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Going Private: Minority Freezeouts and Stockholder Wealth

Citations

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Cited by:

  1. Mike Wright & Luc Renneboog & Tomas Simons & Louise Scholes, 2006. "Leveraged Buyouts in the U.K. and Continental Europe: Retrospect and Prospect," Journal of Applied Corporate Finance, Morgan Stanley, vol. 18(3), pages 38-55, June.
  2. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
  3. Peck, Sarah W., 1996. "The influence of professional investors on the failure of management buyout attempts," Journal of Financial Economics, Elsevier, vol. 40(2), pages 267-294, February.
  4. Slovin, Myron B. & Sushka, Marie E. & Ferraro, Steven R., 1995. "A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs," Journal of Financial Economics, Elsevier, vol. 37(1), pages 89-104, January.
  5. Subhrendu Rath & Mamunur Rashid, 2016. "Undervaluation and private equity takeovers," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 735-759, November.
  6. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
  7. Charlie Weir & David Laing & Mike Wright, 2005. "Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5‐6), pages 909-943, June.
  8. Renneboog, L.D.R. & Simons, T., 2005. "Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs," Other publications TiSEM 3b76799c-591c-4d22-b126-a, Tilburg University, School of Economics and Management.
  9. repec:mul:jdp901:doi:10.12831/73633:y:2013:i:1:p:51-65 is not listed on IDEAS
  10. Walter, Andreas & Eisele, Florian, 2003. "Kurswertreaktionen auf die Ankündigung von Going Private : Transaktionen am deutschen Kapitalmarkt," Tübinger Diskussionsbeiträge 274, University of Tübingen, School of Business and Economics.
  11. Alexandridis, George & Fuller, Kathleen P. & Terhaar, Lars & Travlos, Nickolaos G., 2013. "Deal size, acquisition premia and shareholder gains," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 1-13.
  12. Elitzur, Ramy & Halpern, Paul & Kieschnick, Robert & Rotenberg, Wendy, 1998. "Managerial incentives and the structure of management buyouts," Journal of Economic Behavior & Organization, Elsevier, vol. 36(3), pages 347-367, August.
  13. Colak, Gonul & Fu, Mengchuan & Hasan, Iftekhar, 2020. "Why are some Chinese firms failing in the US capital markets? A machine learning approach," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
  14. Bargeron, Leonce L. & Schlingemann, Frederik P. & Stulz, René M. & Zutter, Chad J., 2008. "Why do private acquirers pay so little compared to public acquirers?," Journal of Financial Economics, Elsevier, vol. 89(3), pages 375-390, September.
  15. Leuz, Christian, 2007. "Was the Sarbanes-Oxley Act of 2002 really this costly? A discussion of evidence from event returns and going-private decisions," Journal of Accounting and Economics, Elsevier, vol. 44(1-2), pages 146-165, September.
  16. Guojie Ma, 2016. "Corporate Behaviour and Market Integration: Evidence from the Asia-Pacific Real Estate Market," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3-2016, January-A.
  17. Engel, Ellen & Hayes, Rachel M. & Wang, Xue, 2007. "The Sarbanes-Oxley Act and firms' going-private decisions," Journal of Accounting and Economics, Elsevier, vol. 44(1-2), pages 116-145, September.
  18. Christine Pochet, 2000. "Audit d'acquisition et expertise indépendante dans les opérations de fusions-acquisitions:le cas Aérospatiale-Matra," Revue Finance Contrôle Stratégie, revues.org, vol. 3(3), pages 181-209, September.
  19. Iqbal, Zahid & Shetty, Shekar, 1995. "The impact of merger outcome, bid order, payment method and managerial resistance on stock returns to bidders in multiple-bidder merger contests," International Review of Economics & Finance, Elsevier, vol. 4(1), pages 57-67.
  20. Bruton, Garry D. & Keels, J. Kay & Scifres, Elton L., 2002. "Corporate restructuring and performance: An agency perspective on the complete buyout cycle," Journal of Business Research, Elsevier, vol. 55(9), pages 709-724, September.
  21. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
  22. Wei Jiang & Tao Li & Danqing Mei & Randall Thomas, 2016. "Appraisal: Shareholder Remedy or Litigation Arbitrage?," Journal of Law and Economics, University of Chicago Press, vol. 59(3), pages 697-729.
  23. Harford, Jarrad & Stanfield, Jared & Zhang, Feng, 2019. "Do insiders time management buyouts and freezeouts to buy undervalued targets?," Journal of Financial Economics, Elsevier, vol. 131(1), pages 206-231.
