Abstract

http://ssrn.com/abstract=937801
 
 

References (16)



 
 

Citations (56)



 


 



The Performance of Reverse Leveraged Buyouts


Jerry Cao


Singapore Management University - Lee Kong Chian School of Business

Josh Lerner


Harvard Business School - Finance Unit; Harvard University - Entrepreneurial Management Unit; National Bureau of Economic Research (NBER)

October 15, 2006

Swedish Institute for Financial Research Conference on The Economics of the Private Equity Market

Abstract:     
Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine three- and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other IPOs and the stock market as a whole, depending on the specification. There is evidence of a deterioration of returns over time.

Number of Pages in PDF File: 48

Keywords: RLBO, IPO, Private Equity, Long-run performance

JEL Classification: G10, G23, G34

working papers series


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Date posted: October 16, 2006  

Suggested Citation

Cao, Jerry and Lerner, Josh, The Performance of Reverse Leveraged Buyouts (October 15, 2006). Swedish Institute for Financial Research Conference on The Economics of the Private Equity Market. Available at SSRN: http://ssrn.com/abstract=937801 or http://dx.doi.org/10.2139/ssrn.937801

Contact Information

Jerry Cao (Contact Author)
Singapore Management University - Lee Kong Chian School of Business ( email )
50 Stamford Road
#04-01
Singapore, 178899
Singapore
65-6828-0273 (Phone)
65-6828-0427 (Fax)

Josh Lerner
Harvard Business School - Finance Unit ( email )
Boston, MA 02163
United States
617-495-6065 (Phone)
617-496-7357 (Fax)
HOME PAGE: http://www.people.hbs.edu/jlerner/
Harvard University - Entrepreneurial Management Unit
Cambridge, MA 02163
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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References:  16
Citations:  56

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