The paper uses a new, hand-collected data set of 93 private equity (PE)-backed buyouts and 96 PLCs that became financially distressed over the period 1995--2008 to investigate empirically whether PE-owned companies (buyouts) in financial distress (Receivership/Administration) have better...

Stock market efficiency is associated with news being spread immediately in the market. The literature, however, offers two competing theories to explain this phenomenon. One theory, the mixture of distributions hypothesis (MDH) claims immediate dissemination, while the other, the sequential...