Stealing from thy Neighbour: Leveraged Recapitalizations and Wealth Redistribution
研究发现，杠杆式资本重组和杠杆收购等增加负债的交易中，股东财富的增加部分来自对现有债券持有人的财富转移，而非仅源于效率提升或税收优惠。
SUMMARY Leverage‐increasing transactions such as recapitalizations and leveraged buy‐outs are known to create shareholder wealth. It has been argued that the only sources of this value are efficiency improvements and tax benefits brought about by the higher debt load. This paper shows empirically that contrary to popular belief a portion of this wealth comes at the expense of current bondholders. It is estimated that between 20 per cent and SO per cent of the value created during a leveraged recapitalization can be attributed to wealth transfers from bondholders to shareholders.