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2013 | R. 11, nr 2, cz. 2 | 553--567
Tytuł artykułu

Efektywność transakcji wykupu lewarowanego

Treść / Zawartość
Warianty tytułu
The Effectiveness of LBO Transactions
Języki publikacji
PL
Abstrakty
Wykup lewarowany (ang. leveraged buy out, LBO) jest transakcją, w której grupa kupujących, składająca się z aktywnych inwestorów finansowych i menedżerów, przejmuje kontrolę nad przedsiębiorstwem, w celu zwiększenia wartości jej kapitału, a następnie ich sprzedaży i realizacji zysku. Artykuł podsumowuje publikowane w literaturze zagranicznej badania dotyczące efektywności transakcji tego typu dla akcjonariuszy, inwestorów wierzycieli oraz samych przedsiębiorstw zaangażowanych w proces LBO. W pracy przedstawiono również hipotezy dotyczące źródeł efektywności transakcji typu LBO. (abstrakt oryginalny)
EN
Leveraged Buy Out (LBO) is a transaction in which a group of buyers, including active financial investors and managers takes control over an enterprise in order to increase its capital and then sell it and realise the gain. The article hereby summarises studies published in scientific literature concerning the transactions' effectiveness for the company's shareholders, investors, bondholders and the companies themselves, involved in the LBO process. The article presents also hypotheses concerning the sources of LBO's transactions effectiveness. (original abstract)
Rocznik
Strony
553--567
Opis fizyczny
Twórcy
  • Szkoła Główna Handlowa w Warszawie
  • Szkoła Główna Handlowa w Warszawie
Bibliografia
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  • Demsetz H., Villalonga B.(2001), Ownership structure and corporate performance, "Journal of Corporate Finance", vol. 7, no. 3.
  • Gottschalg O. (2007), Private equity and leveraged buy-outs. Study, European Parliament's committee on Economic and Monetary Affairs.
  • Halpern P., Kieschnick R., Rotenberg W. (1999), On the heterogeneity of leveraged going private transactions, "Review of Financial Studies", vol. 12, no. 2.
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  • Ippolito R.A., James W.H. (1992), LBOs, reversions, and implicit contracts, "Journal of Finance", vol. 47, no. 1.
  • Jajuga K., Jajuga T. (1996), Inwestycje, PWN, Warszawa.
  • Jensen M.C. (1986), Agency costs of free cash flow, corporate finance and takeovers, "American Economic Review", vol. 76, no. 2.
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  • Madden, Marples, Hugh (1983), A stock market evaluation of Management Buyout, Proceedings of Eastern Finance Association, New York, Kwiecień.
  • Marais L., Schipper K., Smith A. (1989), Wealth effect of going private for senior securities, "Journal of Financial Economics", vol. 23, no. 1.
  • Maug E. (1998), Large shareholders as monitors: is there a trade-off between liquidity and control? "Journal of Finance", vol. 53, no. 1.
  • Maupin R.J., Bidwell C.M., Ortegren A.K. (1984), An empirical investigation of the characteristics of publicly quoted corporations that change to closely held ownership through management buyouts, "Journal of Business Finance and Accounting", vol. 11.
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  • Opler T., Titman S. (1993), The determinants of leveraged buyout activity, Free cash flow versus financial distress costs, "Journal of Finance", vol. 48, no. 5.
  • Palia D. (2001), The endogeneity of managerial compensation in firm valuation: a solution, "Review of Financial Studies", vol. 14, no. 3.
  • Phan P., Hill C. (1995), Organizational restructuring and economic performance in leveraged buyouts: an ex post study, "Academy of Management Journal", vol. 38, no. 3.
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171295015

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