Leveraged Buyouts and Corporate Debt
Author: United States. Congress. Senate. Committee on Finance
Publisher:
Published: 1989
Total Pages: 104
ISBN-13:
DOWNLOAD EBOOK →Author: United States. Congress. Senate. Committee on Finance
Publisher:
Published: 1989
Total Pages: 104
ISBN-13:
DOWNLOAD EBOOK →Author: Yakov Amihud
Publisher: Beard Books
Published: 2002
Total Pages: 292
ISBN-13: 9781587981388
DOWNLOAD EBOOK →Papers presented at a conference held at the Leonard N. Stern School of Business, New York University, on May 20, 1988, and sponsored by the Salomon Brothers Center for the Study of Financial Institutions. The 1989 edition of this proceedings volume was published by Dow-Jones-Irwin. Academics, legis
Author: Nicolaus Loos
Publisher: Springer Science & Business Media
Published: 2007-11-05
Total Pages: 490
ISBN-13: 3835093290
DOWNLOAD EBOOK →Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
Author:
Publisher: DIANE Publishing
Published: 1992-03
Total Pages: 132
ISBN-13: 0941375471
DOWNLOAD EBOOK →What happens to companies that had been taken over through an LBO; how have they performed since the takeover; how have the communities been affected; what happened to companies that amassed tremendous debt to avoid being taken over? In order to address these questions in this report, case studies were done of the companies that experienced an LBO or a takeover attempt during the mid- to late 1980s. The assessment was based primarily on public documents and financial reports filed by the companies with the SEC.
Author: Bjørn Espen Eckbo
Publisher: Now Pub
Published: 2013-07
Total Pages: 144
ISBN-13: 9781601986900
DOWNLOAD EBOOK →We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.
Author: Allen Michel
Publisher: McGraw-Hill Professional Publishing
Published: 1988
Total Pages: 392
ISBN-13:
DOWNLOAD EBOOK →Author: Paul Pignataro
Publisher: John Wiley & Sons
Published: 2013-12-23
Total Pages: 453
ISBN-13: 1118674545
DOWNLOAD EBOOK →A comprehensive look at the world of leveraged buyouts The private equity industry has grown dramatically over the past twenty years. Such investing requires a strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity. Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability—and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics. Provides an in-depth analysis of how to identify a private company, bring such an investment to profitability, and create high returns for the private equity funds Includes an informative LBO model and case study as well as private company valuation Written by Paul Pignataro, founder and CEO of the New York School of Finance If you're looking for the best way to hone your skills in this field, look no further than this book.
Author: George Pierce Baker
Publisher: Cambridge University Press
Published: 1998-10-13
Total Pages: 328
ISBN-13: 9780521642606
DOWNLOAD EBOOK →This book, first published in 1999, gives a balanced, enlightening account of how KKR has approached leveraged buyouts.