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| Tekijä: | Demiroglu, C. James, C. M. |
| Otsikko: | The role of private equity group reputation in LBO financing |
| Lehti: | Journal of Financial Economics
2010 : MAY, VOL 96:2, p. 306-330 |
| Asiasana: | equity capital reputation banking USA |
| Kieli: | eng |
| Tiivistelmä: | The article studies how the reputation of private equity groups (PEGs) relates to the financing of leveraged buyouts (LBOs). 180 public-to-private LBOs in the U.S. are examined and it is found that when credit risk spread is low and lending standards in credit markets are not tight, reputable PEGs are more active in LBO markets. The reputation of PEG's seems to be positively associated with buyout leverage, which in turn is positively associated with buyout pricing. However, no evidence is found that there would be a relationship between PEG reputation and buyout valuations. Reputable PEGs are more likely to take advantage of market timing and the reputation lowers the agency costs of LBO debit. |
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