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→Kaplan 1991
Implications for the reasons LBOs occur and sources of value in LBO transactions. Describes characteristics, timelines, and stats of LBOs that return to public ownership.
Data:
183 large leveraged buyouts between 1979 and 1986 collected from Securities Data corporation or Morgan Stanley and Company. Post-buyout info obtained from Lotus' Datext databases, Nexis database, Wall street journal articles the year the LBO was completed, and financial reports filed with the SEC
Variables:
*number of LBO's
*total debt to total capital (book value)
*total debt to initial deal value
*interest expense to operating income
*inside equity ownership fraction
===Roden & Lewellen 1995===
