Divisional buyouts by private equity and the market for divested assets

被引：7

作者：

Hege, Ulrich ^{[1
,4
]}

Lovo, Stefano ^{[2
]}

Slovin, Myron B. ^{[2
]}

Sushka, Marie E. ^{[3
]}

机构：

[1] Univ Toulouse Capitole, Toulouse Sch Econ, Toulouse, France

[2] HEC Paris, Dept Finance, Paris, France

[3] Arizona State Univ, Dept Finance, Tempe, AZ 85287 USA

[4] ECGI, Paris, France

来源：

JOURNAL OF CORPORATE FINANCE | 2018年 / 53卷

关键词：

Divisional buyouts; Asset sales; Private equity; Restructuring; Auction; LEVERAGED BUYOUTS; PERFORMANCE; SALES; FIRMS; RETURNS; OFFS;

D O I：

10.1016/j.jcorpfin.2018.08.016

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in enterprise value in buyouts are significantly greater than for benchmark firms. Corporate seller excess returns are positively correlated with subsequent gains in asset enterprise value. A parsimonious auction model suggests that only restructuring capabilities of PE (not acquisition of undervalued assets) can explain the pattern of the gains generated in these PE deals.

引用

页码：21 / 37

页数：17

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