The financial performance of reverse leveraged buyouts
研究了反向杠杆收购（即先完成杠杆收购再上市的公司）的会计和市场表现，发现这些公司在IPO时及之后四年内业绩优于行业，但后期有所下滑，且业绩变化与内部人持股变动相关，与杠杆变动无关。
We examine the accounting and market performance of reverse leveraged buyouts (i.e., firms making their first public offering after previously completing a leveraged buyout). On average, the accounting performance of these firms is significantly better than their industries at the time of the initial public offering (IPO) and for at least the following four years, though there is some evidence of a decline in performance. Cross-sectional variation in accounting performance subsequent to the IPO is related to changes in the equity ownership of both operating management and other insiders, and is unrelated to changes in leverage. Finally, there is no evidence of abnormal common stock performance after the reverse leveraged buyout.