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Titel:

Structure and Determinants of Financial Covenants in Leveraged Buyouts - Evidence from an Economy with Strong Creditor Rights

Dokumenttyp:
Zeitschriftenaufsatz
Autor(en):
Achleitner, A.K.; Braun, R.; Hinterramskogler, B.; Tappeiner, F.
Nicht-TUM Koautoren:
nein
Kooperation:
-
Abstract:
This paper provides a detailed view of the structure and determinants of financial covenants in leveraged buyouts (LBOs). Our analysis is based on the proprietary credit documentation of 130 LBOs from Germany, an institutional setting with strong creditor rights where financial covenants are subject to rigorous ex-ante negotiations. The sample includes 23 (66) lead arrangers (private equity sponsors) who largely act on an international basis. We first analyze the covenant structure in sponsored...     »
Stichworte:
More standardized covenants in sponsored loans; Restrictiveness unclear
Intellectual Contribution:
Discipline-based Research
Zeitschriftentitel:
Review of Finance
Journal gelistet in FT50 Ranking:
Review of Finance
Jahr:
2011
Urteilsbesprechung:
0
Key publication:
Ja
Peer reviewed:
Ja
International:
Ja
Book review:
Nein
commissioned:
not commissioned
Professional Journal:
Nein
Interdisziplinarität:
Nein
Leitbild:
;
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