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Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
No. This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as havingExpand
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Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts
In this paper, we compare the characteristics of real world financial contracts to their counterparts in financial contracting theory. We do so by conducting a detailed study of actual contractsExpand
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The effects of management buyouts on operating performance and value
Abstract This paper presents evidence on changes in operating results for a sample of 76 large management buyouts of public companies completed between 1980 and 1986. In the three years after theExpand
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Leveraged Buyouts and Private Equity
We describe and present time series evidence on the leveraged buyout / private equity industry, both firms and transactions. We discuss the existing empirical evidence on the economics of the firmsExpand
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How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed
This paper studies thirty-one highly leveraged transactions (HLTs) that become financially, not economically, distressed. The net effect of the HLT and financial distress (from pretransaction toExpand
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Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States
  • S. Kaplan
  • Economics
  • Journal of Political Economy
  • 1 June 1994
This paper studies top executive turnover and compensation, and their relation to firm performance in the largest Japanese and U.S. companies. Japanese executive turnover and compensation are relatedExpand
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Private Equity Performance : Returns , Persistence , and Capital Flows
This paper investigates the performance and capital inflows of private equity partnerships. Average fund returns (net of fees) approximately equal the S&P 500 although substantial heterogeneityExpand
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Private Equity Performance: Returns, Persistence and Capital Flows
This paper investigates the performance of private equity partnerships using a data set of individual fund returns collected by Venture Economics. Over the sample period, average fund returns net ofExpand
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Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?
This paper investigates the sources of the correlation between corporate cash flow and investment by undertaking an in-depth analysis of the 49 low-dividend firms identified by Fazzari, Hubbard, andExpand
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Management Buyouts: Evidence on Taxes as a Source of Value
type="main" xml:lang="en"> This paper estimates the value of tax benefits in 76 management buyouts of public companies completed in the period 1980 to 1986. The median value of tax benefits,Expand
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