- Series Information
- The Private Equity Contract
- Direct Investments in Private Firms by Institutional Investors: Issues And Evidence
- The Size and Internal Structure of Private Equity Firms
- Leveraged Buyouts and Public-to-Private Transactions
- Private Equity and Public Corporations
- Private Equity Governance and Financing Decisions
- Syndicate Partner Selection: who Syndicates with Whom?
- Industry Concentration, Syndication Networks, and Competition in the U.K. Private Equity Market for Management Buyouts
- A Competition Law Analysis of Private Equity “Club Deals”
- The Real Effects of Private Equity Buyouts
- Buyouts in Western European Countries: The Impact on Company Growth and Innovation
- The Limits of Private Equity: Evidence from Denmark
- Private Equity: Value Creation and Performance
- Do Private Equity Fund-of-Funds Managers Provide Value?
- Fund Size, Limited Attention, and Private Equity Valuation
- Private Equity Investors, Corporate Governance, and Performance of Ipo Firms
- The Role of Private Equity in Private Acquisitions
- Private Equity Activism and the Consequences for Targets and Rivals In Germany
- The Costs of Issuing Private Versus Public Equity for Entrepreneurial Ventures
- Risk and Return Characteristics of Listed Private Equity
- Listed Private Equity: A Genuine Alternative for an Alternative Asset Class
- Listed Private Equity and the Case of Exits
- Buyouts Around the World
- Leveraged Buyouts and Control-Oriented Investments in Asia
- Private Equity in China
Abstract and Keywords
This article studies public equity and public corporations. It analyzes reverse leveraged buyouts, which are the initial public offerings (IPOs) of firms that have been previously bought out by professional later-stage private equity investors. It introduces the concept of reverse leveraged buyouts (RLBOs), or the initial public offerings of firms that have previously been bought out by professional later-stage private equity investors. One section provides a review of related literature, while another studies the IPO characteristics of RLBO companies. This article also discusses the monitoring of private equity in RLBO companies and the financial performance of RLBO companies.
Keywords: public equity, public corporations, reverse leveraged buyouts, initial public offerings, later-stage private equity investors, monitoring private equity, financial performance, RLBO companies
Jerry Cao is assistant professor of finance at the Singapore Management University. His research interests span empirical corporate finance and private equity. One of the key questions he addresses is the role of private equity firms in leveraged buyouts and reverse leveraged buyouts. His research articles have been published in top finance journals such as the Journal of Financial Economics and the Journal of Quantitative and Finance Analysis, and his studies on private equity have been widely cited by the Wall Street Journal, Business Week, Forbes, and other financial journals. Jerry's other research interests are managerial incentives, venture capital, and family firms. He is currently a member of the American Financial Association and the Western Finance Association. He holds a BA in economics from Huazhong University of Science and Technology, an MA in economics from the University of Western Ontario, and a PhD in finance from Boston College.
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