Do Buyouts (Still) Create Value?

This paper examines whether, and how, leveraged buyouts from the most recent wave of public to private transactions created value. For a sample of 192 buyouts completed between 1990 and 2006, we show that these deals are somewhat more conservatively priced and lower levered than their predecessors

本文考察了最新一轮上市公司私有化并购浪潮中的杠杆收购（leveraged buyouts）是否创造了价值，以及其创造价值的具体路径。基于1990年至2006年间完成的192宗杠杆收购交易样本，本文研究发现，此类交易的定价相较于此前的同类收购更为审慎保守，且杠杆水平更低。