  24. Boubaker, Sabri & Cellier, Alexis & Rouatbi, Wael, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 226-246.
  25. Paul E. Fischer & Henock Louis, 2008. "Financial Reporting and Conflicting Managerial Incentives: The Case of Management Buyouts," Management Science, INFORMS, vol. 54(10), pages 1700-1714, October.
  26. Martin Bugeja & Kosta Sinelnikov, 2012. "Public versus private takeovers of Australian stock exchange listed targets," Australian Journal of Management, Australian School of Business, vol. 37(3), pages 391-414, December.
  27. Ouidad Yousfi, 2007. "Le rôle de la dette dans le LBO : une revue de la littérature," Working Papers hal-04139236, HAL.
  28. Martinez, Isabelle & Serve, Stéphanie, 2011. "The delisting decision: The case of buyout offer with squeeze-out (BOSO)," International Review of Law and Economics, Elsevier, vol. 31(4), pages 228-239.
  29. Sung C. Bae & Daniel P. Simet, 1998. "A comparative analysis of leveraged recapitalization versus leveraged buyout as a takeover defense," Review of Financial Economics, John Wiley & Sons, vol. 7(2), pages 157-172.
  30. Chen, Yea-Mow & Huang, Ying Sophie & Wang, David K. & Wu, Chun-Chou, 2014. "Going private transactions by U.S.-Listed Chinese companies: What drives the premiums paid?," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 79-91.
  31. Antonios Antoniou & Philippe Arbour & Huainan Zhao, 2008. "How Much Is Too Much: Are Merger Premiums Too High?," European Financial Management, European Financial Management Association, vol. 14(2), pages 268-287, March.
  32. Renneboog, Luc & Simons, Tomas & Wright, Mike, 2007. "Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 591-628, September.
  33. Rao, Ramesh K.S., 2015. "The public corporation as an intermediary between “Main Street” and “Wall Street”," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 64-82.
  34. Bargeron, Leonce L. & Schlingemann, Frederik P. & Stulz, Rene M. & Zutter, Chad J., 2009. "Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger?," Working Paper Series 2009-2, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  35. Damilola Oyetade & Farai Kwenda & Ralitza Dobreva, 2017. "Factors affecting the Long-Term Post-Acquisition Performance of BRICS Firms Engaging in Cross-Border Mergers and Acquisitions," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 13(2), pages 220-233, April.
  36. Louis, Henock, 2005. "Acquirers' abnormal returns and the non-Big 4 auditor clientele effect," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 75-99, December.
  37. Atanasov, Vladimir & Black, Bernard & Ciccotello, Conrad & Gyoshev, Stanley, 2010. "How does law affect finance? An examination of equity tunneling in Bulgaria," Journal of Financial Economics, Elsevier, vol. 96(1), pages 155-173, April.
  38. Grossman, Sanford J. & Hart, Oliver D., 1988. "One share-one vote and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 175-202, January.
  39. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards," Other publications TiSEM 25af7145-7a86-4604-a6fd-4, Tilburg University, School of Economics and Management.
  40. Khalil M. Torabzadeh & William J. Bertin, 1987. "Leveraged Buyouts And Shareholder Returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 10(4), pages 313-319, December.
  41. Matteo P. Arena & Michaël Dewally & Sarah W. Peck, 2020. "Fight or flee: Outside director departures prior to contested management buyout offers," Corporate Governance: An International Review, Wiley Blackwell, vol. 28(5), pages 274-293, September.
  42. Michelle R. Garfinkel, 1989. "The causes and consequences of leveraged buyouts," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 23-34.
  43. Hu, Gang & Lin, Ji-Chai & Wong, Owen & Yu, Manning, 2019. "Why have many U.S.-listed Chinese firms announced delisting recently?," Global Finance Journal, Elsevier, vol. 41(C), pages 13-31.
  44. Maug, Ernst, 2006. "Efficiency and fairness in minority freezeouts: Takeovers, overbidding, and the freeze-in problem," International Review of Law and Economics, Elsevier, vol. 26(3), pages 355-379, September.
  45. McCahery, J.A. & Renneboog, L.D.R., 2003. "The Economics of the Proposed European Takeover Directive," Other publications TiSEM b16fdfd0-9e4e-44bb-b20f-f, Tilburg University, School of Economics and Management.
  46. Gordon Roger H., 2003. "Do Publicly Traded Corporations Act in the Public Interest?," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 3(1), pages 1-20, June.
