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- Publications
- Influence
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
- S. Kaplan, L. Zingales
- Economics, Business
- 1 February 1997
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 having… Expand
Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts
- S. Kaplan, P. Strömberg
- Economics, Business
- 1 March 2000
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 contracts… Expand
The effects of management buyouts on operating performance and value
- S. Kaplan
- Economics
- 1989
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 the… Expand
Leveraged Buyouts and Private Equity
- S. Kaplan, P. Strömberg
- Business
- 1 July 2008
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 firms… Expand
How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed
- G. Andrade, S. Kaplan
- Business, Economics
- 1 August 1997
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 to… Expand
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 related… Expand
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 heterogeneity… Expand
Private Equity Performance: Returns, Persistence and Capital Flows
- S. Kaplan, Antoinette Schoar, Antoinette Schoar
- Economics
- 1 August 2005
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 of… Expand
Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?
- S. Kaplan, L. Zingales
- Economics
- 1 September 1995
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, and… Expand
Management Buyouts: Evidence on Taxes as a Source of Value
- S. Kaplan
- Economics
- 1 July 1989
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