Private Equity, Buy-outs and Insolvency Risk
Author
Abstract
(This abstract was borrowed from another version of this item.)
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Mike Wright & Nick Wilson, 2013. "Private Equity, Buy-outs, and Insolvency Risk," Research Papers 0008, Enterprise Research Centre.
References listed on IDEAS
- Liang Han & Stuart Fraser & David J. Storey, 2009. "The Role of Collateral in Entrepreneurial Finance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3-4), pages 424-455.
- Liang Han & Stuart Fraser & David J. Storey, 2009. "The Role of Collateral in Entrepreneurial Finance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3‐4), pages 424-455, April.
- Tykvová, Tereza & Borell, Mariela, 2012.
"Do private equity owners increase risk of financial distress and bankruptcy?,"
Journal of Corporate Finance, Elsevier, vol. 18(1), pages 138-150.
- Tykvová, Tereza & Borell, Mariela, 2011. "Do private equity owners increase risk of financial distress and bankruptcy?," ZEW Discussion Papers 11-076, ZEW - Leibniz Centre for European Economic Research.
- Ulf Axelson & Tim Jenkinson & Per Strömberg & Michael S. Weisbach, 2013.
"Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts,"
Journal of Finance, American Finance Association, vol. 68(6), pages 2223-2267, December.
- Axelson, Ulf & Jenkinson, Tim & Stromberg, Per & Weisbach, Michael S., 2010. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," Working Paper Series 2010-9, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael, 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 119054, London School of Economics and Political Science, LSE Library.
- Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael S., 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 43088, London School of Economics and Political Science, LSE Library.
- Ulf Axelson & Tim Jenkinsom & Per Strömberg & Michael S. Weisbach, 2012. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," FMG Discussion Papers dp698, Financial Markets Group.
- Jenkinson, Tim & Weisbach, Michael & Strömberg, Per & Axelson, Ulf, 2012. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," CEPR Discussion Papers 8914, C.E.P.R. Discussion Papers.
- Ulf Axelson & Tim Jenkinson & Per Strömberg & Michael S. Weisbach, 2010. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," NBER Working Papers 15952, National Bureau of Economic Research, Inc.
- Ranko Jelic, 2011. "Staying Power of UK Buy-Outs," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(7-8), pages 945-986, September.
- Viral V. Acharya & Oliver F. Gottschalg & Moritz Hahn & Conor Kehoe, 2013.
"Corporate Governance and Value Creation: Evidence from Private Equity,"
The Review of Financial Studies, Society for Financial Studies, vol. 26(2), pages 368-402.
- Acharya, Viral & Kehoe, Conor & Hahn, Moritz, 2009. "Corporate Governance and Value Creation: Evidence from Private Equity," CEPR Discussion Papers 7242, C.E.P.R. Discussion Papers.
- Oliver Gottschalg & Viral V. Acharya & Moritz Hahn & Conor Kehoe, 2013. "Corporate Governance and Value Creation: Evidence from Private Equity," Post-Print hal-00784067, HAL.
- Steven N. Kaplan & Per Stromberg, 2009.
"Leveraged Buyouts and Private Equity,"
Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 121-146, Winter.
- Steven N. Kaplan & Per Strömberg, 2008. "Leveraged Buyouts and Private Equity," NBER Working Papers 14207, National Bureau of Economic Research, Inc.
- Kaplan, Steven N. & Strömberg, Per, 2009. "Leveraged Buyouts and Private Equity," SIFR Research Report Series 65, Institute for Financial Research.
- repec:bla:jfinan:v:53:y:1998:i:5:p:1443-1493 is not listed on IDEAS
- Miguel Meuleman & Mike Wright & Sophie Manigart & Andy Lockett, 2009. "Private Equity Syndication: Agency Costs, Reputation and Collaboration," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 616-644, June.
- Christof Beuselinck & Marc Deloof & Sophie Manigart, 2009.
"Private Equity Involvement and Earnings Quality,"
Journal of Business Finance & Accounting,
Wiley Blackwell, vol. 36(5‐6), pages 587-615, June.
- Christof Beuselinck & Marc Deloof & Sophie Manigart, 2009. "Private Equity Involvement and Earnings Quality," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5-6), pages 587-615.
- C. Beuselinck & M. Deloof & S. Manigart, 2009. "Private Equity Involvement and Earnings Quality," Post-Print hal-00677522, HAL.
- Philip Bunn & Victoria Redwood, 2003. "Company accounts based modelling of business failures and the implications for financial stability," Bank of England working papers 210, Bank of England.
- Atanasova, Christina V. & Wilson, Nicholas, 2004. "Disequilibrium in the UK corporate loan market," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 595-614, March.
- Acharya, Viral V. & Sundaram, Rangarajan K. & John, Kose, 2011.
"Cross-country variations in capital structures: The role of bankruptcy codes,"
Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 25-54, January.
- John, Kose & Acharya, Viral & Sundaram, Rangarajan K, 2005. "Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes," CEPR Discussion Papers 4916, C.E.P.R. Discussion Papers.
- Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July.
