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====Kaplan 2009====
@article{kaplan_leveraged_2009,
title = {Leveraged {Buyouts} and {Private} {Equity}},
volume = {23},
issn = {0895-3309},
url = {https://www.aeaweb.org/articles?id=10.1257/jep.23.1.121},
doi = {10.1257/jep.23.1.121},
abstract = {In a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The leveraged buyout investment firms today refer to themselves (and are generally referred to) as private equity firms. We describe and present time series evidence on the private equity industry, considering both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.},
number = {1},
urldate = {2016-06-17},
journal = {Journal of Economic Perspectives},
author = {Kaplan, Steven N. and Stromberg, Per},
month = mar,
year = {2009},
pages = {121--146},
file = {Kaplan and Stromberg (2009) - LBOs and Private Equity.pdf}
}
A comprehensive review of the LBO/private equity literature up to 2009. Should be useful for finding additional sources and catching up with somewhat recent research.
→James
==James==
===Literature Reviews===
====Kaplan 2009====
@article{kaplan_leveraged_2009,
title = {Leveraged {Buyouts} and {Private} {Equity}},
volume = {23},
issn = {0895-3309},
url = {https://www.aeaweb.org/articles?id=10.1257/jep.23.1.121},
doi = {10.1257/jep.23.1.121},
abstract = {In a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The leveraged buyout investment firms today refer to themselves (and are generally referred to) as private equity firms. We describe and present time series evidence on the private equity industry, considering both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.},
number = {1},
urldate = {2016-06-17},
journal = {Journal of Economic Perspectives},
author = {Kaplan, Steven N. and Stromberg, Per},
month = mar,
year = {2009},
pages = {121--146},
file = {Kaplan and Stromberg (2009) - LBOs and Private Equity.pdf}
}
A comprehensive review of the LBO/private equity literature up to 2009. Should be useful for finding additional sources and catching up with somewhat recent research.
===Annotated===
**Market for corporate control: Free cash control, threat of takeover insignificant
**Incentive alignment, monitoring: Higher CEO shareholdings, higher institutional shareholdings, more duality, lower Q ratios significantly related to higher chance of PTP
