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Operational performance of leveraged buyouts: a propensity score matching

Chalmagne, Loïc
(2022)

Files

Chalmagne_77621900_2022.pdf
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Details

Supervisors
Petitjean, Mikael
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
We investigate the operational performance of firms that have been the target of a leveraged buyout (LBO) by retrieving financial date from Bloomberg and Refinitiv. We use propensity score matching (PSM) for several financial metrics in all firms in order to minimize the selection bias. Using the evolution of Earnings before interest taxes depreciation and amortization (EBITDA) as a performance measure, we find that firms that have been acquired by a PE fund via LBO show less improvement over 5 years than other firms. However, we do not find consistent evidence that the region or the sector plays a role in this performance.