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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Abstract:

This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely driven by factors other than what explains leverage in public firms. In particular, the economy-wide cost of borrowing is the main driver of both the quantity and the composition of debt in these buyo...

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Publisher:
NBER
Series:
NBER Working Paper
Publication date:
2010-04-01
Language:
English
UUID:
uuid:62a964a6-4f38-40b2-9ed8-a1d546b3ebd4
Local pid:
oai:economics.ouls.ox.ac.uk:15361
Deposit date:
2012-02-08

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