The impact of investor protection law on takeovers: The case of leveraged buyouts

• المؤلفون الرئيسيون: CAO, Jerry, CUMMING, Douglas J., GOH, Jeremy, QIAN, Meijun, WANG, Xiaoming
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2008
• الموضوعات: Private Equity; Leveraged Buyouts; Premium; M&A; Corporate Finance; Finance and Financial Management
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/5224; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6223/viewcontent/SSRN_id1100059.pdf
• المؤسسة: Singapore Management University

This paper examines the impact of investor protection on the value creation of LBOs. We find that target shareholders’ wealth gain is higher in countries with better investor protection. The impact of investor protection on takeover premium is larger for LBO than non-LBO transactions. We also find e...