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Transactions in Corporate Control

An Empirical Investigation of the Nature, Determinants and Effects of Corporate Buyouts

Series:

Andreas Leimbach

Corporate Buyouts recruit their salient features from partially overlapping characteristics of Leveraged Buyouts, Management Buyouts and Going-Private Transactions, they involve a transfer and reorganization of corporate control and result in the change of ownership of a firm or business unit. The conceptual and financial management of such transactions is discussed, firm profiles of and abnormal stock returns in such transactions are analyzed empirically. The nature and sources of wealth effects of Corporate Buyouts on affected constituencies are considered within a Principal-Agent-framework. It is concluded that Corporate Buyouts contribute to an optimal allocation of corporate control resources by allowing for an effective internal incentive structure and an efficient level of external monitoring activities.
Contents: Conceptual and Financial Management of Corporate Buyouts - Financial Characteristics of Buyout Firms - Abnormal Stock Return Analysis - Wealth Effects and their Sources - German Summary.