Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110185
Authors: 
Grupp, Marcel
Rauch, Christian
Umber, Marc P.
Walz, Uwe
Year of Publication: 
2015
Series/Report no.: 
SAFE Working Paper Series 99
Abstract: 
This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies' direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring activities as part of the LBO have on the competitors' revenues. These restructuring activities include changes to leverage, governance, or operating business, as well as M&A activities of the LBO target company. We find that although LBOs itself have a negative influence on competitors' revenue growth, some restructuring mechanisms might actually benefit competing companies.
Subjects: 
Product Market Competition
Peers
LBOs
Restructuring
JEL: 
D43
G23
G24
G34
Document Type: 
Working Paper

Files in This Item:
File
Size
494.48 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.