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【6月2日】北京:The Influence of Buyout Groups:

报告: The Influence of Buyout Groups: Evidence from Bond Offerings by Buyout Group Backed IPO Firms
报告人:Donghang Zhang(University of South Carolina)
时间:6月2日(周四)13:30-15:00pm
地点:光华新楼216教室

摘要:Using bonds offered during 1983-2009 by firms after their initial public offerings (IPOs), we examine the effects of buyout groups on bond yield spreads, credit ratings, and bond issuers’ dividend and investment decisions. We find that yield spreads on bonds offered by buyout-backed IPO firms are on average 65 basis points lower than those on bonds by other IPO firms during the period of at least one year but no more than five years after the IPO, after controlling for other issuer and issue risk attributes. We also find that bond ratings by both Standard & Poor’s and Moody’s are unrelated to whether the issuer’s IPO was backed by buyout groups. Finally, we provide evidence that buyout-backed IPO firms are less likely to pay dividends and invest less than other IPO firms in the fiscal years of bond offerings. Our findings suggest that buyout groups are a long-term stakeholder and, together with other stakeholders such as bondholders, have long-term influence on their portfolio firms. Buyout groups’ reputational concern can help their portfolio firms reduce agency costs of debt.


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