Do Buyouts (Still) Create Value

By S. Guo, Edith S. Hotchkiss, Weihong Song. 2009

507 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/01c58dff3bc6f158b422d1a056f5e7ab7b981dd1

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Citations in the corpus

What Do Private Equity Firms Say They Do (2016, unknown): “Cohn et al. (2013) and Guo et al. (2011) find modest increases in operating performance for public to private buyouts in the 1990s and early 2000s, although Guo et al. find large increases in company values.”
The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking (2011, unknown): “Ongena and Smith (2001), Houston and James (2001), Farinha and Santos (2002) and, more recently, Gopalan, Udell, and Yerramilli (2008) investigate this phenomenon in a non-LBO context.”
Did Structured Credit Fuel the LBO Boom (2011, unknown): “Our minimum deal value of $10 million is lower than that in some other studies, such as Kaplan (1989b) and Guo et al. (2007), and chosen to avoid biasing against earlier time periods when smaller deals were more common.”
Club Deals in Leveraged Buyouts (2010, unknown): “More recently, Guo, Hotchkiss, and Song (2007) find that LBOs from the most recent buyout wave create substantial value for private equity firms (in terms of cash flow and returns on private equity capital), particularly in club deals.”
Limited Partner Performance and the Maturing of the Private Equity Industry (2014, background): “…never recovered from the technology crash of 2000-2002, and while recent buyout returns have not declined from the earlier period, they no longer appear to be attributable to operating gains (see Robinson and Sensoy (2011), Harris et al. (2012), and Guo et al. (2011), as well as our results below).”
Do private equity owners increase risk of financial distress and bankruptcy (2012, background): “, Jensen, 1986). PE investors may limit the waste of free cash-flow and in this way increase the portfolio companies' efficiency and productivity. On the negative side, high debt levelsmay increase the risk of financial distress and bankruptcy. Kaplan and Stein (1993),who analyze large US buyouts co”
Private Equity and Employment (2011, unknown): “Guo et al. (2011) find weak operating performance in a sample of public-to-private transactions undertaken in the first half of the 2000s.”
Corporate Governance and Value Creation: Evidence from Private Equity (2010, unknown): “29 Also Guo et al. (2009) report that the CEOs were changed in 37% of their deals.”
The Evolution of Capital Structure and Operating Performance after Leveraged Buyouts: Evidence from U.S. Corporate Tax Returns (2014, result): “Guo, Hotchkiss, and Song (2011) find an 11% increase in earnings before interest, taxes, depreciation and amortization (EBITDA)/sales relative to a matched sample of firms that did not go private in LBOs in a sample period similar to ours, though their results are sensitive to the measurement…”
Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts (2012, unknown): “relatively cheap, due to superior access to debt financing (as suggested by Ivashina and Kovner (2011) and Demiroglu and James (2010)).”
Leveraged Buyouts and Private Equity (2009, methodology): “To study buyout market cyclicality, we make more detailed “apples-to-apples” comparisons of buyout characteristics over time by combining the results in Kaplan and Stein (1993) for the 1980s buyout wave with those in Guo et al. (2007) for the last ten years.”