Using an original dataset of fully monetized LBOs initiated from 1990-2006, we examine the emergence of an entrepreneurial transaction strategy focused on revenue growth and its incidence relative to more "classic" strategies focused on operating efficiencies. We additionally show how the...

With a large sample of public-to-private leveraged buyouts from 1980 to 2006, we find that LBO targets are equally likely to hold patents as other publicly-traded firms. Using a difference-in-differences approach, we find that LBOs reduce patent flows by one third. This reduction results from a...

This paper presents integrated financial statements for a sample of large leveraged buyouts of publicly traded U.S. firms by private equity funds for a seven year window beginning three years prior to, and ending four years after, the leveraged buyout. The exposition is such that researchers and...

Do leveraged buyout transactions increase the chance of bankruptcy? While corporate finance theory predicts that such sharp changes in capital structure increase financial distress costs by raising the probability of bankruptcy for each company, previous studies seem to fail to find any...

Previous studies documented a large positive effect of private equity ownership on operating performance between 1980 and 1990, while more recent studies such as Guo, Hotchkiss and Song (2011) and Cohn, Mills and Towery (2014) document none or a very modest increase in operating performance. We...

Davis, Haltiwanger, Handley, Lerner, Lipsius, and Miranda (2019) produce an extension to the Davis et al. collection without addressing the critical research design issues raised in Ayash and Rastad (2017) and Ayash and Rastad (2018). First and foremost, the authors misrepresent their sample as...

Davis, Haltiwanger, Handley, Jarmin, Lerner, and Miranda (2014) provide evidence that the impact of controversial leveraged buyouts on employment is modest. Our paper challenges this view. We argue that the sample tested in Davis et al. (2014) is not specific to controversial leveraged buyouts...

Davis, Haltiwanger, Handley, Lerner, Lipsius, and Miranda (2021) continue to produce ex- tensions to the Davis, Haltiwanger, Handley, Jarmin, Lerner, and Miranda (2014) collection without addressing the critical research design issues raised in Ayash and Rastad (2017), Ayash and Rastad (2018)...