The Impacts of LBOs on Investment Policies and Operations of Acquired French Firms

Détails

ID Serval
serval:BIB_7D498FEA402F
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
The Impacts of LBOs on Investment Policies and Operations of Acquired French Firms
Périodique
Corporate Ownership and Control
Auteur(s)
Desbrières P., Schatt A.
ISSN
1727-9232
Statut éditorial
Publié
Date de publication
2003
Peer-reviewed
Oui
Volume
1
Numéro
2
Pages
53-64
Langue
anglais
Résumé
This paper evaluates the extent that French LBO targets’ investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be explained by overinvestments or by inefficient working capital management. Nevertheless, abnormal increases in wages, supplies and/or sales price reductions appear to be prominent.
Mots-clé
Leveraged Buy-Out, Performance, Investment Policy, Operations
Création de la notice
19/11/2013 15:57
Dernière modification de la notice
03/03/2018 18:39
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