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| Title | Risk and performance of bonds sponsored by private equity firms |
| Creator | Cao, Xia-ping 湛可南 Chan, Ko-nan Kahle, Kathleen |
| Contributor | 財管系 |
| Key Words | Bonds; Performance; Private equity; Leveraged buyouts; Credit rating |
| Date | 2018-08 |
| Date Issued | 24-Jul-2018 16:16:23 (UTC+8) |
| Summary | The bond market is an important source of financing for Private Equity (PE) sponsored transactions. Using the methodology suggested by Bessembinder et al. (2009), we find that PE-sponsored bonds underperform comparable benchmarks. This is especially true for bonds with credit ratings below investment grade and those issued in hot bond markets. Furthermore, bonds sponsored by more experienced PE groups (PEGs) underperform bonds associated with less experienced PE groups, while bonds backed by investment bank-affiliated PEGs underperform bonds sponsored by other PEGs. These findings highlight the risk and return relationship in the high-yield bond market related to leveraged buyouts (LBOs) and PEGs. |
| Relation | Journal of Banking & Finance,Volume 93, Pages 41-53 |
| Type | article |
| DOI | https://doi.org/10.1016/j.jbankfin.2018.05.018 |
| dc.contributor | 財管系 | |
| dc.creator (作者) | Cao, Xia-ping | en_US |
| dc.creator (作者) | 湛可南 | zh_TW |
| dc.creator (作者) | Chan, Ko-nan | en_US |
| dc.creator (作者) | Kahle, Kathleen | en_US |
| dc.date (日期) | 2018-08 | |
| dc.date.accessioned | 24-Jul-2018 16:16:23 (UTC+8) | - |
| dc.date.available | 24-Jul-2018 16:16:23 (UTC+8) | - |
| dc.date.issued (上傳時間) | 24-Jul-2018 16:16:23 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/118858 | - |
| dc.description.abstract (摘要) | The bond market is an important source of financing for Private Equity (PE) sponsored transactions. Using the methodology suggested by Bessembinder et al. (2009), we find that PE-sponsored bonds underperform comparable benchmarks. This is especially true for bonds with credit ratings below investment grade and those issued in hot bond markets. Furthermore, bonds sponsored by more experienced PE groups (PEGs) underperform bonds associated with less experienced PE groups, while bonds backed by investment bank-affiliated PEGs underperform bonds sponsored by other PEGs. These findings highlight the risk and return relationship in the high-yield bond market related to leveraged buyouts (LBOs) and PEGs. | en_US |
| dc.format.extent | 527773 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Banking & Finance,Volume 93, Pages 41-53 | |
| dc.subject (關鍵詞) | Bonds; Performance; Private equity; Leveraged buyouts; Credit rating | en_US |
| dc.title (題名) | Risk and performance of bonds sponsored by private equity firms | en_US |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | 10.1016/j.jbankfin.2018.05.018 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jbankfin.2018.05.018 |