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Buyout activity : the impact of aggregate discount rates

Author: Valentin Haddad; Erik Loualiche; Matthew C Plosser; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2016.
Series: Working paper series (National Bureau of Economic Research), no. 22414.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Valentin Haddad; Erik Loualiche; Matthew C Plosser; National Bureau of Economic Research,
OCLC Number: 953802296
Notes: "July 2016."
Description: 1 online resource (49 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 22414.
Responsibility: Valentin Haddad, Erik Loualiche, Matthew Plosser.

Abstract:

Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this view. The risk premium shapes changes in buyout characteristics over the cycle, including their riskiness, leverage, and performance. Our results underscore the importance of the risk premium in corporate finance decisions.

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