Private Equity and Its Impact
Nova Science Publishers, 2009 - 171페이지
This book looks at the increase in leveraged buyouts (LBO) of U.S. companies by private equity funds prior to the slowdown in mid-2007 which has raised questions about the potential impact of these deals. Some praise LBOs for creating new governance structures for companies and providing longer term investment opportunities for investors. Others criticise LBOs for causing job losses and burdening companies with too much debt. This book addresses the effect of recent private equity LBOs on acquired companies and employment, the impact of LBOs jointly undertaken by two or more private equity funds on competition, the Securities and Exchange Commission's (SEC) oversight of private equity funds and their advisers, and regulatory oversight of commercial and investment banks that have financed recent LBOs. The U.S. Government Accountability Office (GAO) reviewed academic research, analysed recent LBO data, conducted case studies, reviewed regulators' policy documents and examinations, and interviewed regulatory and industry officials, and academics. The GAO recommends that the federal financial regulators give increased attention to ensuring that their oversight of leveraged lending at their regulated institutions takes into consideration systemic risk implications raised by changes in the broader financial markets.
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According acquired acquisition activities additional advisers American analysis assets associated banks benefits better buyout capital Chairman changes club deals commitments committee competition concerns continue corporate created cuts debt differences economic effect efforts employees employment examinations example executives Federal Reserve financial markets going Group growth higher holding identified impact important improve income increase industry institutions interest investment investment banks investors involved issues LBOs less leveraged loans limited lower major million offer Office operations opportunity owners paid pension percent performance plans potential premium private equity firms private equity funds profits question raised recent regulators result returns reviewed risk securities share shareholders significant staff standards systemic target companies term traded transactions typically union variables workers