AN EMPIRICAL INVESTIGATION OF THE CHARACTERISTICS OF PUBLICLY‐QUOTED CORPORATIONS WHICH CHANGE TO CLOSELY‐HELD OWNERSHIP THROUGH MANAGEMENT BUYOUTS
研究通过管理层收购转为私有控股的上市公司在转型前是否具有区别于其他上市公司的财务和股票市场特征，使用判别分析识别关键差异。
This paper investigates whether publicly‐quoted firms which become closely held via management buyouts possess characteristics prior to the change which differentiate them from firms which remain publicly‐quoted. Discriminant analysis procedures are used to test for group differences and to identify the attributes which contribute most to differences. The results indicate that firms becoming closely held through management buyouts possess certain financial statement and stock market characteristics which are significantly different from firms remaining publicly‐quoted.