Le rôle de la dette dans le LBO : une revue de la littérature [Debt in LBO projects: survey of the literature]

作者: Ouidad Yousfi

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摘要: After 1985, a large number of LBO projects were not able to meet their debt, like for example Federated Department Stores repurchased by Campeau and Gateway Macy's. But, the conventional view transactions is that they are designed improve efficiency firm. The question raised in this paper following : What makes buyout debt so advantageous ? To answer question, we provide survey theoretical empirical literature based on two opposite sides On first side, value enhancing (the agency theory, tax savings signal free cash flows theory). other creates private captured only new shareholders shareholders' gains come from exploitation financial market misevaluation, deductibility debt's interests, rent expropriation workers, suppliers corporate stakeholders transfer

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