- Julian Franks & Oren Sussman, 2005. "Financial Distress and Bank Restructuring of Small to Medium Size UK Companies," Review of Finance, European Finance Association, vol. 9(1), pages 65-96.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- Miguel Meuleman & Mike Wright & Sophie Manigart & Andy Lockett, 2009. "Private Equity Syndication: Agency Costs, Reputation and Collaboration," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5-6), pages 616-644.
- Chae Woo Nam & Tong Suk Kim & Nam Jung Park & Hoe Kyung Lee, 2008. "Bankruptcy prediction using a discrete-time duration model incorporating temporal and macroeconomic dependencies," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 27(6), pages 493-506.
- Edward I. Altman, 1968. "Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy," Journal of Finance, American Finance Association, vol. 23(4), pages 589-609, September.
- Viral V. Acharya & Conor Kehoe & Michael Reyner, 2009. "Private Equity vs. PLC Boards in the U.K.: A Comparison of Practices and Effectiveness," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(1), pages 45-56, January.
- Eliezer Fich & Steve Slezak, 2008. "Can corporate governance save distressed firms from bankruptcy? An empirical analysis," Review of Quantitative Finance and Accounting, Springer, vol. 30(2), pages 225-251, February.
- Julian Franks & Oren Sussman, 2005. "Financial Distress and Bank Restructuring of Small to Medium Size UK Companies," Review of Finance, Springer, vol. 9(1), pages 65-96, March.
- Shumway, Tyler, 2001. "Forecasting Bankruptcy More Accurately: A Simple Hazard Model," The Journal of Business, University of Chicago Press, vol. 74(1), pages 101-124, January.
- Edward I. Altman, 1968. "The Prediction Of Corporate Bankruptcy: A Discriminant Analysis," Journal of Finance, American Finance Association, vol. 23(1), pages 193-194, March.
- Acharya, Viral & Kehoe, Conor & Reyner, Michael, 2009. "Private Equity vs. PLC Boards: A Comparison of Practices and Effectiveness - Summary of Research Findings," CEPR Discussion Papers 7148, C.E.P.R. Discussion Papers.
- Harlan Platt & Marjorie Platt, 2002. "Predicting corporate financial distress: Reflections on choice-based sample bias," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(2), pages 184-199, June.
- Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Style Drift in Private Equity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 645-678, June.
- Viet A. Dang, 2011. "Leverage, Debt Maturity and Firm Investment: An Empirical Analysis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(1-2), pages 225-258, January.
- Korajczyk, Robert A. & Levy, Amnon, 2003. "Capital structure choice: macroeconomic conditions and financial constraints," Journal of Financial Economics, Elsevier, vol. 68(1), pages 75-109, April.
- Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009.
"Style Drift in Private Equity,"
Journal of Business Finance & Accounting,
Wiley Blackwell, vol. 36(5‐6), pages 645-678, June.
- Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Style Drift in Private Equity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5-6), pages 645-678.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Paul Lavery & John Tsoukalas & Nick Wilson, 2024. "Private equity financing & firm productivity," Working Papers 041, The Productivity Institute.
- Vladimiro Marini & Massimo Caratelli & Gian Paolo Stella & Ilaria Barbaraci, 2022. "Is corporate governance of private equity targets more effective for risk mitigation?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(3), pages 781-811, September.
- Renneboog, Luc & Vansteenkiste, Cara, 2017.
"Leveraged Buyouts : A Survey of the Literature,"
Other publications TiSEM
573ebdd5-a720-4110-8ed1-e, Tilburg University, School of Economics and Management.
- Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Discussion Paper 2017-015, Tilburg University, Center for Economic Research.
- Michala, Dimitra, 2019. "Are private equity backed initial public offerings any different? Timing, information asymmetry and post-IPO survival," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 31-47.
- Renneboog, Luc & Vansteenkiste, Cara, 2017.
"Leveraged Buyouts: Motives and Sources of Value,"
Annals of Corporate Governance, now publishers, vol. 2(4), pages 291-389, June.
- Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged buyouts : Motives and sources of value," Other publications TiSEM 595dc51e-e516-42f5-a781-6, Tilburg University, School of Economics and Management.
- Paul Lavery & Marian-Eliza Spaliara, 2022. "Private equity buyouts & firm exporting during the global financial crisis," Working Papers 2022_09, Business School - Economics, University of Glasgow.
- Nick Bacon & Kim Hoque & Mike Wright, 2019. "Is Job Insecurity Higher in Leveraged Buyouts?," British Journal of Industrial Relations, London School of Economics, vol. 57(3), pages 479-512, September.
- Benjamin Hammer & Heiko Hinrichs & Bernhard Schwetzler, 2018. "Does culture affect the performance of private equity buyouts?," Journal of Business Economics, Springer, vol. 88(3), pages 393-469, May.
- Aurélie Sannajust & Alexander Groh, 2023. "Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy," Small Business Economics, Springer, vol. 60(1), pages 1-35, January.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hammer, Benjamin & Knauer, Alexander & Pflücke, Magnus & Schwetzler, Bernhard, 2017. "Inorganic growth strategies and the evolution of the private equity business model," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 31-63.
