NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Ulf Axelson, Tim Jenkinson, Per Strömberg, Michael S. Weisbach

NBER Working Paper No. 15952
Issued in April 2010

---- Acknowledgements -----

Earlier versions of this paper were circulated under the title “Leverage and pricing in buyouts: An empirical analysis.” We are very grateful to Steve Kaplan for sharing his data on 1980’s LBOs, and to Joakim Bång, Ji-Woong Chung, and Reimo Juks for excellent research assistance. We would also like to thank Viral Acharya, Malcolm Baker, Laura Bottazzi, Phil Canfield, Chris Collins, Marco DaRin, Francois Derrien, Chris James, Steve Kaplan, Steven Ongena, Morten Sorensen, David Sraer, Ayako Yasuda, as well as participants in numerous seminar presentations for valuable comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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