private equity lemonsevidence on value creation in secondary buyouts lt;span gt; lt;span gt;文档.pdf
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private equity lemonsevidence on value creation in secondary buyouts lt;span gt; lt;span gt;文档
European Financial Management, 2012
doi: 10.1111/j.1468-036X.2012.00644.x
Private Equity Lemons?
Evidence on Value Creation in
Secondary Buyouts
Ann-Kristin Achleitner and Christian Figge
¨ ¨
Center for Entrepreneurial and Financial Studies; Technische Universitat Munchen, TUM Business
School; Arcisstr. 21, 80333 Munich, Germany
E-mails: ann-kristin.achleitner@wi.tum.de; christian.figge@wi.tum.de
Abstract
This paper analyses whether secondary buyouts have a value creation profile and
offer equity returns different from those of primary buyouts. Using a sample of
2,456 buyout transactions (including 448 secondary buyouts), we find no evidence
that secondary buyouts generate lower equity returns or offer fundamentally lower
operational value creation potential. However, we can show that secondary buyouts
obtain 28–30% more leverage than primary buyouts, even after controlling for
debt market conditions. Furthermore, we find evidence that secondary buyouts are
6–9% more expensive than other buyouts.
Keywords: secondary buyouts, private equity , value creation
JEL classification: G11, G24, G34
1. Introduction
Since Akerlof’s (1970) seminal paper on the impact of asymmetric information on the
market for used cars, the term lemon has been associated with a defective used car. This
paper addresses the question of whether the private equity market has its very own lemon
problem. ‘Used’ private equity deals, commonly known as secondary buyouts (SBOs),
denote the situation where both the buyer and seller are financial sponsors. Data on the
evolution of the worldwide private equity market from Kaplan and Stromberg (2009)
¨
show that SBOs have grown from 2% of total enterprise value (EV) in the first boom
phase of pri
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