Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/110185 
Year of Publication: 
2015
Series/Report no.: 
SAFE Working Paper No. 99
Publisher: 
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe, Frankfurt a. M.
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
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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