Pre‐Going Private Ownership Around the World
研究了2002-2014年33个国家私有化交易前的所有权结构，发现机构和企业持股比例高时更可能私有化，家族持股则降低概率，而更强的债权人权利会增加私有化可能性。
Abstract Going private transactions are often highly leveraged, and give rise to potential agency conflicts among existing shareholders. But who exactly are those shareholders, and under what legal conditions are these transactions more likely to occur? We examine ownership structure prior to going private transactions in 33 countries around the world from 2002 to 2014. The data indicate strong and consistent evidence that pre‐going private ownership is characterized by higher institutional and corporate ownership. Family ownership lowers the probability of a public to private transaction. Stronger creditor rights increase the probability of going private, particularly for whole company and institutional buyouts.