Value Creation and Value Transfer of Leveraged Buyouts: A Review of Recent Developments and Challenges for Emerging Markets

Hung, Yao Don; Tsai, Ming Hone

doi:10.1080/1540496x.2016.1193000

Cited by 4 publications

(1 citation statement)

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“…The agency cost hypothesis is also supported in all three analyses and there is evidence that increased financial distress costs are a concern to private equity groups. Hung, Y. D., & Tsai, M. H. (2017) [19] have examined the tactics and strategies that LBOs use to capture and transfer value, and study emerging markets outside the traditional territories of LBO activities. This article reveals concerns that may be of interest to investors and regulators, elucidates clues for PE firms managing differences when investing in emerging markets, and provides an integrated view of LBO activities for countries seeking the introduction of private equity.…”

Section: Introductionmentioning

confidence: 99%

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2021

Int. J. Finance Manage. Econ.

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This study examines impact of leveraged buyout on the shareholders value added of the select Indian companies. For this purpose seven sample leveraged buyout companies have been taken into consideration during the study period 2005-06 to 2009-10. Mean and coefficient of variation of SVA of the sample companies have been computed before and after three years period of leveraged buyout in order to measure the change in performance related to shareholders value added. Event study approach has been adopted to measure the change in performance of the sample companies. Finally, it is found that there is improvement in shareholders' value after leveraged buyout since Paired t test has depicted a statistically significant result.

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Section: Introductionmentioning

confidence: 99%

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2021

Int. J. Finance Manage. Econ.

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Mapping research in the field of private equity: a bibliometric analysis

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Análise da criação de valor em uma operação de leveraged buyout (LBO) No Brasil

2017

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Fazendo uso de um modelo de negócio baseado na aquisição de empresas com potencial de crescimento, os private equities desenvolveram as leveraged buyouts (LBOs). Para a aquisição da empresa-alvo, utiliza-se a dívida como pagamento de parte significativa do valor da aquisição. Um dos principais objetivos das LBOs é possibilitar que entidades financeiras realizem um volume considerável de aquisições sem comprometer substancialmente o patrimônio e o capital próprio, mitigando o risco do investimento e maximizando o retorno. Este artigo visa analisar a criação de valor em uma operação de LBO no mercado brasileiro, através do uso do Economic Value Added (EVA®). O método de pesquisa empregado foi o ex post facto, baseado em uma pesquisa qualitativa. O resultado encontrado indica evidências inconclusivas quanto a destruição do valor em uma operação de LBO nacional, considerando outros possíveis elementos responsáveis pelo indicador EVA® negativo.

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Value Creation and Value Transfer of Leveraged Buyouts: A Review of Recent Developments and Challenges for Emerging Markets

Cited by 4 publications

References 50 publications

Untitled

Untitled

Mapping research in the field of private equity: a bibliometric analysis

Análise da criação de valor em uma operação de leveraged buyout (LBO) No Brasil

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