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Creditor Rights and LBOsJerry CaoSingapore Management University Douglas CummingYork University - Schulich School of Business Meijun QianNational University of Singapore Xiaoming Wangaffiliation not provided to SSRN February 15, 2010 5th Annual Conference on Empirical Legal Studies Paper Abstract: This paper examines the relation between legal conditions and leveraged buyouts (LBOs) in 49 countries. The data indicate that sophisticated PE fund managers carrying out large international LBOs can only partially mitigate costs associated with inefficient legal protections. LBOs are more active in countries with strong creditor rights. Club deals are more likely to occur in countries with weak creditor rights. Cross-border LBO investment is more common from strong creditor rights countries to weak creditor rights countries. Premiums offered to shareholders are on average negatively correlated with creditor rights for both domestic and cross-border LBOs.
Number of Pages in PDF File: 39 Keywords: LBOs, Creditor rights, Private Equity, Cross border, Club deal, Law and Finance JEL Classification: G24, G32 working papers seriesDate posted: January 23, 2008 ; Last revised: July 1, 2010Suggested CitationContact Information
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