Secondary Buyouts: Operating Performance and Investment Determinants
研究了二次收购（SBO）快速增长的决定因素，发现首轮收购能显著改善运营绩效，而二次收购的运营增长与同行无异，且信用市场条件和私募股权声誉驱动了二次投资规模。
Secondary buyouts (SBOs) now represent over 60% of the overall buyout activity. In this paper, I investigate the possible determinants of such spectacular growth. I find that first round buyers generate a large and significant abnormal improvement in operating performance. In contrast, SBO operating growth is not different from that of its peer group. Returns to secondary private equity (PE) investors are positive, but significantly lower than those of first round buyers. I examine several alternative drivers of SBOs and find that favorable credit market conditions and PE reputation drive secondary investment volume.