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Value Creation in Leveraged Buyouts - Analysis of Factors Driving Private Equity Investment Performance
Foreword I
7
Foreword II
10
Acknowledgements
12
Brief Contents
14
Table of Contents
15
List of Figures
23
List of Tables
30
List of Abbreviations
33
Abstract
36
1 Introduction
40
1.1 Background of Research
40
1.2 Problem Statement
41
1.3 Need for Study
43
1.5 Scope and Limitations
45
1.6 Organization of Research
46
2 Literature Review
48
2.1 Definitions and the Buyout Process
48
2.2 The Buyout Controversy - Alleviating Common Beliefs
56
2.3 Agency Theory of Leveraged Buyouts
58
2.4 Strategic Management View of Leveraged Buyouts
60
2.5 Value Creation in Leveraged Buyouts
62
2.6 Value Destruction in Acquisitions and Leveraged Buyouts
77
3 Methodology and Research Design
81
3.1 Research Goal of the Study
81
3.2 Research Object of the Study
83
3.3 Research Model
89
3.4 General Hypotheses
95
3.5 Performance Evaluation
95
IEV
100
3.6 Empirical Approach
106
\i
114
o 1
114
o
114
3.7 Research Methodology and Data Analysis
121
4 Empirical Part I - Market and Financial Value Drivers
126
4.1 Introduction
126
4.2 Control Population Overview
127
4.3 Leveraged Buyout Deal Performance
164
4.4 Leveraged Buyout Deal vs. Public Market & Industry Financial Performance
236
4.5 Leveraged Buyout Value Attribution Analysis
272
4.6 Conclusions
282
5 Empirical Part II - The GP Firm and Manager Effect
287
5.1 Introduction
287
5.2 Investment Manager and General Partner Firm Characteristics
288
5.3 Modeling the Buyout Firm Experience Effect
349
5.4 Conclusions
360
6 Empirical Part III - Buyout Strategies
362
6.1 Introduction
362
6.2 Target Company Characteristics
379
6.3 Deal Decisions and Characteristics
392
6.4 Acquisition Process and Strategic Events
406
6.5 Modelling Buyout Characteristics, Decisions and Strategic Events
415
6.6 Conclusions
423
7 Summary and Conclusions
425
7.1 Summary of Study's Key Findings
425
7.2 Contributions to Research and Applications to Practice
446
7.3 Limitations of Study and Areas of Future Research
452
8 Appendices
454
9 Bibliography
472
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