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Journal of Banking & Finance Vol. 50 2015

Cross-border LBOs

Jerry Cao1; Douglas J. Cumming2; Meijun Qian3; Xiaoming Wang4

1 Singapore Management University · 2 York University · 3 National University of Singapore · 4 Shanghai University of Finance and Economics

open access

Abstract

We examine cross-border private equity (PE) sponsored leveraged buyout (LBO) transactions in 43 countries in relation to creditor rights and other legal and institutional variables. Cross-border LBO investment is more common from strong creditor rights countries to weak creditor rights countries. Club deals are less common in countries with stronger creditor rights, and less common in cross-border LBOs. Premiums are lower in countries with stronger creditor rights, and among cross-border deals.

DOI
10.1016/j.jbankfin.2014.08.027
Volume
50
Pages
69-80
Language
en
Sources
openalex crossref bibtex:phds-export.bib

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