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Impact of leverage buyouts on target companies

Author(s)
Ma, Xingjian,S.M.Sloan School of Management.
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Download1119391155-MIT.pdf (4.962Mb)
Alternative title
Impact of LBOs on target companies
Other Contributors
Sloan School of Management.
Advisor
Christopher Francis Noe.
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MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
This research studies the impact of LBO buyers' operation on target companies, mainly from the perspective of financial indicators and stock performance after a subsequent IPO. The results show that, on average, target companies show weaker profitability, lower operational efficiency and higher solvency risk. LBO buyers' operation is also shown to improve target companies' cash flow condition. After a subsequent IPO, target companies' stocks tend to under-perform the market during the first year, but three-year returns outperformed the market, on average.
Description
Thesis: S.M. in Management Studies, Massachusetts Institute of Technology, Sloan School of Management, 2019
 
Cataloged from PDF version of thesis.
 
Includes bibliographical references (page 52).
 
Date issued
2019
URI
https://hdl.handle.net/1721.1/122124
Department
Sloan School of Management
Publisher
Massachusetts Institute of Technology
Keywords
Sloan School of Management.

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