Narrow search
Showing 1 - 10 of 88
Cover Image
Leverage and Pricing in Buyouts : An Empirical Analysis
Axelson, Ulf - 2010
This paper provides an empirical analysis of the financial structure of large recent buyouts. We collect detailed information of the financings of 153 large buyouts (averaging over $1 billion in enterprise value). We document the manner in which these important transactions are financed. Buyout...
Persistent link: https://www.econbiz.de/10012715456
Cover Image
Buyouts : a primer
Jenkinson, Tim; Kim, Hyeik; Weisbach, Michael S. - 2021
academic literature on buyouts. This literature has paid particular attention to the extent to which buyouts earn risk …
Persistent link: https://www.econbiz.de/10012816451
Cover Image
Financing-motivated acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - 2012
, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while … investment significantly increases following the acquisition. These effects are stronger in deals more likely associated with …
Persistent link: https://www.econbiz.de/10009507042
Cover Image
The persistent effects of financial crises on the composition of real investment
Jenkinson, Tim; Kim, Hyeik; Weisbach, Michael S. - 2021
outside the U.S. due to a greater decline of intangible investment and a much slower recovery. Tangible capital can be … investment relies on firms’ liquidity holdings that were drawn down in the crisis and can only be rebuilt gradually through … retained profits. We provide a unified account of the findings through a dynamic model of corporate investment and liquidity …
Persistent link: https://www.econbiz.de/10012816453
Cover Image
The role of financial conditions in portfolio choices : the case of insurers
Ge, Shan; Weisbach, Michael S. - 2019
Many institutional investors depend on the returns they generate to fund their operations and liabilities. How do these investors' financial conditions affect the management of their portfolios? We address this issue using the insurance industry because insurers are large investors for which...
Persistent link: https://www.econbiz.de/10012104637
Cover Image
Climate change, demand uncertainty, and firms' investments : evidence from planned power plants
Chen, Lin; Schmid, Thomas; Weisbach, Michael S. - 2023
Persistent link: https://www.econbiz.de/10014474912
Cover Image
Pay for Performance from Future Fund Flows: The Case of Private Equity
Chung, Ji-Woong; Sensoy, Berk A.; Stern, Lea H.; … - Institute for Financial Research (SIFR) - 2010
Lifetime incomes of private equity general partners are affected by their current funds’ performance through both carried interest profit sharing provisions, and also by the effect of the current fund’s performance on general partners’ abilities to raise capital for future funds. We...
Persistent link: https://www.econbiz.de/10008643876
Cover Image
Pay for Performance from Future Fund Flows: The Case of Private Equity
Chung, Ji-Woong; Sensoy, Berk A.; Stern, Lea H.; … - National Bureau of Economic Research (NBER) - 2010
Lifetime incomes of private equity general partners are affected by their current funds' performance through both carried interest profit sharing provisions, and also by the effect of the current fund's performance on general partners' abilities to raise capital for future funds. We present a...
Persistent link: https://www.econbiz.de/10008646474
Cover Image
Borrow cheap, buy high?: the determinants of leverage and pricing in buyouts
Axelson, Ulf; Jenkinson, Tim; Strömberg, Per; … - London School of Economics (LSE) - 2012
Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the...
Persistent link: https://www.econbiz.de/10011071252
Cover Image
Limited partner performance and the maturing of the private equity industry
Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S. - In: Journal of Financial Economics 112 (2014) 3, pp. 320-343
, no longer have greater access to funds that are likely to restrict access, and do not make better investment selections …
Persistent link: https://www.econbiz.de/10011039212