  47. Clifford G. Holderness & Dennis P. Sheehan, 1998. "Constraints on Large-Block Shareholders," NBER Working Papers 6765, National Bureau of Economic Research, Inc.
  48. Akhtar, Shumi, 2016. "Privatization decisions of Australian firms: An empirical investigation," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 243-255.
  49. Helwege, Jean & Packer, Frank, 2009. "Private matters," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 362-383, July.
  50. Alexander Peter Groh & Oliver Gottschalg, 2008. "The Opportunity Cost of Capital of US Buyouts," NBER Working Papers 14148, National Bureau of Economic Research, Inc.
  51. Van de Gucht, Linda M. & Moore, William T., 1998. "Predicting the duration and reversal probability of leveraged buyouts," Journal of Empirical Finance, Elsevier, vol. 5(4), pages 299-315, October.
  52. Flavio Bazzana & Eleonora Broccardo, 2013. "The role of bondholder coordination in freeze-out exchange offers," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 67-84, January.
  53. Florian Eisele & Andreas Walter, 2006. "Kursreaktionen auf die Ankündigung von Going Private-Transaktionen am deutschen Kapitalmarkt," Schmalenbach Journal of Business Research, Springer, vol. 58(3), pages 337-362, May.
  54. Pierpaolo Pattitoni & Barbara Petracci & Massimo Spisni, 2015. "“Hit and Run” and “Revolving Doors”: evidence from the Italian stock market," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(2), pages 285-301, May.
  55. Wayne H. Mikkelson, 1985. "Capital Structure Change and Decreases in Stockholders' Wealth: A Cross-sectional Study of Convertible Security Calls," NBER Chapters, in: Corporate Capital Structures in the United States, pages 265-300, National Bureau of Economic Research, Inc.
  56. Feng, Hongrui & Rao, Ramesh P., 2022. "The positive externalities of leveraged buyouts," Journal of Banking & Finance, Elsevier, vol. 135(C).
  57. Bøhren, Øyvind & Krosvik, Nils Erik, 2013. "The economics of minority freezeouts: Evidence from the courtroom," International Review of Law and Economics, Elsevier, vol. 36(C), pages 48-58.
  58. Mittoo, Usha & Ng, Dennis & Yan, Meng, 2020. "Managerial ownership, credit market conditions, undervaluation and offer premiums in management (MBOs) and leveraged buyouts (LBOs)," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
  59. Renneboog, L.D.R. & Simons, T. & Wright, M., 2005. "Leveraged Public to Private Transactions in the UK," Discussion Paper 2005-60, Tilburg University, Center for Economic Research.
  60. Groh, Alexander P. & Gottschalg, Oliver, 2009. "The opportunity cost of capital of US buyouts," IESE Research Papers D/780, IESE Business School.
  61. repec:uts:finphd:35 is not listed on IDEAS
  62. Leuz, Christian & Triantis, Alexander & Yue Wang, Tracy, 2008. "Why do firms go dark? Causes and economic consequences of voluntary SEC deregistrations," Journal of Accounting and Economics, Elsevier, vol. 45(2-3), pages 181-208, August.
  63. Boone, Audra L. & Mulherin, J. Harold, 2011. "Do private equity consortiums facilitate collusion in takeover bidding?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1475-1495.
  64. David J Ravenscraft & William F Long, 1993. "The Financial Performance of Whole Company LBOs," Working Papers 93-16, Center for Economic Studies, U.S. Census Bureau.
  65. Bae, Sung C. & Simet, Daniel P., 1998. "A comparative analysis of leveraged recapitalization versus leveraged buyout as a takeover defense," Review of Financial Economics, Elsevier, vol. 7(2), pages 157-172.
  66. repec:ipg:wpaper:2014-591 is not listed on IDEAS
  67. Bates, Thomas W. & Lemmon, Michael L. & Linck, James S., 2006. "Shareholder wealth effects and bid negotiation in freeze-out deals: Are minority shareholders left out in the cold?," Journal of Financial Economics, Elsevier, vol. 81(3), pages 681-708, September.
  68. Ann-Kristin Achleitner & Christian Andres & Andre Betzer & Charlie Weir, 2011. "Wealth effects of private equity investments on the German stock market," The European Journal of Finance, Taylor & Francis Journals, vol. 17(3), pages 217-239.
  69. Gong, Guojin & Louis, Henock & Sun, Amy X., 2008. "Earnings management, lawsuits, and stock-for-stock acquirers' market performance," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 62-77, September.
