| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15952 |
| 来源ID | Working Paper 15952 |
| Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts | |
| Ulf Axelson; Tim Jenkinson; Per Strömberg; Michael S. Weisbach | |
| 发表日期 | 2010-04-29 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely driven by factors other than what explains leverage in public firms. In particular, the economy-wide cost of borrowing is the main driver of both the quantity and the composition of debt in these buyouts. Credit conditions also have a strong effect on prices paid in buyouts, even after controlling for prices of equivalent public market companies. Finally, the use of high leverage in transactions negatively affects fund performance, controlling for fund vintage and other relevant characteristics. The results are consistent with the view that the availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity funds and their investors can affect buyout capital structures. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w15952 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573628 |
| 推荐引用方式 GB/T 7714 | Ulf Axelson,Tim Jenkinson,Per Strömberg,et al. Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15952.pdf（517KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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