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1、JournalofBanking&Finance34(2010)1856–1872ContentslistsavailableatScienceDirectJournalofBanking&Financejournalhomepage:www.elsevier.com/locate/jbfGoingprivatetransactions,bondholderreturns,andwealthtransfereffectsLindsayC.Baran,Tao-HsienDollyKing*Departmentof
2、Finance,UniversityofNorthCarolinaatCharlotte,9201UniversityCityBlvd.,Charlotte,NC28223,UnitedStatesarticleinfoabstractArticlehistory:Weexaminehowbuyoutactivityanddealcharacteristicsdrivebondholderreturnsandthewealthtrans-Received2February2009fereffectsbetwee
3、nbondholdersandstockholdersingoingprivatetransactionsfrom1981to2006.WeAccepted23December2009findthatvariousdealcharacteristicsaremajordeterminantsofthecross-sectionalvariationinbond-Availableonline4January2010holderreturns.Inparticular,asingleprivateequityacq
4、uirermitigatesbondholderlosses.Ontheotherhand,bondholdershavelargerlosseswhenareputablebuyoutfirmisinvolvedinthedeal.BondholdersJELclassification:experiencelossesinthe1980sand2000s,butenjoygainsinthe1990s.OurfindingsremainrobusttoG14considerationofdealfinancing,
5、relativecostofcredit,andlevelofmarketoverheating.WefindanegativeG30andsignificantrelationshipbetweenstockholderandbondholderwealtheffects,whichsupportstheG34wealthtransferhypothesis.Keywords:Ó2009ElsevierB.V.Allrightsreserved.BondholderwealthBuyoutsWealthtrans
6、fer1.Introductionbuyoutmarketthatmayinfluencebondholderreturns.First,Kap-lanandStrömberg(2009),Axelsonetal.(2009a,b)andLjungqvistDespitetherecentslowdowninbuyoutactivityduetothecred-etal.(2007)showthatbuyoutactivityincreasesinperiodsofrel-itcrunch,goingprivat
7、etransactionsinthe2000ssteadilyin-ativelycheapcredit.Thepresenceofrelativelyinexpensivecreditcreasedinboththenumberandsizeofbuyoutsfromarelativelygenerallyencourageshigherleveragethatcanhaveadamagingef-calmbuyoutmarketinthe1990s.Thiscrestofactivitymarksthefe
8、ctontargetbondholderreturns.Second,severalresearcherssecondwaveofbuyoutactivityinrecentdecades,withtheother(KaplanandStrömberg,2009;Engeletal.,2007;OxmanandYildi-occurringinthelate1980s.Thesebuy
