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- W2021836691 abstract "Purpose – The purpose of this paper is to examine the informational asymmetry (informational advantage of managers) in leveraged buyout (LBO) transactions.Design/methodology/approach – Unlike previous studies of informational asymmetry in LBOs, this research uses a set of reverse‐LBO and re‐LBO firms. The paper proposes and empirically tests three hypotheses that draw on the informational advantage of managers in LBOs. Specifically, the value gain (VG) realized by the reverse‐LBO firms is compared with that realized by a control sample of firms; the wealth distribution between managers and pre‐buyout shareholders is studied; and, finally, the performance of re‐LBO firms relative to reverse‐LBO firms is evaluated.Findings – The results do not support the view that managers use buyouts to exploit their informational advantage. Specifically; the performance of LBO firms under the private ownership is comparable to those of matching public firms; the management team's return in a LBO deal is not significantly..." @default.
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- W2021836691 date "2009-07-03" @default.
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- W2021836691 title "Reverse‐LBOs, re‐LBOs and informational asymmetry hypothesis of LBO transactions" @default.
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- W2021836691 doi "https://doi.org/10.1108/03074350910967259" @default.
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