Irrevocable Commitments, Going Private and Private Equity
利用155个私有化交易的手工数据集，首次考察不可撤销承诺的决定因素，发现管理层收购中溢价、私募股权声誉和董事会持股会增加承诺水平，而收购传闻和交易价值会降低承诺水平。
Abstract This paper adds to growing interest in public to private buy‐outs and mechanisms to ensure bid success. Using a unique, hand‐collected dataset of 155 public to private buy‐outs we provide one of the first examinations of the determinants of irrevocable commitments. Irrevocable commitments involve undertakings given by existing shareholders to agree to sell their shares to the bidder before the bid to take the company private is announced. We find that, for management buy‐outs, the level of irrevocable commitments is increased by the bid premium, the reputation of the private equity backer and board shareholdings. The level of irrevocable commitments is reduced by rumours of a takeover bid and bid value. We therefore find evidence that management and private equity firms' activity prior to the bid's announcement can have an important impact on the process of going private.