Buyout Activity: The Impact of Aggregate Discount Rates
研究发现总风险溢价下降会引发收购热潮，风险溢价是收购活动的主要决定因素，而非信贷条件。低风险溢价提高了业绩改善的现值并降低了持有非流动性投资的成本，对美国收购数据的分析支持这一观点。
ABSTRACT Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit‐specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this view. The risk premium shapes changes in buyout characteristics over the cycle, including their riskiness, leverage, and performance. Our results underscore the importance of the risk premium in corporate finance decisions.