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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/118858


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    題名: Risk and performance of bonds sponsored by private equity firms
    作者: Cao, Xia-ping
    湛可南
    Chan, Ko-nan
    Kahle, Kathleen
    貢獻者: 財管系
    關鍵詞: Bonds;Performance;Private equity;Leveraged buyouts;Credit rating
    日期: 2018-08
    上傳時間: 2018-07-24 16:16:23 (UTC+8)
    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.
    關聯: Journal of Banking & Finance,Volume 93, Pages 41-53
    資料類型: article
    DOI 連結: https://doi.org/10.1016/j.jbankfin.2018.05.018
    DOI: 10.1016/j.jbankfin.2018.05.018
    顯示於類別:[財務管理學系] 期刊論文

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