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Individual RLBOs are aggregated to obtain portfolio returns using both equal- and value-based weights.
The strong performance of RLBOs compared to the market and other IPOs may be a result of improved operational efficiency and financial performance, with the latter enhanced by increased leverage.
The third part of the study examines whether the financial crisis affected the relative performance of RLBOs. Based on the market model, abnormal monthly returns were calculated using both the buy-and-hold return and cumulative abnormal return methods for each firm.
RLBOs, nonetheless, remain something of a puzzle, and further work is needed.
To obtain a homogeneous and unbiased data set, we specifically control for: 1) delistings and/or M&A transactions of the portfolio company following the IPO, which may represent an exit due to external causes, as opposed to deliberate exits by the funds, 2) RLBOs that may be governed by different goals or investment strategies as compared to first time IPOs, and 3) share conversion rights.
Cao, J., 2011, "IPO Timing, Buyout Sponsors' Exit Strategies, and Firm Performance of RLBOs f Journal of Financial and Quantitative Analysis 46, 1001-1024.
Additionally, by commingling different types of deals, previous studies ignore the fact that private-to-private and division-to-private transactions may reflect completely different attributes, motivations, and starting points when compared to public-to-private RLBO firms.
Therefore, it is not surprising that the prior literature, based on commingled RLBO samples, yields mixed and non-generalizable conclusions.
Prior research also yields mixed results surrounding the RLBO. Examining the year of the exit and the following year, Degeorge and Zeckhauser (1993) document superior performance in the year prior to the RLBO followed by disappointing performance after the re-IPO.
Cao (2008, 2010), in an effort to shed additional light into the role of buyout sponsors on the aftermarket performance of RLBOs, examines the impact of IPO timing on the LBO restructuring process and subsequent exit strategies.
The majority of US studies are based on samples of firms that return to public status, RLBOs, after a period of restructuring under private ownership.
This group also includes, but is not restricted to, companies returning to public ownership following a LBO and a period of private ownership (RLBOs).
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