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Determinants of Leveraged Buyouts in Europe: LBO Financing and Country Legislature
Jönköping University, Jönköping International Business School, JIBS, Economics.
2010 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The focus of this empirical paper is to outline and evaluate certain determinants of lever-aged buyouts (LBOs) in Europe. The paper begins by providing a detailed description of LBOs, with particular emphasis on the European markets. This allows for the development of the four determinants that are studied in greater detail, specifically interest rate, out-standing stock, anti-director rights, and creditor rights. The conclusions indicate that coun-tries with more outstanding stock have larger LBO markets since equity is more liquid in these countries. Further, the results suggest that long-run interest rate is negatively related to the size of the LBO market. The paper goes on to test whether anti-director rights and creditor rights, as developed by La Porta et al. (1998) are related to the size of the LBO markets, but no evidence is found to support this notion. It is thus concluded that deter-minants focused on financing the buyouts play the most significant role in European LBO transactions.

Place, publisher, year, edition, pages
2010. , 41 p.
Keyword [en]
Leveraged buyouts, private equity, interest rate, equity market capitalization, legislature
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-13269OAI: oai:DiVA.org:hj-13269DiVA: diva2:353491
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2010-09-29 Created: 2010-09-27 Last updated: 2010-09-29Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
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More styles
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  • nn-NO
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  • Other locale
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