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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

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/118858

Title:	Risk and performance of bonds sponsored by private equity firms
Authors:	Cao, Xia-ping 湛可南 Chan, Ko-nan Kahle, Kathleen
Contributors:	財管系
Keywords:	Bonds;Performance;Private equity;Leveraged buyouts;Credit rating
Date:	2018-08
Issue Date:	2018-07-24 16:16:23 (UTC+8)
Abstract:	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
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.jbankfin.2018.05.018
DOI:	10.1016/j.jbankfin.2018.05.018
Appears in Collections:	[財務管理學系] 期刊論文

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