Journal article
Decomposing value gains – the case of the best leveraged buy-out ever
- Abstract:
- The story of Blackstone and Hilton is a defining moment of the private equity industry. This story involves a high stakes leveraged buyout, layoffs, allegations of corporate espionage, the revival of an iconic brand, a $14 billion capital gain, the largest ever in private equity, and the emergence of the largest private market firm. Moreover, this success occurred with a highly-leveraged and cyclical business going through the worst financial crisis since 1933. Somebody deserves a trophy; but who? The answer might be surprising and shows both the difficulty and pertinence of carefully decomposing the sources of value creation in Leveraged Buy-Outs.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
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(Preview, Version of record, pdf, 708.2KB, Terms of use)
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- Publisher copy:
- 10.1016/j.jcorpfin.2022.102317
Authors
- Publisher:
- Elsevier
- Journal:
- Journal of Corporate Finance More from this journal
- Volume:
- 81
- Article number:
- 102317
- Publication date:
- 2022-11-23
- Acceptance date:
- 2022-10-30
- DOI:
- ISSN:
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0929-1199
- Language:
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English
- Keywords:
- Pubs id:
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1310313
- Local pid:
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pubs:1310313
- Deposit date:
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2022-11-28
- ARK identifier:
Terms of use
- Copyright holder:
- Austin and Phalippou
- Copyright date:
- 2022
- Rights statement:
- © 2022 The Authors. Published by Elsevier Ltd. This is an open access article under the CC-BY license (https://creativecommons.org/licenses/by/4.0/).
- Licence:
- CC Attribution (CC BY)
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