TY  - UNPD
A1  - Grupp, Marcel
A1  - Rauch, Christian
A1  - Umber, Marc P.
A1  - Walz, Uwe
T1  - The influence of leveraged buyouts on target firms' competitors
T2  - SAFE working paper series ; No. 99
N2  - This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies’ direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring activities as part of the LBO have on the competitors’ revenues. These restructuring activities include changes to leverage, governance, or operating business, as well as M&A activities of the LBO target company. We find that although LBOs itself have a negative influence on competitors’ revenue growth, some restructuring mechanisms might actually benefit competing companies.
T3  - SAFE working paper - 99 
KW  - Product Market Competition
KW  - Peers
KW  - LBOs
KW  - Restructuring
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/37444
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-374441
UR  - http://ssrn.com/abstract=2377895
IS  - This version: April 2015
PB  - SAFE
CY  - Frankfurt am Main
ER  -