Im Rahmen der Arbeit wird die Thematik von Leveraged Buyouts (LBOs) aufgegriffen und untersucht, welche Faktoren Einfluss darauf haben, dass ein LBO erfolgreich durchgeführt wird.
Zu Beginn wird eine kurze Einführung in die Thematik der LBOs gegeben bevor bereits existierende Forschungsergebnisse besprochen werden. Daran anschließend wird eine ausführliche empirische Untersuchung durchgeführt (Logit Regression) mit dem Ziel, identifizierte Einflussfaktoren auf die Erfolgswahrscheinlichkeit eines LBO statistisch signifikant nachzuweisen. Dabei werden zu untersuchende Variablen zunächst definiert und Hypothesen logisch hergeleitet, bevor im Anschluss die Ergebnisse der Regressionen präsentiert werden.
Abschließend werden die Ergebnisse zusammengefasst und ein Ausblick formuliert.
Table of Contents
- Introduction
- Literature review and definition of fixer-uppers and non-fixer-uppers
- Transaction characteristics of leveraged buyouts
- Development of LBOs in Continental Europe and in the United States
- Review of empirically tested drivers for becoming a LBO target
- Major finding
- Further investigations and new aspects of empirical research
- Fixer-uppers and non-fixer-uppers
- Data and Methodology
- Sample selection
- Employed variables
- Descriptive statistics
- Methodology
- Empirical results
- Equations and controls
- Major findings
- Conclusion
Objectives and Key Themes
This thesis examines the success probability of leveraged buyouts (LBOs) in Europe, specifically focusing on the impact of "fixer-uppers" and "non-fixer-uppers" on takeover success. It analyzes the historical development of LBOs in Europe and the United States, reviewing existing research on LBO drivers and identifying key factors influencing takeover success.
- Leveraged Buyout (LBO) Success Factors
- Impact of Fixer-Uppers and Non-Fixer-Uppers on LBO Success
- Comparison of LBOs in Europe and the United States
- Capital Structure and Debt Financing in LBOs
- Empirical Analysis of LBO Success Drivers
Chapter Summaries
The introduction provides context for the study, highlighting the significance of leveraged buyouts in today's economic landscape and emphasizing the role of debt financing in mergers and acquisitions (M&A). Chapter 2 presents a comprehensive literature review, defining the key concepts of fixer-uppers and non-fixer-uppers in the context of LBOs. It explores the development of LBOs in Europe and the United States, analyzes previous research on LBO drivers, and provides a theoretical framework for understanding the impact of target characteristics on takeover success.
Chapter 3 outlines the data and methodology employed in the study. It describes the sample selection, the variables used in the analysis, and the statistical methods applied to test the hypotheses. This chapter lays the foundation for the empirical investigation of the relationship between fixer-uppers, non-fixer-uppers, and LBO success.
Chapter 4 presents the empirical results of the study, discussing the findings and their implications. It examines the role of fixer-uppers and non-fixer-uppers in determining the success probability of LBOs in Europe.
Keywords
Leveraged Buyouts (LBOs), Mergers and Acquisitions (M&A), Fixer-Uppers, Non-Fixer-Uppers, Takeover Success, Capital Structure, Debt Financing, European M&A, Empirical Research, Financial Distress Costs, Return on Equity.
- Quote paper
- Christian Fleischer (Author), 2011, Predicting leveraged buyout success, Munich, GRIN Verlag, https://www.grin.com/document/177753
