Essec\Faculty\Model\Contribution {#6196
  #_index: "academ_contributions"
  #_id: "2697"
  #_source: array:26 [
    "id" => "2697"
    "slug" => "the-performance-of-french-lbo-firms-new-data-and-new-results"
    "yearMonth" => "2012-12"
    "year" => "2012"
    "title" => "The Performance of French LBO Firms: New Data and New Results"
    "description" => "GASPAR, J.M. (2012). The Performance of French LBO Firms: New Data and New Results. <i>Finance</i>, 33(2), pp. 7-60."
    "authors" => array:1 [
      0 => array:3 [
        "name" => "GASPAR José-Miguel"
        "bid" => "B00015852"
        "slug" => "gaspar-jose-miguel"
      ]
    ]
    "ouvrage" => ""
    "keywords" => array:4 [
      0 => "France"
      1 => "LBO"
      2 => "Performance des entreprises"
      3 => "Private equity"
    ]
    "updatedAt" => "2021-02-02 16:16:18"
    "publicationUrl" => "https://doi.org/10.3917/fina.332.0007"
    "publicationInfo" => array:3 [
      "pages" => "7-60"
      "volume" => "33"
      "number" => "2"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Cet article examine la performance opérationnelle des transactions de Leveraged Buy-Out (LBO) en France au cours de la période 1995-2005. L’étude utilise la méthode d’appariement sur les scores de propension pour établir l’échantillon des entreprises comparables. L’étude constate que, après l’opération, les entreprises sous LBO présentent un bénéfice opérationnel accru de 4% à 5% par rapport à des entreprises comparables. Ce résultat semble lié à l’augmentation des marges brutes, des gains de productivité, et a une diminution des besoins en fonds de roulement. Ces résultats ne sont pas spécifiques à un certain type de cibles et sont inchangés si j’utilise la performance de l’industrie de l’entreprise sous LBO comme benchmark."
      "en" => "This paper investigates the operating performance of French targets of Leveraged Buy-Out (LBO) transactions during the 1995-2005 period. To benchmark LBO performance, a propensity score methodology is used to find a suitable non-LBO matching pair. The study finds that after the deal, the representative LBO firm exhibits higher operating returns of 4% to 5% relative to its matching control. This finding seems mostly due to increased gross margins, productivity gains, and working capital efficiency gains. These findings are not particular to a certain type of target and are unchanged if the industry of the LBO firm is used as a benchmark."
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-04-20T05:21:45.000Z"
    "docTitle" => "The Performance of French LBO Firms: New Data and New Results"
    "docSurtitle" => "Articles"
    "authorNames" => "<a href="/cv/gaspar-jose-miguel">GASPAR José-Miguel</a>"
    "docDescription" => "<span class="document-property-authors">GASPAR José-Miguel</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2012</span>"
    "keywordList" => "<a href="#">France</a>, <a href="#">LBO</a>, <a href="#">Performance des entreprises</a>, <a href="#">Private equity</a>"
    "docPreview" => "<b>The Performance of French LBO Firms: New Data and New Results</b><br><span>2012-12 | Articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="https://doi.org/10.3917/fina.332.0007" target="_blank">The Performance of French LBO Firms: New Data and New Results</a>"
  ]
  +lang: "fr"
  +"_type": "_doc"
  +"_score": 9.006263
  +"parent": null
}