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Private equity buyouts and firm efficiency: evidence from UK public to private transactions

Private equity buyouts and firm efficiency: evidence from UK public to private transactions

Miller, Lloyd (2014) Private equity buyouts and firm efficiency: evidence from UK public to private transactions. PhD thesis, University of Greenwich.

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Abstract

This study investigates the impact of 293 public to private buyouts in the UK manufacturing industry during the period 1997-2007 on firms’ technical efficiency using a probabilistically matched buyout dataset. I use data envelopment and stochastic frontier analysis techniques to empirically measure production efficiency, which differs from most previous studies where the impact of financial performance or the movement in a company’s share price is tested. For the sample used and period investigated, no evidence is found that companies involved in public to private buyout ownership changes operate more efficiently than a control sample of PLCs not involved in buyouts. This finding is consistent with the hypothesis that managers of PLCs have learned how to operate their companies in a similar way to those owned by private equity.

Item Type: Thesis (PhD)
Additional Information: uk.bl.ethos.676650
Uncontrolled Keywords: buyout and venture capital; private equity; accounting
Subjects: H Social Sciences > HD Industries. Land use. Labor
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of Accounting & Finance
Last Modified: 14 Oct 2016 09:35
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/14274

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