Do Buyouts (Still) Create Value?
研究了1990-2006年间上市公司私有化交易中的杠杆收购如何创造价值，发现定价更保守、杠杆更低，回报主要来自行业估值倍数上升和税收优惠，而非运营改善。
ABSTRACT We examine how leveraged buyouts from the most recent wave of public to private transactions created value. Buyouts completed between 1990 and 2006 are more conservatively priced and less levered than their predecessors from the 1980s. For deals with post‐buyout data available, median market‐ and risk‐adjusted returns to pre‐ (post‐) buyout capital invested are 72.5% (40.9%). In contrast, gains in operating performance are either comparable to or slightly exceed those observed for benchmark firms. Increases in industry valuation multiples and realized tax benefits from increasing leverage, while private, are each economically as important as operating gains in explaining realized returns.