Title

Cross-border LBOs

Publication Type

Journal Article

Publication Date

1-2015

Abstract

We examine cross-border private equity (PE) sponsored leveraged buyout (LBO) transactions in 43 countries in relation to creditor rights and other legal and institutional variables. Cross-border LBO investment is more common from strong creditor rights countries to weak creditor rights countries. Club deals are less common in countries with stronger creditor rights, and less common in cross-border LBOs. Premiums are lower in countries with stronger creditor rights, and among cross-border deals. (C) 2014 Elsevier B.V. All rights reserved.

Keywords

LBOs, Creditor rights, Private equity, Cross border, Club deal, Law and finance

Discipline

Finance and Financial Management

Research Areas

Finance

Publication

Journal of Banking and Finance

Volume

50

First Page

69

Last Page

80

ISSN

0378-4266

Identifier

10.1016/j.jbankfin.2014.08.027

Publisher

Elsevier

Additional URL

http://dx.doi.org/10.1016/j.jbankfin.2014.08.027

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