Value Creation in Leveraged Buyouts - Analysis of Factors Driving Private Equity Investment Performance

Foreword I

Foreword II

Acknowledgements

Brief Contents

Table of Contents

List of Figures

List of Tables

List of Abbreviations

Abstract

1 Introduction

1.1 Background of Research

1.2 Problem Statement

1.3 Need for Study

1.5 Scope and Limitations

1.6 Organization of Research

2 Literature Review

2.1 Definitions and the Buyout Process

2.2 The Buyout Controversy - Alleviating Common Beliefs

2.3 Agency Theory of Leveraged Buyouts

2.4 Strategic Management View of Leveraged Buyouts

2.5 Value Creation in Leveraged Buyouts

2.6 Value Destruction in Acquisitions and Leveraged Buyouts

3 Methodology and Research Design

3.1 Research Goal of the Study

3.2 Research Object of the Study

3.3 Research Model

3.4 General Hypotheses

3.5 Performance Evaluation

IEV

3.6 Empirical Approach

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3.7 Research Methodology and Data Analysis

4 Empirical Part I - Market and Financial Value Drivers

4.1 Introduction

4.2 Control Population Overview

4.3 Leveraged Buyout Deal Performance

4.4 Leveraged Buyout Deal vs. Public Market & Industry Financial Performance

4.5 Leveraged Buyout Value Attribution Analysis

4.6 Conclusions

5 Empirical Part II - The GP Firm and Manager Effect

5.1 Introduction

5.2 Investment Manager and General Partner Firm Characteristics

5.3 Modeling the Buyout Firm Experience Effect

5.4 Conclusions

6 Empirical Part III - Buyout Strategies

6.1 Introduction

6.2 Target Company Characteristics

6.3 Deal Decisions and Characteristics

6.4 Acquisition Process and Strategic Events

6.5 Modelling Buyout Characteristics, Decisions and Strategic Events

6.6 Conclusions

7 Summary and Conclusions

7.1 Summary of Study's Key Findings

7.2 Contributions to Research and Applications to Practice

7.3 Limitations of Study and Areas of Future Research

8 Appendices

9 Bibliography