005. "SunGard Data Systems." Case, University of Chicago Graduate School of Business. http://faculty.chicagogsb.edu/steven.kaplan/research/tm/tm.html.
    • (2005) SunGard Data Systems Case
    • Kaplan Steven, N.1
  • 43
    • 23944516772 scopus 로고    scopus 로고
    • Private equity returns: Persistence and capital flows
    • Kaplan, Steven N., and Antoinette Schoar. 2005. "Private Equity Returns: Persistence and Capital Flows." Journal of Finance, 60(4): 1791-1823.
    • (2005) Journal of Finance , vol.60 , Issue.4 , pp. 1791-1823
    • Kaplan Steven, N.1    Schoar, A.2
  • 44
    • 84950240854 scopus 로고
    • The evolution of buyout pricing and financial structure in the 1980s
    • Kaplan, Steven N., and Jeremy Stein. 1993. "The Evolution of Buyout Pricing and Financial Structure in the 1980s." Quarterly Journal of Economics, 108(2): 313-57.
    • (1993) Quarterly Journal of Economics , vol.108 , Issue.2 , pp. 313-357
    • Kaplan Steven, N.1    Stein, J.2
  • 45
    • 33947244923 scopus 로고    scopus 로고
    • Smart investors, foolish choices: The limited partner performance puzzle
    • Lerner, Josh, Antoinette Schoar, and Wan Wang. 2007. "Smart Investors, Foolish Choices: The Limited Partner Performance Puzzle." Journal of Finance, 62(2): 731-64.
    • (2007) Journal of Finance , vol.62 , Issue.2 , pp. 731-764
    • Josh, L.1    Schoar, A.2    Wang, W.3
  • 47
    • 0001121113 scopus 로고
    • The effects of leveraged buyouts on productivity and related aspects of firm behavior
    • Lichtenberg, Frank R., and Donald Siegel. 1990. "The Effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior." Journal of Financial Economics, 27(1): 165-194.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 165-194
    • Lichtenberg Frank, R.1    Siegel, D.2
  • 49
    • 38249022619 scopus 로고
    • Wealth effects of going private on senior securities
    • Marais, Laurentius, Katherine Schipper, and Abbie Smith. 1989. "Wealth Effects of Going Private on Senior Securities." Journal of Financial Economics, 23(1): 155-91.
    • (1989) Journal of Financial Economics , vol.23 , Issue.1 , pp. 155-191
    • Laurentius, M.1    Schipper, K.2    Smith, A.3
  • 50
    • 47949125859 scopus 로고    scopus 로고
    • Working Paper, Wharton Business School
    • Metrick, Andrew, and Ayako Yasuda. 2007. "Economics of Private Equity Funds." Working Paper, Wharton Business School. http://papers.ssrn.com/sol3/papers.cfm?abstract-id-996334.
    • (2007) Economics of Private Equity Funds
    • Andrew, M.1    Yasuda, A.2
  • 51
    • 84993900546 scopus 로고
    • Efficiency gains in unsuccessful management buyouts
    • Ofek, Elie. 1994. "Efficiency Gains in Unsuccessful Management Buyouts." Journal of Finance, 49(2): 637-54.
    • (1994) Journal of Finance , vol.49 , Issue.2 , pp. 637-654
    • Elie, O.1
  • 53
    • 36348936699 scopus 로고    scopus 로고
    • If private equity sized up your business
    • Pozen, Robert. 2007. "If Private Equity Sized Up Your Business." Harvard Business Review, 85(11): 78-87.
    • (2007) Harvard Business Review , vol.85 , Issue.11 , pp. 78-87
    • Robert, P.1
  • 55
    • 0000887602 scopus 로고
    • The structure and governance of venture capital organizations
    • Sahlman, William. 1990. "The Structure and Governance of Venture Capital Organizations." Journal of Financial Economics, 27(2): 473-521.
    • (1990) Journal of Financial Economics , vol.27 , Issue.2 , pp. 473-521
    • William, S.1
  • 56
    • 85011716831 scopus 로고    scopus 로고
    • Service Employees International Union
    • Service Employees International Union. 2007. Behind the Buyout. http://www.behindthebuyouts.org/.
    • (2007) Behind the Buyout
  • 57
    • 0000285914 scopus 로고
    • Capital ownership structure and performance: The case of management buyouts
    • Smith, Abbie. 1990. "Capital Ownership Structure and Performance: The Case of Management Buyouts." Journal of Financial Economics, 27(1): 143-64.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 143-164
    • Abbie, S.1
  • 58
    • 85011679116 scopus 로고    scopus 로고
    • Standard and Poor's
    • Standard and Poor's. 2008. Leveraged Lending Review 1Q08. http://www.lcdcomps.com/pg/research/us-research.html.
    • (2008) Leveraged Lending Review 1Q08
  • 59
    • 15544366424 scopus 로고    scopus 로고
    • Why are most funds open-end? Competition and the limits of arbitrage
    • Stein, Jeremy. 2005. "Why Are Most Funds Open-End? Competition and the Limits of Arbitrage." Quarterly Journal of Economics, 120(1): 247-72.
    • (2005) Quarterly Journal of Economics , vol.120 , Issue.1 , pp. 247-272
    • Jeremy, S.1
  • 63
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack, David. 1996. "Higher Market Valuation of Companies with a Small Board of Directors." Journal of Financial Economics, 40(2): 185-211.
    • (1996) Journal of Financial Economics , vol.40 , Issue.2 , pp. 185-211
    • David, Y.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.