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http://ssrn.com/abstract=246872
 
 

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The Staying Power of Leveraged Buyouts


Steven N. Kaplan


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

March 1991

NBER Working Paper No. w3653

Abstract:     
This paper documents the organizational status over time of 183 large leveraged buyouts (LBOs) completed between 1979 and 1986. As of August 1990, 63% of the LaOs are privately owned, 14% are independent public companies, and 23% are owned by other public companies As time since the LBO increases, the percentage of LBOs that have returned to public ownership increases. The (unconditional) median time LBOs remain private equals 6.70 years. This evidence suggests that the majority of LBO organizations are neither short-lived nor permanent. In addition the moderate fraction of LBOs assets owned by other (potentially related) companies implies that asset sales play a role in, but are not the primarily force motivating LBO transactions.

Number of Pages in PDF File: 37

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Date posted: January 14, 2001  

Suggested Citation

Kaplan, Steven N., The Staying Power of Leveraged Buyouts (March 1991). NBER Working Paper No. w3653. Available at SSRN: http://ssrn.com/abstract=246872

Contact Information

Steven Neil Kaplan (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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References:  18
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