Forty-seven large leveraged buyouts that occurred after 1987 were examined to see the effect on operating performance and affects of the 1990-91 recession. Overall these LBOs did not result in smaller efficiency gains than earlier LBOs.
operating performance, recession, financial distress, leveraged buyouts (LBOs)
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Helwege, Jean and Opler, Tim C., "Leveraged Buyouts in the Late Eighties: How Bad Were They?" (1993). Working Papers. 163.