Private Equity, Leveraged Buyouts and Governance

43 Pages Posted: 2 May 2007 Last revised: 10 Sep 2008

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University; Birmingham Business School; European Corporate Governance Institute (ECGI)

Mike Wright

Nottingham University Business School

Donald S. Siegel

Arizona State University-School of Public Affairs

Abstract

This paper provides an overview of the literature on private equity and leveraged buyouts, focusing on global evidence related to both governance and returns to private equity and leveraged buyouts. We distinguish between financial and real returns to this activity, where the latter refers to productivity and broader performance measures. We also outline a research agenda on this topic.

Keywords: management buyouts, private equity, total factor productivity, financial and real returns, corporate governance

JEL Classification: G34, G32

Suggested Citation

Cumming, Douglas J. and Wright, Mike and Siegel, Donald S., Private Equity, Leveraged Buyouts and Governance. Journal of Corporate Finance, Vol. 13, pp. 439-460, Available at SSRN: https://ssrn.com/abstract=983802

Douglas J. Cumming (Contact Author)

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://sites.google.com/view/douglascumming/bio?authuser=0

Birmingham Business School ( email )

Edgbaston Park Road
Birmingham, B15 2TY
United Kingdom

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://https://ecgi.global/users/douglas-cumming

Mike Wright

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 115 951 5257 (Phone)
+44 115 951 5204 (Fax)

Donald S. Siegel

Arizona State University-School of Public Affairs ( email )

411 North Central
Phoenix, AZ 85004
United States
6024961101 (Phone)

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