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The Performance of Reverse Leveraged Buyouts
Jerry Cao Singapore Management University 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.
Keywords: RLBO, IPO, Private Equity, Long-run performance JEL Classifications: G10, G23, G34 Working Paper SeriesDate posted: October 16, 2006 ; Last revised: January 26, 2009Suggested CitationContact Information
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