  70. Mike Wright & Charlie Weir & Andrew Burrows, 2007. "Irrevocable Commitments, Going Private and Private Equity," European Financial Management, European Financial Management Association, vol. 13(4), pages 757-775, September.
  71. Michael C. Jensen, 1987. "The free cash flow theory of takeovers: a financial perspective on mergers and acquisitions and the economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 31, pages 102-148.
  72. 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.
  73. Constant Djama & Isabelle Martinez & Stéphanie Serve, 2012. "What do we know about delistings? A survey of the literature," Post-Print hal-00937899, HAL.
  74. Ouidad Yousfi, 2007. "Le rôle de la dette dans le LBO : une revue de la littérature," EconomiX Working Papers 2007-8, University of Paris Nanterre, EconomiX.
  75. Dasilas, Apostolos & Grose, Chris, 2018. "The wealth effects of public-to-private LBOs: Evidence from Europe," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 179-194.
  76. Dai, Ya & Guo, Liang & Kadapakkam, Palani-Rajan, 2019. "Protecting the weak: Efficacy of mandated auctions in minority buyouts," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 9-19.
  77. Manuela Geranio & Giovanna Zanotti, 2012. "Equity Markets Do Not Fit All: an Analysis of Public†to†Private Deals in Continental Europe," European Financial Management, European Financial Management Association, vol. 18(5), pages 867-895, November.
  78. Officer, Micah S. & Ozbas, Oguzhan & Sensoy, Berk A., 2010. "Club deals in leveraged buyouts," Journal of Financial Economics, Elsevier, vol. 98(2), pages 214-240, November.
  79. Domitilla Magni & Ottorino Morresi & Alberto Pezzi & Domenico Graziano, 2022. "Defining the Relationship Between Firm’s Performance and Delisting: Empirical Evidence of Going Private in Europe," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(3), pages 2584-2605, September.
  80. Hyun Mo Sung, 1993. "The Effects Of Overpayment And Form Of Financing On Bidder Returns In Mergers And Tender Offers," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(4), pages 351-365, December.
  81. Neelam Rani & Surendra S Yadav & P.K. Jain, 2015. "Impact of Mergers and Acquisitions on Shareholders’ Wealth in the Short Run: An Event Study Approach," Vikalpa: The Journal for Decision Makers, , vol. 40(3), pages 293-312, September.
  82. James Brau & J. Carpenter & Mauricio Rodriguez & C. Sirmans, 2013. "REIT Going Private Decisions," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 24-43, January.
  83. Groh, Alexander P., 2004. "Risikoadjustierte Performance von Private Equity-Investitionen," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 21382, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  84. Du, Julan & He, Qing & Yuen, San Wing, 2013. "Tunneling and the decision to go private: Evidence from Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 22(C), pages 50-68.
  85. Barbara Fidanza, 2022. "Common Stock Delisting: An Empirical Analysis of Firms Performance," International Business Research, Canadian Center of Science and Education, vol. 15(7), pages 1-50, July.
  86. Cao, Xiaping & Cumming, Douglas & Goh, Jeremy & Wang, Xiaoming, 2019. "The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 1-18.
  87. Jack W. Trifts & Neil W. Sicherman & Rodney L. Roenfeldt & Francisco de Cossio, 1990. "Divestiture To Unit Managers And Shareholder Wealth," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 13(2), pages 167-172, June.
  88. Fee, C. Edward & Hadlock, Charles J. & Pierce, Joshua R., 2012. "What happens in acquisitions?," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 584-597.
  89. Seung Kwak & Charles Press, 2023. "Pre-LBO Credit Market Conditions and Post-LBO Target Behavior," Finance and Economics Discussion Series 2023-077, Board of Governors of the Federal Reserve System (U.S.).
  90. Chris J. Muscarella & Michael R. Vetsuypens, 1989. "The Underpricing Of “Second” Initial Public Offerings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(3), pages 183-192, September.
  91. Gogineni, Sridhar & Upadhyay, Arun, 2020. "Target governance provisions and acquisition types," Journal of Business Research, Elsevier, vol. 110(C), pages 160-172.
  92. Konstantinos Konstantaras, & Vasilios Sogiakas, 2014. "The role of convenience yield in going-private transactions," CFI Discussion Papers 1401, Centre for Finance and Investment, Heriot Watt University.
  93. Edward F. Pierzak, 2001. "Payment Choice in REIT Property Acquisitions," Journal of Real Estate Research, American Real Estate Society, vol. 21(1/2), pages 105-140.
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