The Performance of Reverse Leveraged Buyouts

The Performance of Reverse Leveraged Buyouts

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or b...

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Bibliographic Details
Main Authors: CAO, Jerry, Lerner, Josh
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2009
Subjects:
Initial public offerings
Private equity
Exiting
Finance and Financial Management
Portfolio and Security Analysis
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/1075
https://ink.library.smu.edu.sg/context/lkcsb_research/article/2074/viewcontent/performance_of_reverse_leveraged_buyouts_sv.pdf
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Institution: Singapore Management University
Language: English
Description
Summary:Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other initial public offerings and the stock market as a whole, depending on the specification. Evidence exists of a deterioration of returns over time.

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