Ownership Structure, Leverage, and Firm Value: The Case of Leveraged Recapitalizations
实证研究杠杆重组这一新型增杠杆交易，发现股东获得显著正异常收益，而现有债券持有人未受损，并支持詹森的自由现金流假说。
A comprehensive empirical examination of a relatively new form of leverage-increasing transaction known as a leveraged recapitalization (LR) is presented. Although similar to a leveraged buyout, the LR differs from LBOs in that the firm remains public instead of going private. We find significant positive abnormal returns to equity-holders, without losses to existing bondholders. We examine the financial characteristics of LR firms and find evidence in support of Jensen's free cash flow hypothesis.