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dc.contributor.authorMehran, Hamiden
dc.contributor.authorPeristiani, Stavrosen
dc.date.accessioned2010-05-05-
dc.date.accessioned2012-08-17T14:37:56Z-
dc.date.available2012-08-17T14:37:56Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/60935-
dc.description.abstractA large fraction of the companies that went private between 1990 and 2007 were fairly young public firms, often with the same management team making the crucial restructuring decisions both at the time of the initial public offering (IPO) and the buyout. Why did these public firms decide to revert to private ownership? To answer this question, we investigate the determinants of the decision to go private over a firm's entire public life cycle. Our evidence reveals that firms with declining growth in analyst coverage, falling institutional ownership, and low stock turnover were more likely to go private and opted to do so sooner. We argue that a primary reason behind the decision of IPO firms to abandon their public listing was a failure to attract a critical mass of financial visibility and investor interest. Consistent with the findings of earlier literature, we also find strong support for Jensen's free-cash-flow hypothesis, which argues that these corporate restructurings are a useful tool in capital markets for mitigating agency problems between insiders and outside shareholders.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x376en
dc.subject.jelG00en
dc.subject.jelG30en
dc.subject.ddc330en
dc.subject.keywordFinancial visibilityen
dc.subject.keywordLBOsen
dc.subject.keywordgoing privateen
dc.subject.keywordanalyst coverageen
dc.subject.keywordinstitutional investoren
dc.subject.keywordinsider ownershipen
dc.titleFinancial visibility and the decision to go private-
dc.typeWorking Paperen
dc.identifier.ppn606276939en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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