Debt Structure, Private Equity Reputation, and Performance in Leveraged Buyouts

In a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The leveraged buyout investment firms today refer to themselves (and are generally referred to) as private equity firms. We describe and present time series evidence on the private equity industry, considering both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.

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Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments

Strategic Management Journal ◽

10.1002/smj.822 ◽

2009 ◽

pp. n/a-n/a ◽

Cited By ~ 43

Author(s):

Garry D. Bruton ◽

Igor Filatotchev ◽

Salim Chahine ◽

Mike Wright

Keyword(s):

Ownership Structure ◽

Private Equity ◽

Institutional Environments ◽

Different Types ◽

And Performance ◽

The Impact

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Private equity group reputation and financing structures in German leveraged buyouts

Journal of Business Economics ◽

10.1007/s11573-017-0866-4 ◽

2017 ◽

Vol 88 (3-4) ◽

pp. 363-392 ◽

Cited By ~ 1

Author(s):

Ann-Kristin Achleitner ◽

Reiner Braun ◽

Eva Lutz ◽

Florian Tappeiner

Keyword(s):

Private Equity ◽

Leveraged Buyouts ◽

Group Reputation

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Private Equity Fund Returns and Performance Persistence*

Review of Finance ◽

10.1093/rof/rfu045 ◽

2014 ◽

Vol 19 (5) ◽

pp. 1783-1823 ◽

Cited By ~ 11

Author(s):

Robert Marquez ◽

Vikram Nanda ◽

M. Deniz Yavuz

Keyword(s):

Private Equity ◽

Performance Persistence ◽

Equity Fund ◽

Private Equity Fund ◽

And Performance

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