The Reverse LBO Decision and Firm Performance: Theory and Evidence
研究曾经历杠杆收购的公司从私有转回上市的过程，发现信息不对称等问题导致上市前业绩好、上市后业绩差，并用1983-1987年62个案例验证了这一模式。
ABSTRACT We investigate the transition from private to public ownership of companies that had previously been subject to leveraged buyouts (LBOs). We show that the information asymmetry problem firms face when they go to public markets for equity, as well as behavioral and debt overhang effects, will produce a pattern in which superior performance before an offering should be expected, with disappointing performance subsequently. We find empirical evidence of this phenomenon by studying 62 reverse LBOs that went public between 1983 and 1987. The market appears to anticipate this pattern.