- Tykvová, Tereza & Borell, Mariela, 2012.
"Do private equity owners increase risk of financial distress and bankruptcy?,"
Journal of Corporate Finance, Elsevier, vol. 18(1), pages 138-150.
- Tykvová, Tereza & Borell, Mariela, 2011. "Do private equity owners increase risk of financial distress and bankruptcy?," ZEW Discussion Papers 11-076, ZEW - Leibniz Centre for European Economic Research.
- Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
- Wiklund, Johan & Baker, Ted & Shepherd, Dean, 2010. "The age-effect of financial indicators as buffers against the liability of newness," Journal of Business Venturing, Elsevier, vol. 25(4), pages 423-437, July.
- Ahsan Habib & Mabel D' Costa & Hedy Jiaying Huang & Md. Borhan Uddin Bhuiyan & Li Sun, 2020. "Determinants and consequences of financial distress: review of the empirical literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1023-1075, April.
- Filipe, Sara Ferreira & Grammatikos, Theoharry & Michala, Dimitra, 2016.
"Forecasting distress in European SME portfolios,"
Journal of Banking & Finance, Elsevier, vol. 64(C), pages 112-135.
- Michala, Dimitra & Grammatikos, Theoharry & Ferreira Filipe, Sara, 2013. "Forecasting distress in European SME portfolios," EIF Working Paper Series 2013/17, European Investment Fund (EIF).
- Ferreira Filipe, Sara & Grammatikos, Theoharry & Michala, Dimitra, 2014. "Forecasting Distress in European SME Portfolios," MPRA Paper 53572, University Library of Munich, Germany.
- Mohammad Mahdi Mousavi & Jamal Ouenniche & Kaoru Tone, 2023. "A dynamic performance evaluation of distress prediction models," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(4), pages 756-784, July.
- Elisa Ughetto, 2016. "Investments, Financing Constraints and Buyouts: the Effect of Private Equity Investors on the Sensitivity of Investments to Cash Flow," Manchester School, University of Manchester, vol. 84(1), pages 25-54, January.
- Bruneau, C. & de Bandt, O. & El Amri, W., 2012.
"Macroeconomic fluctuations and corporate financial fragility,"
Journal of Financial Stability, Elsevier, vol. 8(4), pages 219-235.
- Bruneau, C. & de Bandt, O. & El Amri, W., 2008. "Macroeconomic Fluctuations and Corporate Financial Fragility," Working papers 226, Banque de France.
- Catherine Bruneau & Olivier de Bandt & W. Elamri, 2012. "Macroeconomic Fluctuations and Corporate financial Fragility," PSE-Ecole d'économie de Paris (Postprint) hal-00666757, HAL.
- Catherine Bruneau & Olivier de Bandt & W. Elamri, 2012. "Macroeconomic Fluctuations and Corporate financial Fragility," Post-Print hal-00666757, HAL.
- Catherine Bruneau & Olivier de Bandt & W. Elamri, 2012. "Macroeconomic Fluctuations and Corporate financial Fragility," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00666757, HAL.
- Sumaira Ashraf & Elisabete G. S. Félix & Zélia Serrasqueiro, 2019. "Do Traditional Financial Distress Prediction Models Predict the Early Warning Signs of Financial Distress?," JRFM, MDPI, vol. 12(2), pages 1-17, April.
- Sami Ben Jabeur & Youssef Fahmi, 2014. "Les modèles de prévision de la défaillance des entreprises françaises : une approche comparative," Working Papers 2014-317, Department of Research, Ipag Business School.
- Chen, Jie & De Cesari, Amedeo & Hill, Paula & Ozkan, Neslihan, 2018. "Initial compensation contracts for new executives and financial distress risk: An empirical investigation of UK firms," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 292-313.
- Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.
- Dang, Viet Anh, 2013. "An empirical analysis of zero-leverage firms: New evidence from the UK," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 189-202.
- Ashraf, Sumaira & Félix, Elisabete G.S. & Serrasqueiro, Zélia, 2020. "Development and testing of an augmented distress prediction model: A comparative study on a developed and an emerging market," Journal of Multinational Financial Management, Elsevier, vol. 57.
- Miguel García-Posada & Juan S. Mora-Sanguinetti, 2012. "Why do spanish firms rarely use the bankruptcy system? The role of the mortgage institution," Working Papers 1234, Banco de España.
- Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
- Antonio Fabio Forgione & Carlo Migliardo, 2019. "An empirical analysis of the impact of trade credit on bank debt restructuring," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(2), pages 415-438, July.
- Sami BEN JABEUR & Youssef FAHMI, 2014. "Predicting Business Failure Using Data-Mining Methods," Working Papers 2014-308, Department of Research, Ipag Business School.
- Almaskati, Nawaf & Bird, Ron & Yeung, Danny & Lu, Yue, 2021. "A horse race of models and estimation methods for predicting bankruptcy," Advances in accounting, Elsevier, vol. 52(C).
More about this item
JEL classification:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jbfnac:v:40:y:2013:i:7-8:p:949-990. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.