Publication Type
Journal Article
Version
submittedVersion
Publication Date
2-2009
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 the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other initial public offerings and the stock market as a whole, depending on the specification. Evidence exists of a deterioration of returns over time.
Keywords
Initial public offerings, Private equity, Exiting
Discipline
Finance and Financial Management | Portfolio and Security Analysis
Research Areas
Finance
Publication
Journal of Financial Economics
Volume
91
Issue
2
First Page
139
Last Page
157
ISSN
0304-405X
Identifier
10.1016/j.jfineco.2008.03.002
Publisher
Elsevier
Citation
CAO, Jerry and Lerner, Josh.
The Performance of Reverse Leveraged Buyouts. (2009). Journal of Financial Economics. 91, (2), 139-157.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/1075
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1016/j.jfineco.2008.03.002