Efficiency Gains in Unsuccessful Management Buyouts
用120个失败的管理层收购案例检验成功收购后的运营改善是源于组织变革还是私有信息，发现失败案例在收购尝试后运营绩效无提升，累计异常股票回报接近零，管理层离职率显著高于正常水平。
ABSTRACT This article uses a sample of 120 unsuccessful management buyouts (MBOs) to test whether operational improvements following successful MBOs are a result of organizational changes or private information. The findings are consistent with the organizational changes hypothesis. Firms with an unsuccessful MBO had no increase in operating performance following the buyout attempt. In addition, the cumulative abnormal stock return from before the attempted buyout until two years after the attempt is insignificantly different from 0 percent. I also find that management turnover following an unsuccessful MBO is significantly higher than normal.