Managerial ownership, credit market conditions, undervaluation and offer premiums in management (MBOs) and leveraged buyouts (LBOs)

被引：2

作者：

Mittoo, Usha ^{[1
]}

Ng, Dennis ^{[2
]}

Yan, Meng ^{[1
]}

机构：

[1] Univ Manitoba, IH Asper Sch Business, Winnipeg, MB R3T 5V4, Canada

[2] Univ Winnipeg, Fac Business & Econ, Winnipeg, MB R3B 2E9, Canada

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2020年 / 65卷

关键词：

Going private; Leveraged buyouts (LBOs); Management buyouts (MBOs); Offer premiums; Ownership structure; INITIAL PUBLIC OFFERINGS; FREE CASH FLOW; GOING PRIVATE; SHAREHOLDER WEALTH; LIQUIDITY; IMPACT;

D O I：

10.1016/j.intfin.2020.101189

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the impact of lending conditions and undervaluation on the buyout choice and offer premiums in MBO versus LBO decisions. We control for endogeneity and self-selection using a two-stage regression model in a sample of US transactions. Firms with higher insider ownership are more likely to select an MBO, whereas easy lending conditions increase the likelihood of an LBO. Determinants of offer premiums are also significantly different. Our main conclusion is that many factors (in addition to managerial ownership) should be accounted for to better understand the sources of value creation in going private transactions. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：16

共 38 条

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