Does an Industry Effect Exist for Leveraged Buyouts?
检验了杠杆收购集中在低增长、高自由现金流行业的假设，发现行业效应不成立，企业特定因素才是收购动因。
We examine the industry effect hypothesis for leveraged buyouts that suggests leveraged buyouts will be concentrated in low-growth industries that produce free cash flow. Past studies of the leveraged buyout phenomenon have not examined the validity of the industry effect hypothesis. By testing for an industry effect, we hope to further the research concerning the motivations for why leveraged buyouts occur. The findings in this paper in general do not support the industry effect hypothesis. We find only spurious correlation between leveraged buyouts and industries. Based on these results, we conclude that firm specific factors motivate leveraged buyouts.