Measuring the Effect of Restructuring on Corporate Performance: The Case of Management Buyouts
提出一个更通用的框架来衡量公司重组对绩效的影响，并应用于管理层收购样本，发现收购确实改善了公司绩效，且改善幅度与现有估计相似。
Recent research has attempted to document that the financial gains associated with takeovers, LBOs, and other types of restructuring are attributable to subsequent improvements in operating performance. In this paper, the authors develop a more general framework for measuring the effect of corporate restructuring on performance and apply the framework to a sample of firms taken private by their management. They demonstrate that the estimation approaches employed in the literature embody restrictions on the general framework which the data can reject. However, the authors' best estimates provide evidence that management buyouts improve corporate performance, and the magnitudes of these improvements are similar to existing estimates. Copyright 1994 by MIT Press.