Essays on leveraged buyouts

Y. Mao

Research output: ThesisDoctoral ThesisScientific

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Abstract

This dissertation consists of three chapters on private equity (PE) investments. The first chapter studies the earnings manipulation preceding the public-to-private leveraged buyouts (LBOs), the incentives underlying the earnings manipulation, and the effectiveness of accounting regulation (the revised Corporate Governance Code of 2003) on alleviating earnings manipulation. The second and third chapters focus on the private-to-private LBOs (private LBOs). Chapter 2 investigates why some private LBOs are backed by PE firms (rather than by banks) and how these deals fare in the aftermath. Chapter 3 examines the role of private equity firms in the build-up of professional teams as well as leadership changes in private LBOs. I document that the human capital role of PE investors goes beyond that of the traditional financial institutions that provide capital and monitoring.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Renneboog, Luc, Promotor
  • Da Rin, Marco, Co-promotor
  • Penas, Maria, Co-promotor
Award date26 Nov 2013
Place of PublicationTilburg
Publisher
Print ISBNs9789056683702
Publication statusPublished - 2013

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Leveraged buyouts
Private equity
Earnings manipulation
Investors
Accounting regulation
Monitoring
Corporate governance codes
Incentives
Human capital
Financial institutions

Cite this

Mao, Y. (2013). Essays on leveraged buyouts. Tilburg: CentER, Center for Economic Research.
Mao, Y.. / Essays on leveraged buyouts. Tilburg : CentER, Center for Economic Research, 2013. 130 p.
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Mao, Y 2013, 'Essays on leveraged buyouts', Doctor of Philosophy, Tilburg University, Tilburg.

Essays on leveraged buyouts. / Mao, Y.

Tilburg : CentER, Center for Economic Research, 2013. 130 p.

Research output: ThesisDoctoral ThesisScientific

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N2 - This dissertation consists of three chapters on private equity (PE) investments. The first chapter studies the earnings manipulation preceding the public-to-private leveraged buyouts (LBOs), the incentives underlying the earnings manipulation, and the effectiveness of accounting regulation (the revised Corporate Governance Code of 2003) on alleviating earnings manipulation. The second and third chapters focus on the private-to-private LBOs (private LBOs). Chapter 2 investigates why some private LBOs are backed by PE firms (rather than by banks) and how these deals fare in the aftermath. Chapter 3 examines the role of private equity firms in the build-up of professional teams as well as leadership changes in private LBOs. I document that the human capital role of PE investors goes beyond that of the traditional financial institutions that provide capital and monitoring.

AB - This dissertation consists of three chapters on private equity (PE) investments. The first chapter studies the earnings manipulation preceding the public-to-private leveraged buyouts (LBOs), the incentives underlying the earnings manipulation, and the effectiveness of accounting regulation (the revised Corporate Governance Code of 2003) on alleviating earnings manipulation. The second and third chapters focus on the private-to-private LBOs (private LBOs). Chapter 2 investigates why some private LBOs are backed by PE firms (rather than by banks) and how these deals fare in the aftermath. Chapter 3 examines the role of private equity firms in the build-up of professional teams as well as leadership changes in private LBOs. I document that the human capital role of PE investors goes beyond that of the traditional financial institutions that provide capital and monitoring.

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Mao Y. Essays on leveraged buyouts. Tilburg: CentER, Center for Economic Research, 2013. 130 p. (CentER Dissertation Series).