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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/85708

    Title: 私募基金與高收益債券長期績效
    Other Titles: Private Equity and Long-Run Performance of High-Yield Bond
    Authors: 湛可南
    Contributors: 財務管理學系
    Keywords: 私募基金(private equity);融資併購(leveraged buyout);高收益債券;債券長期績效
    private equity;leveraged buyout;high-yield bond;bond long-run performance
    債券;績效;私募基金;融資購併;信用評等;Bonds;Performance;Private Equity;Leveraged buyouts;Credit Rating
    Date: 2013
    Issue Date: 2016-04-20 16:32:06 (UTC+8)
    Abstract: 公司收高益債券是私募基金進行融資購併交易時主要的資金來源。
    本研究使用Bessembinder et al. (2009)提出的方法檢測公司債券
    The bond market provides an important source of financing
    for Private Equity (PE) sponsored transactions. Using the
    methodology suggested by Bessembinder et al. (2009), we
    find that PE-sponsored bonds underperform comparable
    benchmarks. This is especially true for bonds with credit
    ratings below Ba or bonds issued in hot bond markets.
    Furthermore, bonds sponsored by more experienced PE groups
    underperform bonds associated with less experienced PE
    groups, while bonds backed by investment bank-affiliated PE
    groups underperform bonds sponsored by other PE groups.
    These findings provide new insights for institutional
    investors and policy makers about PE’s role in the bond
    Relation: 計畫編號 NSC 102-2410-H004-026-MY2
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

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