Cross-Border LBOs, Human Capital, and Proximity: Value Addition through Monitoring in Private Equity Investments
研究发现，相比非美国私募股权投资者，美国私募股权投资者参与的跨境杠杆收购更可能成功退出（IPO或被收购）。美国与目标公司所在国签署“开放天空协议”带来的有效邻近性外生增加，提高了美国私募股权公司投资这些公司的倾向及其价值增值，这种增值部分归因于更有经验的美国私募股权经理被更有效地分配到跨境交易中，从而改善了监督。
Abstract We show that cross-border leveraged buyout investments involving U.S. rather than non-U.S. private equity (PE) investors are more likely to have a successful exit (initial public offering or acquisition). Exogenous increases in effective proximity following the signing of “open sky agreements” between the United States and target firms’ home countries increases both the propensity of U.S. PE firms to invest in these firms and the value addition by these investors. We show that such increases in value addition by U.S. PE investors following proximity increases are at least partially due to better monitoring, facilitated by the more efficient allocation of experienced U.S. PE managers to cross-border deals.