The Impact of Leverage: Examining Private Equity

Harlan Platt
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Harlan Platt: Northeastern University, USA

Chapter 11 in Lead with Cash:Cash Flow for Corporate Renewal, 2010, pp 94-110 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe first wave of highly leveraged transactions (HLTs), also known as leveraged buyouts (LBOs), began in the late 1980s. Fewer transactions occurred in the 1990s after a number of companies in the first wave failed when the economy slowed down. More recently, the driving force behind leveraged deals has been the private equity business. Private equity has grown exponentially in the past decade. In the U.S., an unprecedented takeover binge occurred in 2005–2007 as private equity firms used leveraged loans (at the same time that subprime borrowers used No Income No Assets loans to buy houses) to finance numerous transactions…

Keywords: Cash Flow; Corporate Renewal; Corporate Decisions (search for similar items in EconPapers)
Date: 2010
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