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dc.contributor.authorCao, Xiaping
dc.contributor.authorChan, Konan
dc.contributor.authorKahle, Kathleen
dc.date.accessioned2018-11-20T16:58:38Z
dc.date.available2018-11-20T16:58:38Z
dc.date.issued2018-08
dc.identifier.citationCao, X., Chan, K., & Kahle, K. M. (2018). Risk and performance of bonds sponsored by private equity firms. Journal of Banking and Finance, 93, 41-53. https://doi.org/10.1016/j.jbankfin.2018.05.018en_US
dc.identifier.issn03784266
dc.identifier.doi10.1016/j.jbankfin.2018.05.018
dc.identifier.urihttp://hdl.handle.net/10150/631036
dc.description.abstractThe bond market is an important source of financing for Private Equity (PE) sponsored transactions. Using the methodology suggested by Bessembinder et al. (2009), we find that PE-sponsored bonds under perform comparable benchmarks. This is especially true for bonds with credit ratings below investment grade and those issued in hot bond markets. Furthermore, bonds sponsored by more experienced PE groups (PEGs) underperform bonds associated with less experienced PE groups, while bonds backed by investment bank-affiliated PEGs underperform bonds sponsored by other PEGs. These findings highlight the risk and return relationship in the high-yield bond market related to leveraged buyouts (LBOs) and PEGs. (C) 2018 Elsevier B.V. All rights reserved.en_US
dc.description.sponsorshipSun Yat-sen University [10000-18831102]; Ministry of Science and Technology, Taiwan [MOST 102-2410-H-004-026-MY2]en_US
dc.language.isoenen_US
dc.publisherELSEVIER SCIENCE BVen_US
dc.relation.urlhttps://linkinghub.elsevier.com/retrieve/pii/S0378426618301183en_US
dc.rights© 2018 Elsevier B.V. All rights reserved.en_US
dc.subjectBondsen_US
dc.subjectPerformanceen_US
dc.subjectPrivate equityen_US
dc.subjectLeveraged buyoutsen_US
dc.subjectCredit ratingen_US
dc.titleRisk and performance of bonds sponsored by private equity firmsen_US
dc.typeArticleen_US
dc.contributor.departmentUniv Arizona, Eller Coll Managementen_US
dc.identifier.journalJOURNAL OF BANKING & FINANCEen_US
dc.description.note36 month embargo; published online: 31 May 2018en_US
dc.description.collectioninformationThis item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.en_US
dc.eprint.versionFinal accepted manuscripten_US
dc.source.journaltitleJournal of Banking & Finance
dc.source.volume93
dc.source.beginpage41
dc.source.endpage53


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