Halpern, Paul; Kieschnick, Robert; Rotenberg, Wendy - In: Review of Financial Studies 12 (1999) 2, pp. 281-309
In contrast to previous literature, we argue that are two types of poorly performing firms going private through a leveraged buyout (LBO). One group consists of firms in which managers own an insignificant fraction of their firm's stock and are vulnerable to a hostile takeover. The other group...