Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/147750
Title: MANAGERIAL ABILITY AND ITS IMPACT ON LEVERAGED BUYOUTS
Authors: LOH WEI YANG
Issue Date: 2014
Citation: LOH WEI YANG (2014). MANAGERIAL ABILITY AND ITS IMPACT ON LEVERAGED BUYOUTS. ScholarBank@NUS Repository.
Abstract: This study examines the role of managerial ability in leveraged buyouts decision. We find evidence among 525 leveraged-buyout firms that managerial ability is negatively-related to the decision of leveraged buyouts. Furthermore, we find little evidence that managerial ability predicts premium paid, which suggests that while managerial ability is an important factor in the LBO decision, other factors affect premiums. Surprisingly, we don’t find evidence that managerial ability has predictive powers in determining CEO turnover of acquired firms. Our results is consistent with Jensen agency cost of free cash flow problem, and suggest that PE firms help improve corporate governance of firms.
URI: http://scholarbank.nus.edu.sg/handle/10635/147750
Appears in Collections:Bachelor's Theses

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