杠杆收购前的信贷市场状况与杠杆收购后的目标行为

This paper examines the relationship between pre-buyout credit market conditions and the post-buyout behavior of target companies in leveraged buyouts (LBOs). The authors use a supervisory dataset to study this relationship, as data availability for post-buyout target financial information is limited. The authors propose an LBO-specific measure of credit market conditions, specifically the 6-month change of credit spreads leading up to buyout close. The study finds that loosening pre-LBO credit market conditions, which are related to higher buyout leverage, are associated with poor post-LBO target behavior. The authors conclude that pre-LBO credit market conditions may play a significant role in the success of LBOs.