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Library/Buyout and ownership-change effects

D1FT50

Growth LBOs

Boucly, Q., Sraer, D., & Thesmar, D. (2011)

Journal of Financial Economics, 102(2), 432-453

839 French LBOs against matched controls. In the three years after a buyout, targets become more profitable, grow much faster, issue more debt and raise capital expenditure. Growth is concentrated in private-to-private deals "where the seller is an individual" and in industries dependent on external finance, consistent with PE relaxing credit constraints. The single most relevant finance result for owner-to-buyer SME transfers. (Abstract source: RePEc working-paper record in OpenAlex.)

Sourcedoi:10.1016/j.jfineco.2011.05.014235 citations (OpenAlex)

Full citation

Boucly, Q., Sraer, D., & Thesmar, D. (2011). Growth LBOs. Journal of Financial Economics, 102(2), 432-453.

https://doi.org/10.1016/j.jfineco.2011.05.014

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