Private Equity, Leveraged Buyouts and Governance

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

Douglas J. Cumming

York University - Schulich School of Business

Mike Wright

Nottingham University Business School

Donald S. Siegel

University at Albany, SUNY

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)

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

HOME PAGE: http://booksite.elsevier.com/9780124095373/

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

University at Albany, SUNY ( email )

1400 Washington Avenue
Albany, NY 12222
United States
(518) 956-8311 (Phone)

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