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| Author: | Jelic, R. Wright, M. |
| Title: | Exits, performance, and late stage private equity: the case of UK management buy-outs |
| Journal: | European Financial Management
2011 : JUN, VOL.17:3, p. 560-593 |
| Index terms: | buying operations management data analysis United Kingdom panel data stock markets performance appraisal initial public offerings |
| Freeterms: | private equity (PE) exit and buy-out management buy out (MBO) secondary management buy outs (SMBOs) |
| Language: | eng |
| Abstract: | Based on a hand-collected dataset of 1,225 buy-outs, we examine post buy-out and post exit long term abnormal operating performance of UK management buy-outs, during the period 1980-2009. Their univariate and panel data analysis of post buy-out performance conclusively show positive changes in output. It is argued that strong evidence for improvements in employment and output and a lack of significant changes in efficiency and profitability following initial public offerings (IPO) exits as well as highlight the importance of tracing the overall performance of buy-outs over a longer period and controlling for sample selection bias related to the provision of PE backing. |
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