LBOs in Theory and Practice, Learning Outcomes of a Crisis
LBOs in Theory and Practice, Learning Outcomes of a Crisis
摘要
The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO （management buy-outs）. For a long time LBO （leveraged buyout） has being considered as an easy and tax saving way to transfer the property rights of SMEs companies. Financial markets speculation on the same time used this tool in a non reasonable way and transformed it on a bubble increasing furthermore the financial crisis. In a certain extend this paper proves that what happened is a remake of what happened in the late 1990. From a theoretical point of view the article proves that the LBO＇s are just a partial answer to the agency problems very present to the literature.
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