Lifting the Veil on Reverse Leveraged Buyouts: What Happens During the Private Period?
研究了之前上市的公司经历反向杠杆收购后，在私有化期间进行的各类重组活动，发现这些公司私有化前杠杆高但盈利好却被低估，私有化后通过提升员工效率、资产重组等措施实现价值提升。
We document the different types of restructuring activities undertaken during the private period after the reverse leveraged buyout (RLBO) of previously public firms. Preceding the LBO, firm leverage significantly exceeds that of their peers, while their profitability is better than the industry. However, despite their superior performance, these firms are undervalued before going private. While private firms undertake value‐enhancement measures by increasing employee productivity, asset restructuring, decreasing cost of goods sold, and increasing ownership concentration. Enhanced valuation at the RLBO is a result of value capture, as well as efficiencies obtained from restructuring activities. We also identify factors determining the private period duration.