Cross-border LBOs

Jerry X. Cao; Douglas Cumming; Meijun Qian; Xiaoming Wang

doi:10.1016/j.jbankfin.2014.08.027

Cross-border LBOs

Jerry X. Cao
, Douglas Cumming
, Meijun Qian
, Xiaoming Wang

School of Business

Singapore Management University
National University of Singapore
Shanghai University of Finance and Economics

Research output: Contribution to journal › Article › peer-review

53 Scopus citations

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.

Original language	English
Pages (from-to)	69-80
Number of pages	12
Journal	Journal of Banking and Finance
Volume	50
DOIs	https://doi.org/10.1016/j.jbankfin.2014.08.027
State	Published - 8 Oct 2014

Keywords

Club deal
Creditor rights
Cross border
Law and finance
LBOs
Private equity

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10.1016/j.jbankfin.2014.08.027

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title = "Cross-border LBOs",

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.",

keywords = "Club deal, Creditor rights, Cross border, Law and finance, LBOs, Private equity",

author = "Cao, \{Jerry X.\} and Douglas Cumming and Meijun Qian and Xiaoming Wang",

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T1 - Cross-border LBOs

AU - Cao, Jerry X.

AU - Cumming, Douglas

AU - Qian, Meijun

AU - Wang, Xiaoming

PY - 2014/10/8

Y1 - 2014/10/8

N2 - 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.

AB - 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.

KW - Club deal

KW - Creditor rights

KW - Cross border

KW - Law and finance

KW - LBOs

KW - Private equity

UR - https://www.scopus.com/pages/publications/84909640369

UR - https://www.scopus.com/pages/publications/84909640369#tab=citedBy

U2 - 10.1016/j.jbankfin.2014.08.027

DO - 10.1016/j.jbankfin.2014.08.027

M3 - Article

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SN - 0378-4266

VL - 50

SP - 69

EP - 80

JO - Journal of Banking and Finance

JF - Journal of Banking and Finance

ER -

Cross-border LBOs

Abstract

Keywords

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