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| Tekijä: | Warga, A. Welch, I. |
| Otsikko: | Bondholder losses in leveraged buyouts |
| Lehti: | Review of Financial Studies
1994 : WINTER, VOL. 6:4, p. 959-982 |
| Asiasana: | DEBT BUYING LOSS |
| Kieli: | eng |
| Tiivistelmä: | Announcements of successful leveraged buyouts (LBOs) during January 1985 to April 1989 caused a significantly negative return on outstanding publicly traded nonconvertible bonds. Yet the average risk-adjusted debt holder losses are less than 7 percent of the average risk-adjusted equity holder gains. Bond losses are related to the pre-LBO rating , but only weakly to equity holder gains. The authors demonstrate that trader-quoted data from a major investment bank offers conclusions about the effects of LBOs on debt holders different from those drawn from commonly used matrix and exchange-based data. |
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